Brick Triplex with Off-Street
For Sale
$515,000
2541 Melrose Ave, Norwood, OH 45212
Three-unit residential property with a two-bedroom and one-bedroom unit mix, front porches, and a 2023 boiler installation.
Property Size4,397 SF
Price / SF$117.13
Days on Market40
Property Features for 2541 Melrose Ave
General Information
Standard status
Active
Size
4,397 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Amenities
front porches
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Plum Tree Realty
(513) 378-4663
Listed By:
Jason Smith
Source:
Finn-team
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 12:53PM
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 Plum Tree Realty
Investment Insights
Based on property information with market context.
Built in 1910, this brick triplex contains two two-bedroom units and one one-bedroom unit. The property includes off-street parking in the driveway, two front porches, and a boiler installed in 2023. The property is being sold as-is.
The residence is located one block from Rookwood Pavilion and within walking distance of shopping, dining, and entertainment. Its Norwood location places those amenities close to the property while maintaining a traditional residential setting.
The residence is located one block from Rookwood Pavilion and within walking distance of shopping, dining, and entertainment. Its Norwood location places those amenities close to the property while maintaining a traditional residential setting.
Key Highlights
- Two 2‑bedroom units and one 1‑bedroom unit
- Brick triplex built in 1910
- New boiler installed in 2023
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
$41,487
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
8.06%
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%
$829,740
$829.7K
Cap Rate 7%
$592,671
$592.7K
Cap Rate 9%
$460,967
$461.0K
Market Conditions
NOI Build-Up for 4,397 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
$62.8K $14.28/SF
− Vacancy
−$3.5K −$0.80/SF
EGI
$59.3K $13.48/SF
− OpEx
−$17.8K −$4.04/SF
NOI
$41.5K $9.44/SF
Area
Hamilton County, OH
Vacancy
5.61%
Lease Rate
$14.28 /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%
$829,740
Cap Rate 7%
$592,671
Cap Rate 9%
$460,967
Alternative Uses
Best Use
Multifamily LT 5
$592.7K
$518.6K – $691.5K
NOI $41,487 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$542.3K
$474.5K – $632.6K
NOI $37,958 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$788.3K
$689.8K – $919.7K
NOI $55,181 @ 7.0% cap · market cap 10.71%
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
1,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 45212, OH
21,885
Population
11,027
Households
2
Avg Household Size
33
Median Age
38%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,915
Density / Sq Mi
$63,698
Median Household Income
$43,413
Median Earnings
$932
Median Rent
$229,400
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-unit residential property with a two-bedroom and one-bedroom unit mix, front porches, and a 2023 boiler installation.
Where is this triplex located?
The property is located at 2541 Melrose Ave Norwood, OH.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two 2‑bedroom units and one 1‑bedroom unit; Brick triplex built in 1910; New boiler installed in 2023
