Brick Duplex With Separate
For Sale
$275,000
2232 Fulton Avenue, Cincinnati, OH 45206
MULTI_FAMILY - Cincinnati, OH
Property Size3,141 SF
Lot Size0.13 Acres
Price / SF$87.55
Days on Market51
Property Features for 2232 Fulton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
Turn off of 22 on to Windsor St then take a right on to Fulton Ave and the property is on the left.
Subdivision
Hamilton-E01
Standard status
Active
APN
069-0002-0042-00
Size
3,141 SF
Lot size
0.13 Acres
Utilities
Heating system
Forced Air
Amenities
central air
Building Details
Year built
1910
Number of units
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Michele Mamo · License #216745
(866) 212-4991
Added: Jun 26
Changed: Aug 5
Last Checked: Aug 15 at 2:06PM
MLS# 1884674
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.
Built in 1910, this 3,141-square-foot brick duplex includes two separate residential units with individual utilities, central air, generous room sizes, and a fireplace. The first unit has two bedrooms, one bathroom, an updated kitchen, and spacious living areas. The second offers four bedrooms, two bathrooms, a large floor plan, and abundant natural light; it is currently vacant.
The property occupies 0.13 acres on Fulton Avenue and is positioned just steps from Eden Park. Downtown Cincinnati, the casino, hospitals, restaurants, and entertainment venues are identified as nearby destinations. The building has a shingle roof, forced-air heating, and on-street parking.
The property occupies 0.13 acres on Fulton Avenue and is positioned just steps from Eden Park. Downtown Cincinnati, the casino, hospitals, restaurants, and entertainment venues are identified as nearby destinations. The building has a shingle roof, forced-air heating, and on-street parking.
Key Highlights
- Two‑unit duplex with 3,141 SF of building area
- Unit 1: 2BR/1BA with updated kitchen and spacious living areas
- Unit 2: 4BR/2BA, vacant with a large floor plan
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
$23,337
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
8.49%
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%
$466,740
$466.7K
Cap Rate 7%
$333,386
$333.4K
Cap Rate 9%
$259,300
$259.3K
Market Conditions
NOI Build-Up for 3,141 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
$44.9K $14.28/SF
− Vacancy
−$2.4K −$0.77/SF
EGI
$42.4K $13.51/SF
− OpEx
−$19.1K −$6.08/SF
NOI
$23.3K $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%
$466,740
Cap Rate 7%
$333,386
Cap Rate 9%
$259,300
Alternative Uses
Best Use
Multifamily LT 5
$376.0K
$329.0K – $438.6K
NOI $26,317 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$333.4K
$291.7K – $389.0K
NOI $23,337 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$624.4K
$546.3K – $728.5K
NOI $43,707 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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?
Duplex - Two residential units offer distinct layouts, central air, and on-street parking.
Where is this duplex located?
The property is located at 2232 Fulton Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,141 SF of building area; Unit 1: 2BR/1BA with updated kitchen and spacious living areas; Unit 2: 4BR/2BA, vacant with a large floor plan
