Turnkey Multifamily Property in
For Sale
Contact for pricing
Pending
2244 SALVADOR ST, Cincinnati, OH 45230
9-unit multifamily property in Mt. Washington neighborhood.
Property Size4,274 SF
Days on Market99
Property Features for 2244 SALVADOR ST
General Information
Standard status
Pending
Size
4,274 SF
Property subtype
Multifamily
Investment Type
Stabilized
Building Details
Year Built
1986
Stories
1
Units
8
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
Listed By:
Adam Curry · License #OH 2014003970
Source:
Crexi
Added: May 20
Changed: Aug 8
Last Checked: Jul 24 at 5:55PM
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.
The property at 2244 Salvador Street is a 9-unit multifamily property located in Cincinnati's Mt. Washington neighborhood. The property features eight one-bedroom apartments and one studio, with one current vacancy. The property is being offered at an 8.5% cap rate. At 100% occupancy, monthly rents total $8,914, with RUBS implemented and charged back to tenants, reducing owner utility cost. Each unit is equipped with PTAC systems, with electric paid directly by tenants. The building features secure gated access and nine on-site parking spaces. Situated near retail, dining, and major commuter routes, 2244 Salvador Street benefits from Mt. Washington's rental demand and historically low vacancy. The property size is 4274 square feet. This offers investors a stabilized asset in one of Cincinnati's most consistent East Side submarkets.
Key Highlights
- High 8.5% Cap Rate offers strong investment returns.
- Turnkey 9‑unit multifamily property provides immediate income.
- Located in Cincinnati's established Mt. Washington neighborhood with strong rental demand.
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
$31,755
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
3.92%
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%
$635,100
$635.1K
Cap Rate 7%
$453,643
$453.6K
Cap Rate 9%
$352,833
$352.8K
Market Conditions
NOI Build-Up for 4,274 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
$61.0K $14.28/SF
− Vacancy
−$3.3K −$0.77/SF
EGI
$57.7K $13.51/SF
− OpEx
−$26.0K −$6.08/SF
NOI
$31.8K $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%
$635,100
Cap Rate 7%
$453,643
Cap Rate 9%
$352,833
Alternative Uses
Best Use
Apartment 5plus
$453.6K
$396.9K – $529.3K
NOI $31,755 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$849.6K
$743.4K – $991.2K
NOI $59,473 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 9-unit multifamily property in Mt. Washington neighborhood.
Where is this apartment building located?
The property is located at 2244 SALVADOR ST Cincinnati, OH.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: High 8.5% Cap Rate offers strong investment returns.; Turnkey 9‑unit multifamily property provides immediate income.; Located in Cincinnati's established Mt. Washington neighborhood with strong rental demand.
