Historic Multifamily Property with
For Sale
$599,000
2604 Harris Ave, Norwood, OH 45212
Well-maintained residential income property with original architectural character, shared laundry, and off-street parking on a large lot.
Property Size4,824 SF
Price / SF$124.17
Days on Market21
Property Features for 2604 Harris Ave
General Information
Standard status
Active
Size
4,824 SF
Property subtype
Multi-Family
Amenities
shared laundry facilities
off-street parking
Building Details
Year Built
1895
Listing Agency:
Coldwell Banker Realty
(513) 675-2170
Listed By:
Sarah Robben
Source:
Missyfriede
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 28 at 12:36PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1895, this multifamily property contains 4,824 square feet of living space and retains original architectural character. The units include hardwood flooring, high ceilings, oversized windows, and period details, while shared laundry facilities serve the property. Off-street parking is provided on the large lot.
The property is located at 2604 Harris Ave in Norwood, near Factory 52, Rookwood, and downtown Cincinnati. Its configuration supports both investor ownership and an owner-occupant arrangement, as described in the source information.
The property is located at 2604 Harris Ave in Norwood, near Factory 52, Rookwood, and downtown Cincinnati. Its configuration supports both investor ownership and an owner-occupant arrangement, as described in the source information.
Key Highlights
- 4,824 square feet of living space in a multifamily property built in 1895
- Hardwood floors, tall ceilings, oversized windows, and original architectural details
- Shared laundry facilities on the property
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
$41,644
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
6.95%
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%
$832,880
$832.9K
Cap Rate 7%
$594,914
$594.9K
Cap Rate 9%
$462,711
$462.7K
Market Conditions
NOI Build-Up for 4,824 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
$80.5K $16.68/SF
− Vacancy
−$4.7K −$0.98/SF
EGI
$75.7K $15.70/SF
− OpEx
−$34.1K −$7.06/SF
NOI
$41.6K $8.63/SF
Area
Hamilton County, OH
Vacancy
5.90%
Lease Rate
$16.68 /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%
$832,880
Cap Rate 7%
$594,914
Cap Rate 9%
$462,711
Alternative Uses
Best Use
Apartment 5plus
$594.9K
$520.6K – $694.1K
NOI $41,644 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$864.8K
$756.7K – $1.01M
NOI $60,539 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
930
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Well-maintained residential income property with original architectural character, shared laundry, and off-street parking on a large lot.
Where is this multifamily property located?
The property is located at 2604 Harris Ave Norwood, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 4,824 square feet of living space in a multifamily property built in 1895; Hardwood floors, tall ceilings, oversized windows, and original architectural details; Shared laundry facilities on the property
