Renovated 6-Unit Apartment
For Sale
Contact for pricing
2302 Salvador St, Cincinnati, OH 45230
Multifamily property with varied unit layouts, resident parking, and renovated interiors in Cincinnati’s Mt. Washington area.
Property Size3,910 SF
Price / SF$172.63
Days on Market160
Property Features for 2302 Salvador St
General Information
Standard status
Active
Size
3,910 SF
Total Parking Spaces
13
Property subtype
Multifamily
Zoning
RM 1.2
Occupancy
83%
Investment Type
Stabilized
Net Operating Income
$54,061
Additional Details
Cap Rate
8%
Multifamily Units
6
Building Details
Year Built
1973
Buildings
1
Stories
3
Units
6
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
Listed By:
Adam Curry · License #OH 2014003970
Source:
Crexi
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 31 at 3:13PM
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.
Located at 2302 Salvador St in Cincinnati, Ohio, this 3,910-square-foot apartment building contains six units with a mix of one-, two-, and three-bedroom layouts. The property was built in 1973 and includes renovated interiors, boiler heat, and 13 parking spaces on a residential street. RM 1.2 zoning supports the existing multifamily classification.
RUBS is in place for utility allocation, and the property is offered at an 8% cap rate. The combination of multiple unit configurations, updated interiors, on-site parking, and established building systems provides a defined operating profile for multifamily ownership.
RUBS is in place for utility allocation, and the property is offered at an 8% cap rate. The combination of multiple unit configurations, updated interiors, on-site parking, and established building systems provides a defined operating profile for multifamily ownership.
Key Highlights
- Six‑unit apartment building with one-, two-, and three‑bedroom layouts
- 3,910 SF building on a residential street
- Renovated interiors throughout the property
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
$29,051
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
4.30%
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%
$581,020
$581.0K
Cap Rate 7%
$415,014
$415.0K
Cap Rate 9%
$322,789
$322.8K
Market Conditions
NOI Build-Up for 3,910 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
$55.8K $14.28/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$52.8K $13.51/SF
− OpEx
−$23.8K −$6.08/SF
NOI
$29.1K $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%
$581,020
Cap Rate 7%
$415,014
Cap Rate 9%
$322,789
Alternative Uses
Best Use
Apartment 5plus
$415.0K
$363.1K – $484.2K
NOI $29,051 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.3K
$680.1K – $906.8K
NOI $54,408 @ 7.0% cap · market cap 8.06%
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
296
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 - Multifamily property with varied unit layouts, resident parking, and renovated interiors in Cincinnati’s Mt. Washington area.
Where is this apartment building located?
The property is located at 2302 Salvador St Cincinnati, OH.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Six‑unit apartment building with one-, two-, and three‑bedroom layouts; 3,910 SF building on a residential street; Renovated interiors throughout the property
