Duplex With Updated
For Sale
$215,000
305 Marian Spencer Way, Cincinnati, OH 45202
Two-unit property with separate entrances, laundry hookups, and an accessory outbuilding with kitchen and bath facilities.
Property Size2,208 SF
Price / SF$97.37
Days on Market56
Property Features for 305 Marian Spencer Way
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Residential Income
Listing Agency:
Realty First
(513) 490-3615
Listed By:
Anne V Mills
(513) 490-3615
Source:
Exprealty
Added: Jun 27
Changed: Aug 21
Last Checked: Aug 21 at 12:44PM
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 Realty First
Investment Insights
Based on property information with market context.
This 2208 SF duplex includes two residential units with a combined five bedrooms and two full baths. The first-floor unit has two bedrooms, front and rear entrances, and an updated kitchen. A three-bedroom upper unit occupies the second and third floors and also includes an updated kitchen. Both units provide washer/dryer hookups, and each unit is currently vacant. Tenants are responsible for all utilities except water.
An outbuilding has separate utilities, along with a kitchen and bath; it may be converted into an efficiency apartment after remodeling. The main house roof is 4 years old. The first-floor furnace is 5 years old, while the upper-unit furnace is 8 years old. New carpet has been installed in the second-floor unit.
The property is at 305 Marian Spencer Way in Cincinnati, on a quiet non-through street with access to 75, Reagan Hwy, and the Norwood Lateral.
An outbuilding has separate utilities, along with a kitchen and bath; it may be converted into an efficiency apartment after remodeling. The main house roof is 4 years old. The first-floor furnace is 5 years old, while the upper-unit furnace is 8 years old. New carpet has been installed in the second-floor unit.
The property is at 305 Marian Spencer Way in Cincinnati, on a quiet non-through street with access to 75, Reagan Hwy, and the Norwood Lateral.
Key Highlights
- 2208 SF duplex with two units totaling 5 bedrooms and 2 full baths
- First‑floor unit offers 2 bedrooms, 1 full bath, and front and rear entrances
- Upper unit spans the second and third floors with 3 bedrooms and 1 full bath
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
$18,500
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
8.60%
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%
$370,000
$370.0K
Cap Rate 7%
$264,286
$264.3K
Cap Rate 9%
$205,556
$205.6K
Market Conditions
NOI Build-Up for 2,208 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
$28.1K $12.72/SF
− Vacancy
−$1.7K −$0.75/SF
EGI
$26.4K $11.97/SF
− OpEx
−$7.9K −$3.59/SF
NOI
$18.5K $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%
$370,000
Cap Rate 7%
$264,286
Cap Rate 9%
$205,556
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.3K – $308.3K
NOI $18,500 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$234.4K
$205.1K – $273.4K
NOI $16,405 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$438.9K
$384.1K – $512.1K
NOI $30,724 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 45202, OH
16,883
Population
11,432
Households
1.5
Avg Household Size
34
Median Age
63%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
6,253
Density / Sq Mi
$87,930
Median Household Income
$63,901
Median Earnings
$1,524
Median Rent
$444,000
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?
Duplex - Two-unit property with separate entrances, laundry hookups, and an accessory outbuilding with kitchen and bath facilities.
Where is this duplex located?
The property is located at 305 Marian Spencer Way Cincinnati, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 2208 SF duplex with two units totaling 5 bedrooms and 2 full baths; First‑floor unit offers 2 bedrooms, 1 full bath, and front and rear entrances; Upper unit spans the second and third floors with 3 bedrooms and 1 full bath
