Columbia-Tusculum Multifamily Investment
For Sale
$1,199,000
3825 Eastern Ave, Cincinnati, OH 45226
Fully occupied 7-unit multifamily property in Cincinnati's Columbia-Tusculum corridor.
Property Size8,400 SF
Price / SF$142.74
Days on Market113
Property Features for 3825 Eastern Ave
General Information
Standard status
Active
Size
8,400 SF
Taxes and HOA fees
Annual Taxes
$12,495
Listing Agency:
Dwyer Commercial Real Estate
(513) 532-4909
Listed By:
Matthew Morris
(513) 532-4909
Source:
Exprealty
Added: May 11
Changed: Aug 20
Last Checked: Aug 30 at 8:44PM
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 Dwyer Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 3825 Eastern Ave in Cincinnati's Columbia-Tusculum corridor, this fully occupied 7-unit brick multifamily property presents a rare investment opportunity. The property consists of six 2-bedroom units and one 1-bedroom unit. The gross monthly income is $9,450. The interiors feature original hardwood floors. Tenants have access to a private side and rear courtyard. Constructed in 1905, the property retains its architectural character while incorporating strategic modern updates. The newly implemented CC-M-B zoning provides enhanced density flexibility and reduced parking requirements for future value-add potential. The property is located near dining options at Columbia Square and is a short distance from Downtown Cincinnati. The property is in a walkable and prestigious neighborhood.
Key Highlights
- Fully occupied 7‑unit multifamily property generating $9,450 gross monthly income.
- Located in the high‑demand Columbia‑Tusculum corridor, steps from Columbia Square dining.
- Newly implemented CC‑M‑B zoning offers enhanced density flexibility and reduced parking requirements.
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
$62,411
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
5.21%
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%
$1,248,220
$1.2M
Cap Rate 7%
$891,586
$891.6K
Cap Rate 9%
$693,456
$693.5K
Market Conditions
NOI Build-Up for 8,400 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
$120.0K $14.28/SF
− Vacancy
−$6.5K −$0.77/SF
EGI
$113.5K $13.51/SF
− OpEx
−$51.1K −$6.08/SF
NOI
$62.4K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /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%
$1,248,220
Cap Rate 7%
$891,586
Cap Rate 9%
$693,456
Alternative Uses
Best Use
Apartment 5plus
$891.6K
$780.1K – $1.04M
NOI $62,411 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,886 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Explore this area
Business Placement
Demographics for 45226, OH
5,687
Population
3,272
Households
1.7
Avg Household Size
36
Median Age
73%
College-Educated
98%
High-School Grad
5.7 sq mi
ZIP Area
998
Density / Sq Mi
$100,320
Median Household Income
$59,639
Median Earnings
$1,244
Median Rent
$387,200
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?
Apartment building - Fully occupied 7-unit multifamily property in Cincinnati's Columbia-Tusculum corridor.
Where is this apartment building located?
The property is located at 3825 Eastern Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Fully occupied 7‑unit multifamily property generating $9,450 gross monthly income.; Located in the high‑demand Columbia‑Tusculum corridor, steps from Columbia Square dining.; Newly implemented CC‑M‑B zoning offers enhanced density flexibility and reduced parking requirements.
