Duplex with Two-Car
New
For Sale
$549,000
2523 Moorman Avenue, Cincinnati, OH 45206
Two residential units include in-unit laundry, an extended driveway, and a two-car garage.
Property Size4,300 SF
Price / SF$127.67
Days on Market2
Property Features for 2523 Moorman Avenue
General Information
Standard status
Active
Size
4,300 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
in-unit laundry
rear deck
Building Details
Year Built
1895
Buildings
1
Listing Agency:
Sibcy Cline, Inc. (513-777-8100)
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Sep 12
Last Checked: Sep 12 at 2:49PM
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. (513-777-8100)
Investment Insights
Based on property information with market context.
Built in 1895, this approximately 4,300-square-foot duplex includes two residential units with a combined five bedrooms and five bathrooms. The upper unit spans two floors and adds a flex room or office, while the lower unit opens to a large rear deck. Both units provide in-unit laundry, and the property includes an extended driveway and a two-car garage. The upper unit also features a 20-foot primary bedroom.
The property is located at 2523 Moorman Avenue in Cincinnati’s East Walnut Hills neighborhood, two blocks from Woodburn Avenue and DeSales Corner. Shops, restaurants, galleries, and ETC Produce are within a short walk. The units have had no vacancies in five years, and the property may suit an owner-occupant, long-term investment, or possible short-term rental use.
The property is located at 2523 Moorman Avenue in Cincinnati’s East Walnut Hills neighborhood, two blocks from Woodburn Avenue and DeSales Corner. Shops, restaurants, galleries, and ETC Produce are within a short walk. The units have had no vacancies in five years, and the property may suit an owner-occupant, long-term investment, or possible short-term rental use.
Key Highlights
- Approximately 4,300 sq. ft. duplex built in 1895
- Two units with a combined five bedrooms and five bathrooms
- Upper unit spans two floors and includes a flex room/office
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
$36,028
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
6.56%
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%
$720,560
$720.6K
Cap Rate 7%
$514,686
$514.7K
Cap Rate 9%
$400,311
$400.3K
Market Conditions
NOI Build-Up for 4,300 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
$54.7K $12.72/SF
− Vacancy
−$3.2K −$0.75/SF
EGI
$51.5K $11.97/SF
− OpEx
−$15.4K −$3.59/SF
NOI
$36.0K $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%
$720,560
Cap Rate 7%
$514,686
Cap Rate 9%
$400,311
Alternative Uses
Best Use
Multifamily LT 5
$514.7K
$450.4K – $600.5K
NOI $36,028 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$456.4K
$399.4K – $532.5K
NOI $31,949 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$854.8K
$747.9K – $997.3K
NOI $59,835 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,072
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?
Duplex - Two residential units include in-unit laundry, an extended driveway, and a two-car garage.
Where is this duplex located?
The property is located at 2523 Moorman Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 4,300 sq. ft. duplex built in 1895; Two units with a combined five bedrooms and five bathrooms; Upper unit spans two floors and includes a flex room/office
