Updated Duplex with Rooftop
New
For Sale
$370,000
256 Warner St, Cincinnati, OH 45219
Two configured units provide flexible student-housing use three blocks from the University of Cincinnati campus.
Property Size2,163 SF
Price / SF$171.06
Days on Market2
Property Features for 256 Warner St
General Information
Standard status
Active
Size
2,163 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$34,200
Amenities
in-unit laundry
rooftop patio
Building Details
Year Built
1887
Buildings
1
Tenancy
Single
Listing Agency:
TREO REALTORS
Listed By:
Michael T Tekulve
(513) 731-8736
Source:
Lovdalgroup
Added: Sep 11
Last Checked: Sep 11 at 2:44PM
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 TREO REALTORS
Investment Insights
Based on property information with market context.
This 2,163-square-foot duplex, built in 1887, includes two distinct residential units. The first floor offers two bedrooms and one bathroom, while the second- and third-floor unit contains two bedrooms, two full bathrooms, and a rooftop patio. Updated kitchens and bathrooms, in-unit laundry, and two off-street parking spaces add practical functionality.
Located at 256 Warner St in Cincinnati, the property sits three blocks from the University of Cincinnati campus. Both units are currently leased together as a four-bedroom arrangement for the 2026/2027 school year, with tenants responsible for all utilities. The layout also supports leasing the units separately, providing flexibility in how the duplex is operated.
Located at 256 Warner St in Cincinnati, the property sits three blocks from the University of Cincinnati campus. Both units are currently leased together as a four-bedroom arrangement for the 2026/2027 school year, with tenants responsible for all utilities. The layout also supports leasing the units separately, providing flexibility in how the duplex is operated.
Key Highlights
- 2,163 SF duplex built in 1887
- First‑floor unit has 2 bedrooms and 1 bathroom
- Upper unit spans the second and third floors with 2 bedrooms and 2 full bathrooms
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
$18,123
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
4.90%
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%
$362,460
$362.5K
Cap Rate 7%
$258,900
$258.9K
Cap Rate 9%
$201,367
$201.4K
Market Conditions
NOI Build-Up for 2,163 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
$27.5K $12.72/SF
− Vacancy
−$1.6K −$0.75/SF
EGI
$25.9K $11.97/SF
− OpEx
−$7.8K −$3.59/SF
NOI
$18.1K $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%
$362,460
Cap Rate 7%
$258,900
Cap Rate 9%
$201,367
Alternative Uses
Best Use
Multifamily LT 5
$258.9K
$226.5K – $302.1K
NOI $18,123 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$229.6K
$200.9K – $267.9K
NOI $16,071 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$430.0K
$376.2K – $501.6K
NOI $30,098 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 45219, OH
20,644
Population
8,023
Households
2.6
Avg Household Size
25
Median Age
50%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
12,903
Density / Sq Mi
$35,936
Median Household Income
$12,462
Median Earnings
$1,166
Median Rent
$222,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two configured units provide flexible student-housing use three blocks from the University of Cincinnati campus.
Where is this duplex located?
The property is located at 256 Warner St Cincinnati, OH.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 2,163 SF duplex built in 1887; First‑floor unit has 2 bedrooms and 1 bathroom; Upper unit spans the second and third floors with 2 bedrooms and 2 full bathrooms
