Renovated Four-Unit Apartment
For Sale
$420,000
3025 Gilbert Avenue, Cincinnati, OH 45206
Three apartments have updated interiors, while shared areas include refreshed flooring and the basement offers coin laundry.
Property Size3,384 SF
Price / SF$124.11
Days on Market36
Property Features for 3025 Gilbert Avenue
General Information
Standard status
Active
Size
3,384 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
coin operated laundry
Building Details
Year Built
1916
Listing Agency:
Sibcy Cline, Inc. (513-248-0800)
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Aug 9
Changed: Sep 13
Last Checked: Sep 13 at 7:41AM
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 Sibcy Cline, Inc. (513-248-0800)
Investment Insights
Based on property information with market context.
This four-unit apartment property has all units rented and includes access from both the front and rear of the building. Three apartments have received renovations encompassing flooring, paint, bathrooms, and kitchens. Unit 3 also has new windows, and the common areas feature new flooring. A basement with coin-operated laundry provides an on-site resident amenity.
The property sits between Xavier University and the University of Cincinnati, with shopping, hospitals, and highways nearby. Downtown Cincinnati is also readily accessible. The seller has pursued city approval for a curb cut that would support development of a four-car parking pad at the rear of the property; approval is not represented as complete.
The property sits between Xavier University and the University of Cincinnati, with shopping, hospitals, and highways nearby. Downtown Cincinnati is also readily accessible. The seller has pursued city approval for a curb cut that would support development of a four-car parking pad at the rear of the property; approval is not represented as complete.
Key Highlights
- All 4 units are rented
- 3 of 4 units renovated with new flooring, paint, baths, and kitchens
- Unit 3 has new 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
$28,353
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
6.75%
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%
$567,060
$567.1K
Cap Rate 7%
$405,043
$405.0K
Cap Rate 9%
$315,033
$315.0K
Market Conditions
NOI Build-Up for 3,384 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
$43.0K $12.72/SF
− Vacancy
−$2.5K −$0.75/SF
EGI
$40.5K $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 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%
$567,060
Cap Rate 7%
$405,043
Cap Rate 9%
$315,033
Alternative Uses
Best Use
Multifamily LT 5
$405.0K
$354.4K – $472.6K
NOI $28,353 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$359.2K
$314.3K – $419.1K
NOI $25,143 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$672.7K
$588.6K – $784.8K
NOI $47,088 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Three apartments have updated interiors, while shared areas include refreshed flooring and the basement offers coin laundry.
Where is this quadplex located?
The property is located at 3025 Gilbert Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: All 4 units are rented; 3 of 4 units renovated with new flooring, paint, baths, and kitchens; Unit 3 has new windows
