Updated Triplex with Hardwood
New
For Sale
$599,900
2804 2806 Observatory Ave, Cincinnati, OH 45208
Three residential units feature updated kitchens, original hardwood flooring, and off-street parking.
Property Size2,562 SF
Price / SF$234.15
Days on Market3
Property Features for 2804 2806 Observatory Ave
General Information
Standard status
Active
Size
2,562 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty
Listed By:
James E Pitzer III
(513) 225-3069
Source:
Finn-team
Added: Sep 19
Last Checked: Sep 20 at 12:29PM
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.
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 = 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
$21,466
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
3.58%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
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 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
