Five-Unit Apartment
For Sale
$299,000
241 Klotter Ave, Cincinnati, OH 45219
Historic multifamily property with four efficiency apartments and an unfinished attic unit in Clifton.
Property Size3,528 SF
Days on Market111
Property Features for 241 Klotter Ave
General Information
Standard status
Active
Size
3,528 SF
Property subtype
Multifamily
Property Condition
Severity
Repairs Needed
Evidence
the property requires updates and improvements
Units
Unit Mix
4 x efficiency
Multifamily Units
4
Building Details
Building Size
3,528 SF
Year Built
1895
Listing Agency:
Huff Realty
(513) 745-9333
Listed By:
Rachel Thompson
Source:
3cre
Added: May 14
Changed: Aug 30
Last Checked: Sep 1 at 3:37PM
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 Huff Realty
Investment Insights
Based on property information with market context.
Built in 1895, this five-unit apartment property includes four efficiency apartments and an attic area configured for a potential two-bedroom unit. The building requires updates and improvements, and the sale is strictly as-is through a probate process.
Situated on an elevated site in Cincinnati’s Clifton neighborhood, the property has views toward Downtown Cincinnati. The existing configuration and unfinished attic space provide a defined renovation scope for an investor or owner-occupant, subject to applicable approvals and completion requirements.
Situated on an elevated site in Cincinnati’s Clifton neighborhood, the property has views toward Downtown Cincinnati. The existing configuration and unfinished attic space provide a defined renovation scope for an investor or owner-occupant, subject to applicable approvals and completion requirements.
Key Highlights
- Five‑unit apartment property built in 1895
- Four existing efficiency units
- Attic area offers potential for a two‑bedroom apartment
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
$26,213
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
8.77%
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%
$524,260
$524.3K
Cap Rate 7%
$374,471
$374.5K
Cap Rate 9%
$291,256
$291.3K
Market Conditions
NOI Build-Up for 3,528 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
$50.4K $14.28/SF
− Vacancy
−$2.7K −$0.77/SF
EGI
$47.7K $13.51/SF
− OpEx
−$21.4K −$6.08/SF
NOI
$26.2K $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%
$524,260
Cap Rate 7%
$374,471
Cap Rate 9%
$291,256
Alternative Uses
Best Use
Apartment 5plus
$374.5K
$327.7K – $436.9K
NOI $26,213 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$701.3K
$613.7K – $818.2K
NOI $49,092 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,627
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with four efficiency apartments and an unfinished attic unit in Clifton.
Where is this apartment building located?
The property is located at 241 Klotter Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Five‑unit apartment property built in 1895; Four existing efficiency units; Attic area offers potential for a two‑bedroom apartment
