Flex Space with Truck
For Sale
$2,649,900
2612 Gilbert Avenue, Cincinnati, OH 45206
Commercial Sale, Cincinnati, OH
Property Size19,000 SF
Lot Size1.04 Acres
Price / SF$139.47
Days on Market17
Property Features for 2612 Gilbert Avenue
General Information
Property type
Residential
Property subtype
Office
Parking features
On Street
Interior features
Truck Dock
Exterior features
Sidewalks
Directions
North on Gilbert to property
Subdivision
Hamilton-E01
Standard status
Active
APN
067-0003-0088-00
Lot size
1.04 Acres
Utilities
Heating system
Central
Building Details
Year built
1970
Flooring type
Carpet, Tile
Building materials
Brick
Roof type
Tar/Gravel
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Ali Abdur-Rahman · License #2004006274
(513) 378-4663
Added: Aug 10
Changed: Aug 22
Last Checked: Aug 26 at 4:06PM
MLS# 1889986
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 19,000-square-foot flex property combines office and warehouse space within a brick building constructed in 1970. The facility includes a truck dock, carpet and tile flooring, central heating, a tar-and-gravel roof, sidewalks, and on-street parking.
A 7,500-square-foot portion is occupied by City Limits Laundromat under a five-year triple-net lease. The property is situated on Gilbert Avenue in Cincinnati’s Walnut Hills shopping district, providing an established urban commercial setting for the existing office and warehouse configuration.
A 7,500-square-foot portion is occupied by City Limits Laundromat under a five-year triple-net lease. The property is situated on Gilbert Avenue in Cincinnati’s Walnut Hills shopping district, providing an established urban commercial setting for the existing office and warehouse configuration.
Key Highlights
- 19,000‑square‑foot office and warehouse property
- 7,500 square feet occupied by City Limits Laundromat
- Five‑year triple‑net lease in place for occupied space
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
$226,767
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
8.56%
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%
$4,535,340
$4.5M
Cap Rate 7%
$3,239,529
$3.2M
Cap Rate 9%
$2,519,633
$2.5M
Market Conditions
NOI Build-Up for 19,000 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
$392.2K $20.64/SF
− Vacancy
−$89.8K −$4.73/SF
EGI
$302.4K $15.91/SF
− OpEx
−$75.6K −$3.98/SF
NOI
$226.8K $11.94/SF
Area
Cincinnati, OH
Vacancy
22.90%
Lease Rate
$20.64 /SF/Yr
Expense Ratio
25.00%
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%
$4,535,340
Cap Rate 7%
$3,239,529
Cap Rate 9%
$2,519,633
Alternative Uses
Best Use
Office B
$3.24M
$2.83M – $3.78M
NOI $226,767 @ 7.0% cap · market cap 8.56%
Second Best
Flex RnD
$2.36M
$2.07M – $2.76M
NOI $165,391 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$3.78M
$3.30M – $4.41M
NOI $264,385 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,497
Businesses Nearby
Under-served
Demand for This Use
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 Office in Cincinnati, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- No Pork On My Fork LLC — 3305 Reading Rd, Cincinnati, OH 45229
Frequently Asked Questions
What type of property is this?
Flex space - Brick commercial building with office and warehouse components, central heating, and on-street parking.
Where is this flex space located?
The property is located at 2612 Gilbert Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $2,649,900.
What are key features of this property?
This property features: 19,000‑square‑foot office and warehouse property; 7,500 square feet occupied by City Limits Laundromat; Five‑year triple‑net lease in place for occupied space
