Six-Unit Apartment
For Sale
$795,000
2216 Ohio Avenue, Cincinnati, OH 45219
Historic multifamily property near the University of Cincinnati with remodeled units, garages, and tenant-paid utilities.
Property Size5,916 SF
Days on Market64
Property Features for 2216 Ohio Avenue
General Information
Standard status
Active
Size
5,916 SF
Total Parking Spaces
3
Property subtype
Apartment
Additional Details
Multifamily Units
6
Amenities
Fireplace
Forced Air
Window Unit
Gas
Patio, Shingle, Membrane
Building Details
Building Size
5,916 SF
Year Built
1896
Listing Agency:
Keller Williams Realty Services
(513) 368-5308
Listed By:
Jeff W Bray · License #RB14047222
(513) 368-5308
Source:
Kw
Added: Jun 30
Changed: Aug 30
Last Checked: Sep 1 at 12:23AM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
Built in 1896, this six-unit multifamily property offers spacious residences with high ceilings, fireplaces, forced-air heating, window units, and gas service. The building also includes a patio and three garages. Recent capital work encompasses mechanical improvements, exterior upgrades, and remodeling completed in four of the six units.
The property is located at 2216 Ohio Avenue in Cincinnati, within a short walk of the University of Cincinnati. Tenant-paid utilities support the existing operating structure, while the combination of historic character, residential layouts, and campus proximity defines the asset’s profile.
The property is located at 2216 Ohio Avenue in Cincinnati, within a short walk of the University of Cincinnati. Tenant-paid utilities support the existing operating structure, while the combination of historic character, residential layouts, and campus proximity defines the asset’s profile.
Key Highlights
- Six‑unit multifamily property built in 1896
- Within a short walk of the University of Cincinnati
- Four of six units have completed remodels
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
$43,955
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
5.53%
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%
$879,100
$879.1K
Cap Rate 7%
$627,929
$627.9K
Cap Rate 9%
$488,389
$488.4K
Market Conditions
NOI Build-Up for 5,916 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
$84.5K $14.28/SF
− Vacancy
−$4.6K −$0.77/SF
EGI
$79.9K $13.51/SF
− OpEx
−$36.0K −$6.08/SF
NOI
$44.0K $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%
$879,100
Cap Rate 7%
$627,929
Cap Rate 9%
$488,389
Alternative Uses
Best Use
Apartment 5plus
$627.9K
$549.4K – $732.6K
NOI $43,955 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,321 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,634
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?
Apartment building - Historic multifamily property near the University of Cincinnati with remodeled units, garages, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 2216 Ohio Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Six‑unit multifamily property built in 1896; Within a short walk of the University of Cincinnati; Four of six units have completed remodels
