Four-Unit Brick Apartment
New
For Sale
$349,900
3636 Reading Road, Cincinnati, OH 45229
MULTI_FAMILY - Cincinnati, OH
Property Size3,752 SF
Lot Size0.19 Acres
Price / SF$93.26
Days on Market2
Property Features for 3636 Reading Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Window features
Aluminum Frames
Patio and Porch features
Porch
Exterior features
Porch
High school district
Cincinnati City SD
Directions
North on Reading Rd to property
Subdivision
Hamilton-E01
Standard status
Active
APN
108-0004-0010-00
Size
3,752 SF
Lot size
0.19 Acres
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Ali Abdur-Rahman · License #2004006274
(513) 378-4663
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 1889980
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.
Investment Insights
Based on property information with market context.
This brick four-unit multifamily property contains 3,752 square feet and was built in 1900. The unit configuration includes two one-bedroom apartments, one two-bedroom apartment, and one three-bedroom apartment. Improvements completed in 2020 include windows, electrical service, plumbing, flooring, kitchens, and bathrooms; the sewer line was replaced in 2023. A porch, shingle roof, driveway parking, and electric baseboard heating are also included.
The property occupies a 0.19-acre lot at 3636 Reading Road in Cincinnati, Ohio 45229. It is adjacent to a recreation center and served by a bus line. One three-bedroom unit is currently vacant.
The property occupies a 0.19-acre lot at 3636 Reading Road in Cincinnati, Ohio 45229. It is adjacent to a recreation center and served by a bus line. One three-bedroom unit is currently vacant.
Key Highlights
- Four‑unit property with 3,752 square feet on a 0.19‑acre lot
- Unit mix: two 1‑bedroom, one 2‑bedroom, and one 3‑bedroom apartments
- 2020 improvements 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
Lease Details
4
Residential units
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated multifamily property with a varied unit mix, porch, driveway parking, and electric baseboard heat.
Where is this quadplex located?
The property is located at 3636 Reading Road 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 on a 0.19‑acre lot; Unit mix: two 1‑bedroom, one 2‑bedroom, and one 3‑bedroom apartments; 2020 improvements include windows, electrical, plumbing, flooring, kitchens, and bathrooms
