Renovated Triplex with Private
New
For Sale
$399,000
226 Clifton Avenue, Cincinnati, OH 45202
MULTI_FAMILY - Cincinnati, OH
Property Size2,081 SF
Lot Size0.02 Acres
Price / SF$191.73
Days on Market5
Property Features for 226 Clifton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Patio and Porch features
Patio
Interior features
Storage Area
Exterior features
Patio
High school district
Cincinnati City SD
Directions
Mulberry to Antique
Subdivision
Hamilton-E01
Standard status
Active
APN
0940007028600
Size
2,081 SF
Lot size
0.02 Acres
Utilities
Heating system
Electric (Heating)
Amenities
private street entry
secure mailboxes
Building Details
Year built
1890
Number of units
3
Building materials
Brick
Roof type
Asbestos Shingle
Additional Structures
Storage
Listing Agency:
Eden Park Realty LLC
(513) 281-7888
Listed By:
Karen Domine
(513) 281-7888
Added: Aug 4
Changed: Aug 7
Last Checked: Aug 8 at 10:06PM
MLS# 1889583
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 three-unit residential income property is arranged with a multilevel layout in each unit, creating separation between living areas. Private street entrances serve the units, with secure mailboxes supporting individual access. Interior details include oak hardwood floors, butcher block countertops, porcelain marble walk-in showers, and storage space. The building is constructed of brick and includes a patio, electric heat, and on-street parking.
A permitted renovation was completed in 2014. The property was built in 1890 and includes fire stops designed for condominium use. Its Cincinnati location places the building within a walkable urban setting, while the configuration may support rental, condominium, or owner-occupied use as described in the property information.
A permitted renovation was completed in 2014. The property was built in 1890 and includes fire stops designed for condominium use. Its Cincinnati location places the building within a walkable urban setting, while the configuration may support rental, condominium, or owner-occupied use as described in the property information.
Key Highlights
- Three‑unit building with private street entry for each unit
- Permitted renovation completed in 2014
- Multilevel layout provided within each unit
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
$17,436
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
4.37%
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%
$348,720
$348.7K
Cap Rate 7%
$249,086
$249.1K
Cap Rate 9%
$193,733
$193.7K
Market Conditions
NOI Build-Up for 2,081 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
$26.5K $12.72/SF
− Vacancy
−$1.6K −$0.75/SF
EGI
$24.9K $11.97/SF
− OpEx
−$7.5K −$3.59/SF
NOI
$17.4K $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%
$348,720
Cap Rate 7%
$249,086
Cap Rate 9%
$193,733
Alternative Uses
Best Use
Multifamily LT 5
$249.1K
$218.0K – $290.6K
NOI $17,436 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$220.9K
$193.3K – $257.7K
NOI $15,462 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$413.7K
$362.0K – $482.6K
NOI $28,957 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,225
Businesses Nearby
Explore this area
Business Placement
Demographics for 45202, OH
16,883
Population
11,432
Households
1.5
Avg Household Size
34
Median Age
63%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
6,253
Density / Sq Mi
$87,930
Median Household Income
$63,901
Median Earnings
$1,524
Median Rent
$444,000
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?
Triplex - Three individually accessed units feature multilevel layouts and distinctive interior finishes.
Where is this triplex located?
The property is located at 226 Clifton Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑unit building with private street entry for each unit; Permitted renovation completed in 2014; Multilevel layout provided within each unit
