Renovated Four-Unit
For Sale
$349,900
3636 Reading Rd, Cincinnati, OH 45229
Four-unit residential income property with updated interiors, building systems, and convenient transit access.
Property Size3,752 SF
Price / SF$93.26
Days on Market13
Property Features for 3636 Reading Rd
General Information
Standard status
Active
Size
3,752 SF
Property subtype
Residential Income
Listing Agency:
Plum Tree Realty
(513) 549-5226
Listed By:
Ali Abdur-Rahman · License #2004006274
(513) 549-5226
Source:
Exprealty
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 10:47AM
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 Plum Tree Realty
Investment Insights
Based on property information with market context.
This four-unit property contains 3,752 square feet and offers a mix of two one-bedroom units, one two-bedroom unit, and one three-bedroom unit. Improvements completed in 2020 include windows, electrical, plumbing, flooring, kitchens, and bathrooms. A sewer line replacement was completed in 2023, and one unit is currently vacant.
The property is located at 3636 Reading Rd in Cincinnati’s Avondale area, next to a recreation center and on a bus line. Its unit variety and recent capital improvements provide a clear physical profile for residential income use.
The property is located at 3636 Reading Rd in Cincinnati’s Avondale area, next to a recreation center and on a bus line. Its unit variety and recent capital improvements provide a clear physical profile for residential income use.
Key Highlights
- Four‑unit property with 3,752 square feet
- Unit mix includes two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit
- 2020 updates include windows, electrical, plumbing, flooring, kitchens, and bathrooms
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
$31,437
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
8.98%
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%
$628,740
$628.7K
Cap Rate 7%
$449,100
$449.1K
Cap Rate 9%
$349,300
$349.3K
Market Conditions
NOI Build-Up for 3,752 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
$47.7K $12.72/SF
− Vacancy
−$2.8K −$0.75/SF
EGI
$44.9K $11.97/SF
− OpEx
−$13.5K −$3.59/SF
NOI
$31.4K $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%
$628,740
Cap Rate 7%
$449,100
Cap Rate 9%
$349,300
Alternative Uses
Best Use
Multifamily LT 5
$449.1K
$393.0K – $524.0K
NOI $31,437 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$398.2K
$348.5K – $464.6K
NOI $27,877 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$745.8K
$652.6K – $870.2K
NOI $52,209 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with updated interiors, building systems, and convenient transit access.
Where is this quadplex located?
The property is located at 3636 Reading Rd Cincinnati, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Four‑unit property with 3,752 square feet; Unit mix includes two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit; 2020 updates include windows, electrical, plumbing, flooring, kitchens, and bathrooms
