Brick Triplex with Front
For Sale
$499,900
2541 Melrose Avenue, Norwood, OH 45212
Residential Income, Norwood, OH
Property Size4,397 SF
Lot Size0.29 Acres
Price / SF$113.69
Days on Market134
Property Features for 2541 Melrose Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Window features
Vinyl Frames
Fireplace
1
High school district
Norwood City SD
Directions
Smith Rd left on Melrose
Subdivision
Hamilton-E02
Standard status
Active
APN
651-0030-0136-00
Size
4,397 SF
Lot size
0.29 Acres
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Amenities
front porches
Building Details
Year built
1910
Number of units
3
Building materials
Brick
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Jason Smith
(513) 378-4663
Added: May 15
Changed: Sep 22
Last Checked: Sep 25 at 4:06PM
MLS# 1879571
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.
This 4,397-square-foot brick triplex, built in 1910, contains two 2-bedroom residences and one 1-bedroom residence. The property includes two front porches, off-street parking, a driveway, shingle roofing, and a natural-gas hot-water heating system. A new boiler was installed in 2023, and the building is being sold as-is.
The property is located at 2541 Melrose Avenue in Norwood, Ohio, one block from Rookwood Pavilion. Shopping, dining, and entertainment are within walking distance, providing convenient access to nearby amenities. Parking is available along the side or behind the building.
The property is located at 2541 Melrose Avenue in Norwood, Ohio, one block from Rookwood Pavilion. Shopping, dining, and entertainment are within walking distance, providing convenient access to nearby amenities. Parking is available along the side or behind the building.
Key Highlights
- 4,397‑square‑foot brick triplex on a 0.292‑acre lot
- Unit mix includes two 2‑bedroom units and one 1‑bedroom unit
- 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
8.30%
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 8.30%
Second Best
Apartment 5plus
$542.3K
$474.5K – $632.6K
NOI $37,958 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$788.3K
$689.8K – $919.7K
NOI $55,181 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained multifamily property with two-bedroom and one-bedroom units, off-street parking, and updated boiler service.
Where is this triplex located?
The property is located at 2541 Melrose Avenue Norwood, OH.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 4,397‑square‑foot brick triplex on a 0.292‑acre lot; Unit mix includes two 2‑bedroom units and one 1‑bedroom unit; New boiler installed in 2023
