Three-Unit
For Sale
$425,000
2131 Colerain Avenue, Cincinnati, OH 45214
Multifamily property with one three-bedroom residence and two one-bedroom residences.
Property Size3,664 SF
Price / SF$115.99
Days on Market22
Property Features for 2131 Colerain Avenue
General Information
Standard status
Active
Size
3,664 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 2 x 1BR (one 1.5BA)
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
Ownerland Realty, Inc. (513-896-1200)
(937) 506-8360
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Aug 11
Changed: Aug 31
Last Checked: Aug 31 at 3:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ownerland Realty, Inc. (513-896-1200)
Investment Insights
Based on property information with market context.
Built in 1890, this Cincinnati triplex contains 3,664 square feet across three residential units. The unit mix includes one three-bedroom apartment and two one-bedroom apartments, with one of the one-bedroom units offering 1.5 bathrooms.
The property is located at 2131 Colerain Avenue in Cincinnati’s West End, near Downtown Cincinnati. Its three-unit configuration provides a defined multifamily layout with varied residential floor plans.
The property is located at 2131 Colerain Avenue in Cincinnati’s West End, near Downtown Cincinnati. Its three-unit configuration provides a defined multifamily layout with varied residential floor plans.
Key Highlights
- Three‑unit multifamily property
- 3,664 square feet
- Unit mix includes one 3BR unit and two 1BR units
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
$30,699
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
7.22%
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%
$613,980
$614.0K
Cap Rate 7%
$438,557
$438.6K
Cap Rate 9%
$341,100
$341.1K
Market Conditions
NOI Build-Up for 3,664 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
$46.6K $12.72/SF
− Vacancy
−$2.7K −$0.75/SF
EGI
$43.9K $11.97/SF
− OpEx
−$13.2K −$3.59/SF
NOI
$30.7K $8.38/SF
Area
Cincinnati, OH
Vacancy
5.90%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$613,980
Cap Rate 7%
$438,557
Cap Rate 9%
$341,100
Alternative Uses
Best Use
Multifamily LT 5
$438.6K
$383.7K – $511.7K
NOI $30,699 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$388.9K
$340.3K – $453.7K
NOI $27,223 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$728.4K
$637.3K – $849.8K
NOI $50,985 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Explore this area
Business Placement
Demographics for 45214, OH
8,901
Population
5,028
Households
1.8
Avg Household Size
32
Median Age
23%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,297
Density / Sq Mi
$26,348
Median Household Income
$27,243
Median Earnings
$762
Median Rent
$102,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Multifamily property with one three-bedroom residence and two one-bedroom residences.
Where is this triplex located?
The property is located at 2131 Colerain Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑unit multifamily property; 3,664 square feet; Unit mix includes one 3BR unit and two 1BR units
