12-Unit One-Bed Multifamily
For Sale
Contact for pricing
Pending
2215 Salvador St, Cincinnati, OH 45230
Twelve one-bedroom units with 11 occupied, newer boiler, separately metered electric, and off-street parking behind.
Property Size7,290 SF
Days on Market105
Property Features for 2215 Salvador St
General Information
Standard status
Pending
Size
7,290 SF
Total Parking Spaces
15
Property subtype
Multifamily
Zoning
CC-M
Occupancy
91%
Investment Type
Stabilized
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Year Built
1972
Buildings
1
Stories
3
Units
12
Tenancy
Multi
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
Listed By:
Adam Curry · License #OH 2014003970
Source:
Crexi
Added: Jun 11
Changed: Sep 16
Last Checked: Sep 22 at 4:43PM
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 KW Commercial Keller Williams Advisor's Realty
Investment Insights
Based on property information with market context.
2215 Salvador Street is a 12-unit multifamily property featuring 12 one-bedroom apartments. Eleven of the 12 units are currently occupied. The property includes a newer boiler system, separately metered electric, and an implemented RUBS program intended to help offset owner utility expenses. Onsite improvements also include a concrete driveway and off-street parking located behind the building.
The property is positioned near Mt. Washington’s retail corridor, with convenient access to shopping, dining, and daily necessities. Off-street parking behind the building and the on-site driveway support day-to-day resident access.
For investors and owner-operators, the unit mix is consistent, with all units identified as one-bedroom homes and a strong occupancy level reflected by 11 units currently leased. The separate electric metering and newer boiler provide a more straightforward utility and building-systems profile. With parking behind the building and a practical layout centered on one-bedroom demand, this property may align well with buyers seeking an apartment building that is already operating near capacity while featuring defined expense management through the RUBS program.
The property is positioned near Mt. Washington’s retail corridor, with convenient access to shopping, dining, and daily necessities. Off-street parking behind the building and the on-site driveway support day-to-day resident access.
For investors and owner-operators, the unit mix is consistent, with all units identified as one-bedroom homes and a strong occupancy level reflected by 11 units currently leased. The separate electric metering and newer boiler provide a more straightforward utility and building-systems profile. With parking behind the building and a practical layout centered on one-bedroom demand, this property may align well with buyers seeking an apartment building that is already operating near capacity while featuring defined expense management through the RUBS program.
Key Highlights
- 12‑unit multifamily with all units 1BR; 11 of 12 units currently occupied
- Potential gross monthly income of $12,235 at 100% occupancy
- Newer boiler system and separately metered electric
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
$54,164
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
4.92%
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%
$1,083,280
$1.1M
Cap Rate 7%
$773,771
$773.8K
Cap Rate 9%
$601,822
$601.8K
Market Conditions
NOI Build-Up for 7,290 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
$104.1K $14.28/SF
− Vacancy
−$5.6K −$0.77/SF
EGI
$98.5K $13.51/SF
− OpEx
−$44.3K −$6.08/SF
NOI
$54.2K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /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%
$1,083,280
Cap Rate 7%
$773,771
Cap Rate 9%
$601,822
Alternative Uses
Best Use
Apartment 5plus
$773.8K
$677.1K – $902.7K
NOI $54,164 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,440 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 45230, OH
27,718
Population
11,987
Households
2.3
Avg Household Size
40
Median Age
54%
College-Educated
97%
High-School Grad
13.7 sq mi
ZIP Area
2,023
Density / Sq Mi
$87,100
Median Household Income
$53,900
Median Earnings
$962
Median Rent
$237,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve one-bedroom units with 11 occupied, newer boiler, separately metered electric, and off-street parking behind.
Where is this apartment building located?
The property is located at 2215 Salvador St Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12‑unit multifamily with all units 1BR; 11 of 12 units currently occupied; Potential gross monthly income of $12,235 at 100% occupancy; Newer boiler system and separately metered electric
