Updated Brick
For Sale
$575,000
2515 2517 Hackberry St, Cincinnati, OH 45206
Three apartments offer refreshed interiors, abundant natural light, river views, and off-street parking.
Property Size3,830 SF
Price / SF$150.13
Days on Market23
Property Features for 2515 2517 Hackberry St
General Information
Standard status
Active
Size
3,830 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1925
Buildings
1
Construction
brick
Listing Agency:
Keller Williams Advisors
(513) 766-9200
Listed By:
Kristen D Carter · License #2017004048
Source:
Cincylivingwithangela
Added: Aug 10
Changed: Aug 31
Last Checked: Aug 31 at 6:28PM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This 3,830-square-foot triplex contains three apartments within a brick building constructed in 1925. Each residence is described as spacious and well maintained, with attractive finishes, abundant natural light, and thoughtful updates throughout. River views and off-street parking add to the property’s physical appeal.
The building is located in East Walnut Hills at 2515-2517 Hackberry Street in Cincinnati. Downtown, hospitals, universities, neighborhood restaurants, and entertainment are all described as minutes away, placing the property within an established urban setting. The three-unit configuration provides a clearly defined multifamily layout for continued residential use.
The building is located in East Walnut Hills at 2515-2517 Hackberry Street in Cincinnati. Downtown, hospitals, universities, neighborhood restaurants, and entertainment are all described as minutes away, placing the property within an established urban setting. The three-unit configuration provides a clearly defined multifamily layout for continued residential use.
Key Highlights
- Three apartments within a 3,830‑square‑foot multifamily property
- Brick building constructed in 1925
- River views from 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
$32,090
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
5.58%
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%
$641,800
$641.8K
Cap Rate 7%
$458,429
$458.4K
Cap Rate 9%
$356,556
$356.6K
Market Conditions
NOI Build-Up for 3,830 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
$48.7K $12.72/SF
− Vacancy
−$2.9K −$0.75/SF
EGI
$45.8K $11.97/SF
− OpEx
−$13.8K −$3.59/SF
NOI
$32.1K $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%
$641,800
Cap Rate 7%
$458,429
Cap Rate 9%
$356,556
Alternative Uses
Best Use
Multifamily LT 5
$458.4K
$401.1K – $534.8K
NOI $32,090 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$406.5K
$355.7K – $474.3K
NOI $28,456 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$761.3K
$666.2K – $888.2K
NOI $53,294 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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 apartments offer refreshed interiors, abundant natural light, river views, and off-street parking.
Where is this triplex located?
The property is located at 2515 2517 Hackberry St Cincinnati, OH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three apartments within a 3,830‑square‑foot multifamily property; Brick building constructed in 1925; River views from the property
