Duplex with Separate-Utility
For Sale
$215,000
Pending
305 Walnut St, Elmwood Place, OH 45216
Two residences offer updated kitchens, laundry hookups, and separate front and rear access.
Property Size2,208 SF
Days on Market18
Property Features for 305 Walnut St
General Information
Standard status
Pending
Size
2,208 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1890
Buildings
2
Listing Agency:
Realty First
(513) 737-6600
Listed By:
Anne V Mills
Source:
Missyfriede
Added: Aug 14
Changed: Aug 31
Last Checked: Aug 31 at 7:43PM
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 two-unit duplex contains 2,208 square feet and was built in 1890. The lower residence includes two bedrooms, one full bathroom, and front and rear entries. A three-bedroom, one-bath upper residence occupies the second and third floors. Both units include washer/dryer hookups, updated kitchens, and are currently vacant. New carpet has been installed in the second-floor unit.
An outbuilding with its own utilities, kitchen, and bathroom provides additional space that can be converted into an efficiency apartment after remodeling. The house roof is 4 years old. Heating is provided by a 5-year-old furnace serving the lower unit and an 8-year-old furnace serving the upper unit. Tenants pay all utilities except water. The property is located at 305 Walnut St in Elmwood Place, with access to 75, Reagan Hwy, and the Norwood Lateral.
An outbuilding with its own utilities, kitchen, and bathroom provides additional space that can be converted into an efficiency apartment after remodeling. The house roof is 4 years old. Heating is provided by a 5-year-old furnace serving the lower unit and an 8-year-old furnace serving the upper unit. Tenants pay all utilities except water. The property is located at 305 Walnut St in Elmwood Place, with access to 75, Reagan Hwy, and the Norwood Lateral.
Key Highlights
- 2,208‑square‑foot duplex built in 1890
- Lower unit: 2 bedrooms, 1 full bath, 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
$19,061
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
8.87%
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%
$381,220
$381.2K
Cap Rate 7%
$272,300
$272.3K
Cap Rate 9%
$211,789
$211.8K
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
$36.8K $16.68/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$34.7K $15.70/SF
− OpEx
−$15.6K −$7.06/SF
NOI
$19.1K $8.63/SF
Area
Hamilton County, OH
Vacancy
5.90%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
45.00%
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%
$381,220
Cap Rate 7%
$272,300
Cap Rate 9%
$211,789
Alternative Uses
Best Use
Multifamily LT 5
$297.6K
$260.4K – $347.2K
NOI $20,833 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$272.3K
$238.3K – $317.7K
NOI $19,061 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$395.9K
$346.4K – $461.8K
NOI $27,710 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 45216, OH
9,667
Population
4,262
Households
2.3
Avg Household Size
37
Median Age
27%
College-Educated
87%
High-School Grad
2.8 sq mi
ZIP Area
3,453
Density / Sq Mi
$51,602
Median Household Income
$40,333
Median Earnings
$815
Median Rent
$138,200
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 residences offer updated kitchens, laundry hookups, and separate front and rear access.
Where is this duplex located?
The property is located at 305 Walnut St Elmwood Place, 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: 2,208‑square‑foot duplex built in 1890; Lower unit: 2 bedrooms, 1 full bath, front and rear entrances; Upper unit spans the second and third floors with 3 bedrooms and 1 full bath
