Updated Two-Unit
For Sale
$429,000
404 Mohawk St, Cincinnati, OH 45214
Historic duplex with distinct one- and two-bedroom residences, city views, and furnished second-unit interiors.
Property Size2,083 SF
Price / SF$205.95
Days on Market40
Property Features for 404 Mohawk St
General Information
Standard status
Active
Size
2,083 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1874
Buildings
1
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Christi J Nolan
Source:
Lovdalgroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:05AM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1874, this 2,083-square-foot duplex includes two separate residences with a practical one-bedroom/one-bath layout in Unit 1 and a two-bedroom/one-bath configuration in Unit 2. Unit 1 includes a recently renovated bathroom, while Unit 2 features updated interiors and an inviting living area. Furnishings in the second unit are included.
The property sits in Cincinnati’s historic Mohawk District above Over-the-Rhine, with city views and a walkable setting near the Brewery District, TQL Stadium, Findlay Market, restaurants, breweries, shops, and entertainment venues. Recent improvements and major updates are also noted for the property.
The property sits in Cincinnati’s historic Mohawk District above Over-the-Rhine, with city views and a walkable setting near the Brewery District, TQL Stadium, Findlay Market, restaurants, breweries, shops, and entertainment venues. Recent improvements and major updates are also noted for the property.
Key Highlights
- Two‑unit duplex totaling 2,083 square feet
- Unit 1 offers 1 bedroom and 1 bath
- Unit 2 includes 2 bedrooms and 1 bath
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
$17,453
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
4.07%
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%
$349,060
$349.1K
Cap Rate 7%
$249,329
$249.3K
Cap Rate 9%
$193,922
$193.9K
Market Conditions
NOI Build-Up for 2,083 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
$26.5K $12.72/SF
− Vacancy
−$1.6K −$0.75/SF
EGI
$24.9K $11.97/SF
− OpEx
−$7.5K −$3.59/SF
NOI
$17.5K $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%
$349,060
Cap Rate 7%
$249,329
Cap Rate 9%
$193,922
Alternative Uses
Best Use
Multifamily LT 5
$249.3K
$218.2K – $290.9K
NOI $17,453 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$221.1K
$193.5K – $257.9K
NOI $15,476 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$414.1K
$362.3K – $483.1K
NOI $28,985 @ 7.0% cap · market cap 6.76%
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
1,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 45214, OH
8,901
Population
5,028
Households
1.8
Avg Household Size
32
Median Age
23%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,297
Density / Sq Mi
$26,348
Median Household Income
$27,243
Median Earnings
$762
Median Rent
$102,000
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 - Historic duplex with distinct one- and two-bedroom residences, city views, and furnished second-unit interiors.
Where is this duplex located?
The property is located at 404 Mohawk St Cincinnati, OH.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,083 square feet; Unit 1 offers 1 bedroom and 1 bath; Unit 2 includes 2 bedrooms and 1 bath
