Duplex with Rooftop
New
For Sale
$370,000
256 Warner Street, Cincinnati, OH 45219
Residential Income, Cincinnati, OH
Property Size2,163 SF
Lot Size0.05 Acres
Price / SF$171.06
Days on Market5
Property Features for 256 Warner Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Driveway, Off Street
Window features
Vinyl Frames
Patio and Porch features
Patio
Exterior features
Patio
View
City
High school district
Cincinnati City SD
Directions
South on W. Clifton, Right on Warner
Subdivision
Hamilton-E01
Standard status
Active
APN
100-0001-0186-00
Size
2,163 SF
Lot size
0.05 Acres
Utilities
Heating system
Natural Gas, Forced Air
Amenities
in-unit laundry
rooftop patio
Building Details
Year built
1887
Number of units
2
Building materials
Brick
Roof type
Membrane
Listing Agency:
TREO REALTORS
(513) 731-8736
Listed By:
Michael Tekulve
(513) 225-1790
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 12 at 8:06AM
MLS# 1893116
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 2,163-square-foot duplex at 256 Warner Street contains two residential units within an 1887 brick building. The first-floor unit includes two bedrooms and one bathroom, while the second- and third-floor unit provides two bedrooms, two full bathrooms, and access to a rooftop patio. Both residences have updated kitchens and bathrooms, in-unit laundry, and separate utility responsibility for occupants.
The property is situated three blocks from the University of Cincinnati campus in Cincinnati, Ohio. The 0.046-acre parcel includes two off-street parking spaces, along with driveway and on-street parking options. Forced-air heating powered by natural gas serves the building, which is topped by a membrane roof.
The units are currently leased together as a four-bedroom arrangement for the 2026/2027 school year. The layout also supports leasing the residences separately, providing two operating configurations within the same duplex.
The property is situated three blocks from the University of Cincinnati campus in Cincinnati, Ohio. The 0.046-acre parcel includes two off-street parking spaces, along with driveway and on-street parking options. Forced-air heating powered by natural gas serves the building, which is topped by a membrane roof.
The units are currently leased together as a four-bedroom arrangement for the 2026/2027 school year. The layout also supports leasing the residences separately, providing two operating configurations within the same duplex.
Key Highlights
- 2,163‑square‑foot duplex on a 0.046‑acre parcel
- Three blocks from the University of Cincinnati campus
- First‑floor 2‑bedroom, 1‑bath unit plus upper 2‑bedroom, 2‑full‑bath unit
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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Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Check the figures for this property
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 separately configured units near the University of Cincinnati offer flexible student-housing use and off-street parking.
Where is this duplex located?
The property is located at 256 Warner Street 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‑square‑foot duplex on a 0.046‑acre parcel; Three blocks from the University of Cincinnati campus; First‑floor 2‑bedroom, 1‑bath unit plus upper 2‑bedroom, 2‑full‑bath unit
