Updated Brick
New
For Sale
$392,000
215 Warner Street, Cincinnati, OH 45219
Residential Income, Cincinnati, OH
Property Size1,964 SF
Lot Size0.08 Acres
Price / SF$199.59
Days on Market3
Property Features for 215 Warner Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Off Street
Window features
Aluminum Frames, Vinyl Frames
High school district
Cincinnati City SD
Directions
.
Subdivision
Hamilton-E01
Standard status
Active
APN
1000001009900
Size
1,964 SF
Lot size
0.08 Acres
Utilities
Heating system
Forced Air, Baseboard, Natural Gas
Building Details
Year built
1910
Number of units
3
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX Preferred Group · RE/MAX International
(513) 229-7774
Listed By:
Bradley Babiak · License #2021002473
(513) 533-4111
Added: Sep 3
Last Checked: Sep 5 at 6:06PM
MLS# 1891126
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 1,964-square-foot brick triplex, built in 1910, contains three occupied residences with distinct configurations: a two-bedroom loft-style unit, a renovated one-bedroom unit, and a four-bedroom, two-bath unit with an updated kitchen and bathrooms. Renovations include newer appliances, refreshed bathrooms, and LVP flooring across much of the property. Forced-air and baseboard heating are served by natural gas, while the building has a shingle roof.
The property sits on 0.081 acres at 215 Warner Street in Cincinnati’s Clifton area, near the University of Cincinnati. Parking includes off-street space for 8 vehicles in addition to on-street parking. Existing leases run through July 2027, providing an established occupancy profile for the three-unit asset.
The property sits on 0.081 acres at 215 Warner Street in Cincinnati’s Clifton area, near the University of Cincinnati. Parking includes off-street space for 8 vehicles in addition to on-street parking. Existing leases run through July 2027, providing an established occupancy profile for the three-unit asset.
Key Highlights
- Three‑unit brick property with 1,964 square feet, built in 1910
- Three residences leased through July 2027
- Unit mix includes 2‑bedroom loft, 1‑bedroom, and 4‑bedroom/2‑bath layouts
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
$16,456
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
4.20%
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%
$329,120
$329.1K
Cap Rate 7%
$235,086
$235.1K
Cap Rate 9%
$182,844
$182.8K
Market Conditions
NOI Build-Up for 1,964 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
$25.0K $12.72/SF
− Vacancy
−$1.5K −$0.75/SF
EGI
$23.5K $11.97/SF
− OpEx
−$7.1K −$3.59/SF
NOI
$16.5K $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%
$329,120
Cap Rate 7%
$235,086
Cap Rate 9%
$182,844
Alternative Uses
Best Use
Multifamily LT 5
$235.1K
$205.7K – $274.3K
NOI $16,456 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$208.5K
$182.4K – $243.2K
NOI $14,592 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$390.4K
$341.6K – $455.5K
NOI $27,329 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,565
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three leased residences offer varied layouts, refreshed finishes, and off-street parking near the University of Cincinnati.
Where is this triplex located?
The property is located at 215 Warner Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $392,000.
What are key features of this property?
This property features: Three‑unit brick property with 1,964 square feet, built in 1910; Three residences leased through July 2027; Unit mix includes 2‑bedroom loft, 1‑bedroom, and 4‑bedroom/2‑bath layouts
