Building Details

Year built 1919

Number of units 3

Building materials Brick, Vinyl Siding

Roof type Shingle

Listing Agency: Ring Real Estate Co., Georgeto j***@ring-realestate.com Show Phone

Listed By: Brittany Howard Show Phone

Added: Jun 15 Changed: Sep 14 Last Checked: Sep 20 at 9:06PM

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MLS# 1883209

Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 2,538-square-foot triplex contains three residential units: two one-bedroom apartments on the lower level and a larger two-bedroom apartment upstairs. Units 206 and 208 have been updated and include individual laundry hookups. The 1919 building has brick and vinyl siding, a shingle roof, forced-air and electric heating, baseboard heat, a porch, and off-street parking.

Recent property improvements include a roof and gutter replacement completed in 2020, along with replacement windows and a water heater in 2024. The property is fully occupied and sits on a 0.173-acre lot at 204 Washington Street in New Richmond, Ohio.

Key Highlights

• Three‑unit triplex with two one‑bedroom units and one two‑bedroom unit
• 2,538 square feet on a 0.173‑acre lot
• Units 206 and 208 recently updated with individual laundry hookups

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$23,870

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.68%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$477,400 $477.4K

Cap Rate 7%

$341,000 $341.0K

Cap Rate 9%

$265,222 $265.2K

Market Conditions

NOI Build-Up for 2,538 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$45.7K $18.00/SF

− Vacancy

−$2.3K −$0.90/SF

EGI

$43.4K $17.10/SF

− OpEx

−$19.5K −$7.69/SF

NOI

$23.9K $9.41/SF

Area

Clermont County, OH

Vacancy

5.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$477,400

Cap Rate 7%

$341,000

Cap Rate 9%

$265,222

Alternative Uses

Best Use

Multifamily LT 5

$391.6K

$342.7K – $456.9K (±1% cap)

NOI $27,414 @ 7.0% cap · market cap 9.97%

Second Best

Apartment 5plus

$341.0K

$298.4K – $397.8K (±1% cap)

NOI $23,870 @ 7.0% cap · market cap 8.68%

Theoretical Best

Office A

$455.0K

$398.1K – $530.9K (±1% cap)

NOI $31,851 @ 7.0% cap · market cap 11.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Building Supply Real Estate Agency Electrical Service Hair Salon (Bike/Boat/Book/etc) Store Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

186

Businesses Nearby

Explore this area Business Placement

Demographics for 45157, OH

9,705

Population

4,069

Households

2.4

Avg Household Size

42

Median Age

25%

College-Educated

91%

High-School Grad

41.1 sq mi

ZIP Area

236

Density / Sq Mi

$96,875

Median Household Income

$43,651

Median Earnings

$874

Median Rent

$232,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Fully occupied multifamily property with varied unit layouts, recent improvements, and off-street parking.

Where is this triplex located?

The property is located at 204 Washington Street New Richmond, OH.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: Three‑unit triplex with two one‑bedroom units and one two‑bedroom unit; 2,538 square feet on a 0.173‑acre lot; Units 206 and 208 recently updated with individual laundry hookups