Renovated Two-Unit
For Sale
$270,000
2149 W Clifton Avenue, Cincinnati, OH 45219
Residential Income, Cincinnati, OH
Property Size1,344 SF
Lot Size0.05 Acres
Price / SF$200.89
Days on Market65
Property Features for 2149 W Clifton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Patio and Porch features
Porch, Deck
Exterior features
Deck, Porch
High school district
Cincinnati City SD
Directions
West onto W. Clifton Ave past Emming St
Subdivision
Hamilton-E01
Standard status
Active
APN
095-0002-0130-00
Size
1,344 SF
Lot size
0.05 Acres
Utilities
Heating system
Forced Air, Natural Gas
Amenities
in-unit laundry
private outdoor space
off-street parking
Building Details
Year built
1899
Number of units
2
Roof type
Shingle
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Andrew Maloney
(866) 212-4991
Added: Jun 26
Changed: Aug 29
Last Checked: Aug 29 at 8:06PM
MLS# 1884198
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 two-unit duplex contains 1,344 square feet with two one-bedroom, one-bath apartments. Each unit includes high ceilings, natural light, generous closet space, in-unit laundry, an updated kitchen with stainless steel appliances and open shelving, and a renovated bathroom. Private outdoor areas include a deck and porch, while off-street parking is provided by a driveway.
Major improvements completed in 2023 include the roof, HVAC system, flooring, appliances, and interior finishes. The property was built in 1899 and uses forced-air heating powered by natural gas. Its Clifton location places the duplex near the University of Cincinnati, area hospitals, OTR, and major highways.
Major improvements completed in 2023 include the roof, HVAC system, flooring, appliances, and interior finishes. The property was built in 1899 and uses forced-air heating powered by natural gas. Its Clifton location places the duplex near the University of Cincinnati, area hospitals, OTR, and major highways.
Key Highlights
- Two 1‑bedroom, 1‑bath units totaling 1,344 square feet
- Major updates completed in 2023 include roof, HVAC, flooring, appliances, and interiors
- Updated kitchens with stainless steel appliances and open shelving
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
$11,261
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
4.17%
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%
$225,220
$225.2K
Cap Rate 7%
$160,871
$160.9K
Cap Rate 9%
$125,122
$125.1K
Market Conditions
NOI Build-Up for 1,344 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
$17.1K $12.72/SF
− Vacancy
−$1.0K −$0.75/SF
EGI
$16.1K $11.97/SF
− OpEx
−$4.8K −$3.59/SF
NOI
$11.3K $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%
$225,220
Cap Rate 7%
$160,871
Cap Rate 9%
$125,122
Alternative Uses
Best Use
Multifamily LT 5
$160.9K
$140.8K – $187.7K
NOI $11,261 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$142.7K
$124.8K – $166.4K
NOI $9,986 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$267.2K
$233.8K – $311.7K
NOI $18,702 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 45219, OH
20,644
Population
8,023
Households
2.6
Avg Household Size
25
Median Age
50%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
12,903
Density / Sq Mi
$35,936
Median Household Income
$12,462
Median Earnings
$1,166
Median Rent
$222,500
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?
Duplex - Two one-bedroom apartments feature in-unit laundry, updated kitchens, renovated bathrooms, and private outdoor space.
Where is this duplex located?
The property is located at 2149 W Clifton Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units totaling 1,344 square feet; Major updates completed in 2023 include roof, HVAC, flooring, appliances, and interiors; Updated kitchens with stainless steel appliances and open shelving
