Renovated Triplex Apartment
For Sale
$445,000
2600 Melrose Avenue, Cincinnati, OH 45206
Three-unit property renovated in 2022 with restaurants, retail, and transit nearby.
Property Size5,270 SF
Days on Market69
Property Features for 2600 Melrose Avenue
General Information
Standard status
Active
Size
5,270 SF
Property subtype
Multifamily
Net Operating Income
$35,556
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Building Size
5,270 SF
Year Built
1914
Year Renovated
2022
Buildings
1
Listing Agency:
J. A. Trautmann Realtors
(513) 315-8629
Listed By:
Ben Trautmann
(513) 315-8629
Source:
Jatrealtors
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 31 at 3:03PM
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 J. A. Trautmann Realtors
Investment Insights
Based on property information with market context.
This three-unit apartment property was built in 1914 and renovated in 2022. The low-rise building occupies the corner of Melrose Avenue and William Howard Taft, with three residential units within the structure.
Residents have walking access to restaurants, bars, retail, banks, and a library. The property is positioned on a city bus stop, approximately one mile from the University of Cincinnati and two miles from Xaivier University. Its East Walnut Hills setting places the building near established neighborhood services and institutional destinations.
Residents have walking access to restaurants, bars, retail, banks, and a library. The property is positioned on a city bus stop, approximately one mile from the University of Cincinnati and two miles from Xaivier University. Its East Walnut Hills setting places the building near established neighborhood services and institutional destinations.
Key Highlights
- Three‑unit apartment building
- Renovated in 2022
- Built in 1914
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
$39,155
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
8.80%
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%
$783,100
$783.1K
Cap Rate 7%
$559,357
$559.4K
Cap Rate 9%
$435,056
$435.1K
Market Conditions
NOI Build-Up for 5,270 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
$75.3K $14.28/SF
− Vacancy
−$4.1K −$0.77/SF
EGI
$71.2K $13.51/SF
− OpEx
−$32.0K −$6.08/SF
NOI
$39.2K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
45.00%
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%
$783,100
Cap Rate 7%
$559,357
Cap Rate 9%
$435,056
Alternative Uses
Best Use
Multifamily LT 5
$630.8K
$552.0K – $735.9K
NOI $44,156 @ 7.0% cap · market cap 9.92%
Second Best
Apartment 5plus
$559.4K
$489.4K – $652.6K
NOI $39,155 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$1.05M
$916.7K – $1.22M
NOI $73,332 @ 7.0% cap · market cap 16.48%
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
1,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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 property renovated in 2022 with restaurants, retail, and transit nearby.
Where is this triplex located?
The property is located at 2600 Melrose Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Three‑unit apartment building; Renovated in 2022; Built in 1914
