Brick Triplex with Off-Street
For Sale
$515,000
2541 Melrose Avenue, Norwood, OH 45212
MULTI_FAMILY - Norwood, OH
Property Size4,397 SF
Lot Size0.29 Acres
Price / SF$117.13
Days on Market99
Property Features for 2541 Melrose Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway, Off Street
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
Hot Water(Heating), Natural Gas
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: Aug 2
Last Checked: Aug 21 at 10:06PM
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.
2541 Melrose Avenue in Norwood, OH is a solid brick triplex built in 1910. The property includes three residential units: two 2-bedroom units and one 1-bedroom unit, supported by hot water heating with natural gas. The home features shingle roofing, and there is a fireplace.
Recent mechanical updates include a new boiler installed in 2023. For tenant convenience, the property offers off-street parking in a driveway next to the house, along with two front porches.
The triplex is described as being sold AS-IS and is located about a block from Rookwood Pavilion, with walkable access to shopping, dining, and entertainment.
Recent mechanical updates include a new boiler installed in 2023. For tenant convenience, the property offers off-street parking in a driveway next to the house, along with two front porches.
The triplex is described as being sold AS-IS and is located about a block from Rookwood Pavilion, with walkable access to shopping, dining, and entertainment.
Key Highlights
- Two 2‑bedroom units and one 1‑bedroom unit
- New boiler installed in 2023
- Solid brick triplex built in 1910
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
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Brick triplex with two porches, off-street driveway parking, and three units including two 2-bedroom layouts.
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 $515,000.
What are key features of this property?
This property features: Two 2‑bedroom units and one 1‑bedroom unit; New boiler installed in 2023; Solid brick triplex built in 1910
