Three-Unit Renovated
New
For Sale
$259,900
2829 Marshall Avenue, Cincinnati, OH 45225
Residential Income, Cincinnati, OH
Property Size2,598 SF
Lot Size0.23 Acres
Price / SF$100.04
Days on Market1
Property Features for 2829 Marshall Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Driveway
Window features
Vinyl Frames
Patio and Porch features
Porch
Exterior features
Porch
View
City
High school district
Cincinnati City SD
Directions
Take I-75 to Exit 3 for Hopple Street, turn east toward Clifton, take a quick right onto Central Parkway, and then turn left onto Marshall Ave
Subdivision
Hamilton-E01
Standard status
Active
APN
101-0003-0044-00
Size
2,598 SF
Lot size
0.23 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1926
Number of units
3
Building materials
Aluminum Siding
Roof type
Shingle
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Gordon Green
(866) 212-4991
Added: Sep 16
Last Checked: Sep 16 at 8:06PM
MLS# 1894187
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 three-story triplex in Cincinnati contains 2,598 square feet and was built in 1926. The first- and second-floor apartments each offer two bedrooms and one bathroom, with both units fully renovated and equipped with updated vinyl windows. Refinished original hardwood flooring is featured on the second floor.
The top level is configured as an efficiency unit requiring interior completion. Existing improvements include plaster walls, roughed-in water lines, and electrical conduit; installation of a mini-split HVAC system and interior finishes is needed. The property sits on a 0.226-acre lot at 2829 Marshall Avenue and includes a porch, aluminum siding, shingle roofing, natural gas forced-air heat, a driveway, and on-street parking.
The top level is configured as an efficiency unit requiring interior completion. Existing improvements include plaster walls, roughed-in water lines, and electrical conduit; installation of a mini-split HVAC system and interior finishes is needed. The property sits on a 0.226-acre lot at 2829 Marshall Avenue and includes a porch, aluminum siding, shingle roofing, natural gas forced-air heat, a driveway, and on-street parking.
Key Highlights
- Three‑unit multifamily property with 2,598 square feet
- First- and second‑floor units each have 2 bedrooms and 1 bathroom
- Both lower units are fully renovated with updated vinyl 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
$21,768
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
8.38%
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%
$435,360
$435.4K
Cap Rate 7%
$310,971
$311.0K
Cap Rate 9%
$241,867
$241.9K
Market Conditions
NOI Build-Up for 2,598 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
$33.0K $12.72/SF
− Vacancy
−$1.9K −$0.75/SF
EGI
$31.1K $11.97/SF
− OpEx
−$9.3K −$3.59/SF
NOI
$21.8K $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%
$435,360
Cap Rate 7%
$310,971
Cap Rate 9%
$241,867
Alternative Uses
Best Use
Multifamily LT 5
$311.0K
$272.1K – $362.8K
NOI $21,768 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$275.8K
$241.3K – $321.7K
NOI $19,303 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$516.4K
$451.9K – $602.5K
NOI $36,151 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 45225, OH
8,006
Population
4,694
Households
1.7
Avg Household Size
28
Median Age
9%
College-Educated
79%
High-School Grad
2.9 sq mi
ZIP Area
2,761
Density / Sq Mi
$22,320
Median Household Income
$20,948
Median Earnings
$639
Median Rent
$108,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Two renovated apartments accompany an unfinished efficiency unit in a three-story Cincinnati property.
Where is this triplex located?
The property is located at 2829 Marshall Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,598 square feet; First- and second‑floor units each have 2 bedrooms and 1 bathroom; Both lower units are fully renovated with updated vinyl windows
