Historic Two-Unit
New
For Sale
$180,000
38 E Clifton Avenue, Cincinnati, OH 45202
Italianate property with permitted renovation work and plans available for a two-unit configuration.
Property Size1,230 SF
Price / SF$146.34
Days on Market3
Property Features for 38 E Clifton Avenue
General Information
Standard status
Active
Size
1,230 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1869
Stories
3
Construction
Italianate
Listing Agency:
Honnerlaw Real Estate Services (937-382-8833)
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 7:44AM
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 Honnerlaw Real Estate Services (937-382-8833)
Investment Insights
Based on property information with market context.
This 1869 Italianate duplex is located in Cincinnati’s historic district and is configured for two residential units. The planned layout includes a one-bedroom, one-bath residence on the first floor and a two-bedroom, two-bath residence spanning the second and third levels.
Framing and electrical wiring have been completed and are ready for inspection. The renovation work has been permitted, and architectural plans are available for review. The property is situated at 38 E Clifton Avenue in Cincinnati’s Over-the-Rhine area, with the structure’s historic character preserved as part of the existing improvement.
Framing and electrical wiring have been completed and are ready for inspection. The renovation work has been permitted, and architectural plans are available for review. The property is situated at 38 E Clifton Avenue in Cincinnati’s Over-the-Rhine area, with the structure’s historic character preserved as part of the existing improvement.
Key Highlights
- Historic 1869 Italianate structure in a designated historic district
- Configured for 2 units with a 1‑bed/1‑bath and 2‑bed/2‑bath layout
- Framing and electrical wiring are complete and ready for inspection
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
$10,306
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
5.73%
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%
$206,120
$206.1K
Cap Rate 7%
$147,229
$147.2K
Cap Rate 9%
$114,511
$114.5K
Market Conditions
NOI Build-Up for 1,230 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
$15.6K $12.72/SF
− Vacancy
−$923 −$0.75/SF
EGI
$14.7K $11.97/SF
− OpEx
−$4.4K −$3.59/SF
NOI
$10.3K $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%
$206,120
Cap Rate 7%
$147,229
Cap Rate 9%
$114,511
Alternative Uses
Best Use
Multifamily LT 5
$147.2K
$128.8K – $171.8K
NOI $10,306 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$130.6K
$114.2K – $152.3K
NOI $9,139 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$244.5K
$213.9K – $285.3K
NOI $17,115 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,388
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 - Italianate property with permitted renovation work and plans available for a two-unit configuration.
Where is this duplex located?
The property is located at 38 E Clifton Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Historic 1869 Italianate structure in a designated historic district; Configured for 2 units with a 1‑bed/1‑bath and 2‑bed/2‑bath layout; Framing and electrical wiring are complete and ready for inspection
