Historic Duplex with Two-Car
New
For Sale
$549,000
2523 Moorman Avenue, Cincinnati, OH 45206
Residential Income, Cincinnati, OH
Property Size4,300 SF
Lot Size0.16 Acres
Price / SF$127.67
Days on Market2
Property Features for 2523 Moorman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
William Howard Taft to Moorman
Subdivision
Hamilton-E01
Standard status
Active
APN
062-0002-0126-00
Size
4,300 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas, Forced Air
Amenities
in-unit laundry
large rear deck
flex room/office
Building Details
Year built
1895
Number of units
2
Building materials
Block, Wood Siding
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Najwa Altai
(513) 378-4663
Added: Sep 10
Last Checked: Sep 11 at 5:06AM
MLS# 1893063
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1895, this duplex contains approximately 4,300 square feet across two residential units. The property includes five bedrooms, five bathrooms, and a flex room or office in the upper residence, which occupies two floors and features a 20-foot primary bedroom. Both units have in-unit laundry, while the lower unit opens to a large rear deck. Additional improvements include an extended driveway, a two-car garage, a shingle roof, block and wood siding, natural gas forced-air heat, and a fireplace.
Set at 2523 Moorman Avenue in Cincinnati's East Walnut Hills, the property is two blocks from Woodburn Avenue and DeSales Corner. Shops, restaurants, galleries, and ETC Produce are described as being within a short walk. The 0.1636-acre parcel has recorded five years without vacancies, providing a documented occupancy history for the two-unit configuration.
Set at 2523 Moorman Avenue in Cincinnati's East Walnut Hills, the property is two blocks from Woodburn Avenue and DeSales Corner. Shops, restaurants, galleries, and ETC Produce are described as being within a short walk. The 0.1636-acre parcel has recorded five years without vacancies, providing a documented occupancy history for the two-unit configuration.
Key Highlights
- Two‑unit duplex with approximately 4,300 square feet
- Five bedrooms and five bathrooms, plus an upper‑unit flex room or office
- Built in 1895 on a 0.1636‑acre lot
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Two spacious units with in-unit laundry, a rear deck, extended driveway, and flexible upper-level office space.
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: Two‑unit duplex with approximately 4,300 square feet; Five bedrooms and five bathrooms, plus an upper‑unit flex room or office; Built in 1895 on a 0.1636‑acre lot
