Updated Triplex with Hardwood
2804 2806 Observatory Ave, Cincinnati, OH 45208
For Sale
$599,900
Three residential units feature updated kitchens, original hardwood flooring, and off-street parking.
Property Size2,562 SF
Price / SF$234.15
Days on Market50
Property Features for 2804 2806 Observatory Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Coldwell Banker Realty
Listed By:
James E Pitzer III
(513) 225-3069
Source:
Finn-team
Added: Sep 19
Changed: Oct 25
Last Checked: Oct 7 at 3:01PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This three-unit residential property includes two similarly configured apartments on the first and second floors, each with two bedrooms, one full bathroom, a living room, dining room, and kitchen. The third-floor studio includes a living area, kitchen, bedroom, and full bathroom. Original hardwood floors, stained-glass windows, and vintage fireplaces add period character, while the first- and second-floor kitchens and bathrooms have been updated. Mechanical systems and windows have also been updated.
A full basement provides storage and coin-operated laundry. Exterior improvements include off-street parking, a new concrete driveway, storage shed, rebuilt front porch, balcony, rear deck, and fenced yard area. Built in 1910, the property is located at 2804 Observatory Avenue, one block from Hyde Park Square and near Hyde Park amenities.
A full basement provides storage and coin-operated laundry. Exterior improvements include off-street parking, a new concrete driveway, storage shed, rebuilt front porch, balcony, rear deck, and fenced yard area. Built in 1910, the property is located at 2804 Observatory Avenue, one block from Hyde Park Square and near Hyde Park amenities.
Key Highlights
- Three‑unit property with two two‑bedroom apartments and a third‑floor studio
- First- and second‑floor kitchens updated with granite countertops
- Updated bathrooms, mechanical systems, and windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,466
Cap Rate
3.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$429,320
$429.3K
Cap Rate 7%
$306,657
$306.7K
Cap Rate 9%
$238,511
$238.5K
Market Conditions
NOI Build-Up for 2,562 SF
Gross rent
$32.6K $12.72/SF
− Vacancy
−$1.9K −$0.75/SF
EGI
$30.7K $11.97/SF
− OpEx
−$9.2K −$3.59/SF
NOI
$21.5K $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 Rate 5%
$429,320
Cap Rate 7%
$306,657
Cap Rate 9%
$238,511
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.3K – $357.8K
NOI $21,466 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$271.9K
$237.9K – $317.3K
NOI $19,035 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$509.3K
$445.6K – $594.2K
NOI $35,650 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
1,345
Businesses Nearby
Explore this area
Business Placement
Demographics for 45208, OH
18,969
Population
8,928
Households
2.1
Avg Household Size
37
Median Age
83%
College-Educated
99%
High-School Grad
4.3 sq mi
ZIP Area
4,411
Density / Sq Mi
$133,213
Median Household Income
$76,143
Median Earnings
$1,315
Median Rent
$491,400
Median Home Value
Market
Average Price Trend$/SF for Triplexes in Cincinnati, OH
Properties on Market for Triplexes in Cincinnati
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated kitchens, original hardwood flooring, and off-street parking.
Where is this triplex located?
The property is located at 2804 2806 Observatory Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑unit property with two two‑bedroom apartments and a third‑floor studio; First- and second‑floor kitchens updated with granite countertops; Updated bathrooms, mechanical systems, and windows
