Historic Brick
For Sale
$525,000
236 Loraine Ave, Cincinnati, OH 45220
Three updated kitchens complement classic interior details and hardwood floors.
Property Size2,733 SF
Price / SF$192.10
Days on Market23
Property Features for 236 Loraine Ave
General Information
Standard status
Active
Size
2,733 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Construction
brick
Listing Agency:
Comey & Shepherd
(513) 263-0303
Listed By:
Mare Warner Colina
(513) 263-0303
Source:
Exprealty
Added: Jul 31
Changed: Aug 21
Last Checked: Aug 21 at 12:43PM
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 Comey & Shepherd
Investment Insights
Based on property information with market context.
This three-unit brick property includes three spacious 2-bedroom, 1-bath residences with hardwood flooring, abundant natural light, and period architectural features. Each apartment offers generous living areas, while kitchen renovations and bathroom updates add contemporary functionality to the historic design. The building was designed by architect Samuel Hannaford.
Located at 236 Loraine Ave in Cincinnati’s Clifton Gaslight area, the property is within walking distance of Skyline, Graeter’s, The Esquire, and the restaurants and shops along Ludlow Avenue. The University of Cincinnati and area hospitals are also nearby, providing established surrounding context for the property.
Located at 236 Loraine Ave in Cincinnati’s Clifton Gaslight area, the property is within walking distance of Skyline, Graeter’s, The Esquire, and the restaurants and shops along Ludlow Avenue. The University of Cincinnati and area hospitals are also nearby, providing established surrounding context for the property.
Key Highlights
- Three 2‑bedroom, 1‑bath units in one brick triplex
- Renovated kitchens across all three residences
- Bathroom updates complement the historic interiors
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
$22,899
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
4.36%
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%
$457,980
$458.0K
Cap Rate 7%
$327,129
$327.1K
Cap Rate 9%
$254,433
$254.4K
Market Conditions
NOI Build-Up for 2,733 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
$34.8K $12.72/SF
− Vacancy
−$2.1K −$0.75/SF
EGI
$32.7K $11.97/SF
− OpEx
−$9.8K −$3.59/SF
NOI
$22.9K $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%
$457,980
Cap Rate 7%
$327,129
Cap Rate 9%
$254,433
Alternative Uses
Best Use
Multifamily LT 5
$327.1K
$286.2K – $381.7K
NOI $22,899 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$290.1K
$253.8K – $338.4K
NOI $20,306 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$543.3K
$475.4K – $633.8K
NOI $38,030 @ 7.0% cap · market cap 7.24%
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
1,783
Businesses Nearby
Explore this area
Business Placement
Demographics for 45220, OH
15,466
Population
7,400
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
96%
High-School Grad
2.9 sq mi
ZIP Area
5,333
Density / Sq Mi
$51,404
Median Household Income
$26,866
Median Earnings
$954
Median Rent
$385,200
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?
Triplex - Three updated kitchens complement classic interior details and hardwood floors.
Where is this triplex located?
The property is located at 236 Loraine Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units in one brick triplex; Renovated kitchens across all three residences; Bathroom updates complement the historic interiors
