5-Family Brick Apartment
For Sale
$495,900
2309 W Clifton Ave, Cincinnati, OH 45219
Historic character, refreshed units, and tenant-paid utilities support a practical rental configuration.
Property Size2,551 SF
Price / SF$194.39
Days on Market70
Property Features for 2309 W Clifton Ave
General Information
Standard status
Active
Size
2,551 SF
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Building Details
Construction
brick
Listing Agency:
Sibcy Cline, Inc.
(513) 365-8383
Listed By:
Brendan S Morrissey
(513) 365-8383
Source:
Exprealty
Added: Jun 1
Changed: Aug 8
Last Checked: Aug 8 at 8:28AM
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 Sibcy Cline, Inc.
Investment Insights
Based on property information with market context.
This 5-family apartment building at 2309 W Clifton Ave in Cincinnati is a historic 19th-century brick multifamily property. The building features a new roof, newer windows, and fresh Bearcat black-and-red exterior paint. Three units have been refreshed while retaining historic character alongside updated finishes.
The property is located blocks from UC and sits on major bus and shuttle routes serving the surrounding area. Each unit has a separate utility meter, with utilities paid entirely by the tenants. The combination of a five-unit configuration, refreshed interiors, and separately metered utilities provides a straightforward multifamily layout in the Clifton area.
The property is located blocks from UC and sits on major bus and shuttle routes serving the surrounding area. Each unit has a separate utility meter, with utilities paid entirely by the tenants. The combination of a five-unit configuration, refreshed interiors, and separately metered utilities provides a straightforward multifamily layout in the Clifton area.
Key Highlights
- 5‑family historic 19th‑century brick multifamily property
- Three units refreshed with historic character and modern appeal
- New roof and newer windows
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
$18,954
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
3.82%
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%
$379,080
$379.1K
Cap Rate 7%
$270,771
$270.8K
Cap Rate 9%
$210,600
$210.6K
Market Conditions
NOI Build-Up for 2,551 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
$36.4K $14.28/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$34.5K $13.51/SF
− OpEx
−$15.5K −$6.08/SF
NOI
$19.0K $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%
$379,080
Cap Rate 7%
$270,771
Cap Rate 9%
$210,600
Alternative Uses
Best Use
Apartment 5plus
$270.8K
$236.9K – $315.9K
NOI $18,954 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$507.1K
$443.7K – $591.6K
NOI $35,497 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,434
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic character, refreshed units, and tenant-paid utilities support a practical rental configuration.
Where is this apartment building located?
The property is located at 2309 W Clifton Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $495,900.
What are key features of this property?
This property features: 5‑family historic 19th‑century brick multifamily property; Three units refreshed with historic character and modern appeal; New roof and newer windows
