Updated Triplex with Hardwood
For Sale
$455,000
378 Howell Ave, Cincinnati, OH 45220
Three-unit residential property near the hospital and University of Cincinnati with refreshed interiors and classic hardwood flooring.
Property Size3,094 SF
Price / SF$147.06
Days on Market42
Property Features for 378 Howell Ave
General Information
Standard status
Active
Size
3,094 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1905
Listing Agency:
TREO REALTORS
(513) 731-8736
Listed By:
Kent M. Maupin
Source:
Lovdalgroup
Added: Jul 20
Changed: Aug 27
Last Checked: Aug 30 at 8:05PM
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 TREO REALTORS
Investment Insights
Based on property information with market context.
This Cincinnati triplex contains 3,094 square feet across three residential units. Built in 1905, the property has received updates and features hardwood flooring throughout, combining an established structure with refreshed interior finishes.
The property is located at 378 Howell Ave near the hospital and the University of Cincinnati. Its three-unit configuration supports residential income use and may accommodate an owner-occupied arrangement, subject to applicable requirements.
The property is located at 378 Howell Ave near the hospital and the University of Cincinnati. Its three-unit configuration supports residential income use and may accommodate an owner-occupied arrangement, subject to applicable requirements.
Key Highlights
- Three‑unit triplex with 3,094 SF of property area
- Hardwood flooring throughout the property
- Updates completed to the interior
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
$25,924
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
5.70%
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%
$518,480
$518.5K
Cap Rate 7%
$370,343
$370.3K
Cap Rate 9%
$288,044
$288.0K
Market Conditions
NOI Build-Up for 3,094 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
$39.4K $12.72/SF
− Vacancy
−$2.3K −$0.75/SF
EGI
$37.0K $11.97/SF
− OpEx
−$11.1K −$3.59/SF
NOI
$25.9K $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%
$518,480
Cap Rate 7%
$370,343
Cap Rate 9%
$288,044
Alternative Uses
Best Use
Multifamily LT 5
$370.3K
$324.1K – $432.1K
NOI $25,924 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$328.4K
$287.4K – $383.1K
NOI $22,988 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$615.0K
$538.2K – $717.6K
NOI $43,053 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
Explore this area
Business Placement
Demographics for 45220, OH
15,466
Population
7,400
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
96%
High-School Grad
2.9 sq mi
ZIP Area
5,333
Density / Sq Mi
$51,404
Median Household Income
$26,866
Median Earnings
$954
Median Rent
$385,200
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?
Triplex - Three-unit residential property near the hospital and University of Cincinnati with refreshed interiors and classic hardwood flooring.
Where is this triplex located?
The property is located at 378 Howell Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,094 SF of property area; Hardwood flooring throughout the property; Updates completed to the interior
