Updated Two-Unit
For Sale
$499,900
2721 Hyde Park Ave, Cincinnati, OH 45209
Fully leased duplex with separate utilities, private decks, and refreshed kitchens in Cincinnati’s Hyde Park area.
Property Size1,972 SF
Price / SF$253.50
Days on Market83
Property Features for 2721 Hyde Park Ave
General Information
Standard status
Active
Size
1,972 SF
Property subtype
Residential Income
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
private walkout decks
backyard
Building Details
Tenancy
Multi
Listing Agency:
Comey & Shepherd REALTORS
(513) 256-8534
Listed By:
Michael Stylski
(513) 256-8534
Source:
Exprealty
Added: Jun 5
Changed: Aug 25
Last Checked: Aug 26 at 10:22AM
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 Comey & Shepherd REALTORS
Investment Insights
Based on property information with market context.
This two-unit duplex includes one 2BR/1BA residence and one 1BR/1BA residence. Both units feature updated kitchens with granite countertops and stainless steel appliances, along with private walkout decks, laundry facilities, and separate utilities. The property is fully leased, well maintained, and has a large backyard.
The duplex is located at 2721 Hyde Park Ave in Cincinnati, with walking access to Rookwood, Hyde Park Square, and Oakley Square. Highway access is also available nearby. The property has been pre-inspected, completed repairs are noted, and a home warranty is included.
The duplex is located at 2721 Hyde Park Ave in Cincinnati, with walking access to Rookwood, Hyde Park Square, and Oakley Square. Highway access is also available nearby. The property has been pre-inspected, completed repairs are noted, and a home warranty is included.
Key Highlights
- Two‑unit layout with 2BR/1BA and 1BR/1BA residences
- Fully leased duplex with separate utilities
- Updated kitchens with granite counters and stainless steel appliances
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
$16,523
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
3.31%
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%
$330,460
$330.5K
Cap Rate 7%
$236,043
$236.0K
Cap Rate 9%
$183,589
$183.6K
Market Conditions
NOI Build-Up for 1,972 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
$25.1K $12.72/SF
− Vacancy
−$1.5K −$0.75/SF
EGI
$23.6K $11.97/SF
− OpEx
−$7.1K −$3.59/SF
NOI
$16.5K $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%
$330,460
Cap Rate 7%
$236,043
Cap Rate 9%
$183,589
Alternative Uses
Best Use
Multifamily LT 5
$236.0K
$206.5K – $275.4K
NOI $16,523 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$209.3K
$183.2K – $244.2K
NOI $14,652 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$392.0K
$343.0K – $457.3K
NOI $27,440 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 45209, OH
10,708
Population
6,592
Households
1.6
Avg Household Size
32
Median Age
75%
College-Educated
96%
High-School Grad
2.3 sq mi
ZIP Area
4,656
Density / Sq Mi
$87,841
Median Household Income
$67,356
Median Earnings
$1,291
Median Rent
$386,600
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?
Duplex - Fully leased duplex with separate utilities, private decks, and refreshed kitchens in Cincinnati’s Hyde Park area.
Where is this duplex located?
The property is located at 2721 Hyde Park Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑unit layout with 2BR/1BA and 1BR/1BA residences; Fully leased duplex with separate utilities; Updated kitchens with granite counters and stainless steel appliances
