4-Unit Brick
New
For Sale
$795,000
2850 Observatory Avenue, Cincinnati, OH 45208
Residential Income, Cincinnati, OH
Property Size3,389 SF
Lot Size0.19 Acres
Price / SF$234.58
Days on Market2
Property Features for 2850 Observatory Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Window features
Wood Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
Paxton or Edwards to Observatory
Subdivision
Hamilton-E04
Standard status
Active
APN
039-0006-0102-00
Size
3,389 SF
Lot size
0.19 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1920
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
Ohio Broker Direct
Listed By:
Joan Elflein
(614) 989-7215
Added: Oct 19
Last Checked: Oct 20 at 12:06AM
MLS# 1897448
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.
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Investment Insights
Based on property information with market context.
This 3,389-square-foot brick quadplex, built in 1920, contains four apartments: two one-bedroom units and two two-bedroom units. Interior features include Carrera marble, renovated kitchens, glass-enclosed showers, refinished hardwood floors, and restored Rookwood fireplaces. The building has updated HVAC, plumbing, and electrical systems, a shingle roof described as 40-year, natural gas heating, and driveway parking.
The property occupies a 0.187-acre site at 2850 Observatory Avenue in Cincinnati. Its apartment mix combines two one-bedroom residences with two two-bedroom residences.
The property occupies a 0.187-acre site at 2850 Observatory Avenue in Cincinnati. Its apartment mix combines two one-bedroom residences with two two-bedroom residences.
Key Highlights
- Four apartments: two 1‑bedroom units and two 2‑bedroom units
- 3,389‑square‑foot brick building constructed in 1920
- 0.187‑acre parcel at 2850 Observatory Avenue, Cincinnati
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,395
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,900
$567.9K
Cap Rate 7%
$405,643
$405.6K
Cap Rate 9%
$315,500
$315.5K
Market Conditions
NOI Build-Up for 3,389 SF
Gross rent
$43.1K $12.72/SF
− Vacancy
−$2.5K −$0.75/SF
EGI
$40.6K $11.97/SF
− OpEx
−$12.2K −$3.59/SF
NOI
$28.4K $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%
$567,900
Cap Rate 7%
$405,643
Cap Rate 9%
$315,500
Alternative Uses
Best Use
Multifamily LT 5
$405.6K
$354.9K – $473.3K
NOI $28,395 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$359.7K
$314.8K – $419.7K
NOI $25,180 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$673.7K
$589.5K – $786.0K
NOI $47,158 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,360
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Updated mechanical, plumbing, and electrical systems accompany four distinct apartment layouts.
Where is this quadplex located?
The property is located at 2850 Observatory Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four apartments: two 1‑bedroom units and two 2‑bedroom units; 3,389‑square‑foot brick building constructed in 1920; 0.187‑acre parcel at 2850 Observatory Avenue, Cincinnati
