Brick Triplex with
New
For Sale
$425,000
2131 Colerain Avenue, Cincinnati, OH 45214
MULTI_FAMILY - Cincinnati, OH
Property Size3,664 SF
Lot Size0.05 Acres
Price / SF$115.99
Days on Market2
Property Features for 2131 Colerain Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Patio and Porch features
Patio
Exterior features
Patio
High school district
Cincinnati City SD
Directions
Central Pkwy to Brighton Pl, Right on Central Ave, then Left on Colerain Ave. Property located on the Right at 2131 Colerain Ave.
Subdivision
Hamilton-E01
Standard status
Active
APN
184-0006-0204-00
Size
3,664 SF
Lot size
0.05 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1890
Number of units
3
Building materials
Brick
Roof type
Membrane, Shingle
Listing Agency:
Keller Williams Pinnacle Group · Keller Williams Realty
(513) 277-0996
Listed By:
Davan Gassett
(513) 277-0996
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 1889741
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 brick triplex contains 3,664 square feet across one 3BR apartment and two 1BR apartments. One of the one-bedroom units includes 1.5 bathrooms. The property was built in 1890 and includes a patio, membrane and shingle roofing, natural-gas heating, and forced-air HVAC. On-street parking serves the building.
Located at 2131 Colerain Avenue in Cincinnati’s West End, the property is positioned minutes from Downtown Cincinnati. The 0.05-acre parcel provides a compact urban setting for the three-unit residential configuration.
Located at 2131 Colerain Avenue in Cincinnati’s West End, the property is positioned minutes from Downtown Cincinnati. The 0.05-acre parcel provides a compact urban setting for the three-unit residential configuration.
Key Highlights
- Three‑unit property with one 3BR apartment and two 1BR apartments
- 3,664 square feet on a 0.05‑acre parcel
- One 1BR unit includes 1.5 bathrooms
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
786
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include one three-bedroom layout and two one-bedroom layouts.
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 property with one 3BR apartment and two 1BR apartments; 3,664 square feet on a 0.05‑acre parcel; One 1BR unit includes 1.5 bathrooms
