4-Unit Multifamily
For Sale
$449,000
409 Probasco Street, Cincinnati, OH 45220
Vacant residential income property with garage parking and an additional lot included in the sale.
Property Size4,186 SF
Price / SF$107.26
Days on Market8
Property Features for 409 Probasco Street
General Information
Standard status
Active
Size
4,186 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
needs work
Additional Details
Multifamily Units
4
Listing Agency:
Keller Williams Advisors
(513) 766-9200
Listed By:
Skip J Koesterman
(513) 633-4540
Source:
Exprealty
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 12 at 9:26PM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 4,186 square feet and is vacant. The building requires work and is being sold as-is. Five garage spaces and additional off-street parking serve the property, and a separate lot to the left of the building is included in the sale.
At 409 Probasco Street in Cincinnati, the property is a few blocks from the University of Cincinnati, UC Medical Campus, and Good Samaritan Hospital.
At 409 Probasco Street in Cincinnati, the property is a few blocks from the University of Cincinnati, UC Medical Campus, and Good Samaritan Hospital.
Key Highlights
- 4,186‑square‑foot, four‑unit multifamily property
- Five garage spaces plus additional off‑street parking
- Separate lot to the left of the building is included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,073
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$701,460
$701.5K
Cap Rate 7%
$501,043
$501.0K
Cap Rate 9%
$389,700
$389.7K
Market Conditions
NOI Build-Up for 4,186 SF
Gross rent
$53.2K $12.72/SF
− Vacancy
−$3.1K −$0.75/SF
EGI
$50.1K $11.97/SF
− OpEx
−$15.0K −$3.59/SF
NOI
$35.1K $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 Rate 5%
$701,460
Cap Rate 7%
$501,043
Cap Rate 9%
$389,700
Alternative Uses
Best Use
Multifamily LT 5
$501.0K
$438.4K – $584.6K
NOI $35,073 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$444.3K
$388.8K – $518.4K
NOI $31,101 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$832.1K
$728.1K – $970.8K
NOI $58,248 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,786
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Vacant residential income property with garage parking and an additional lot included in the sale.
Where is this quadplex located?
The property is located at 409 Probasco Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 4,186‑square‑foot, four‑unit multifamily property; Five garage spaces plus additional off‑street parking; Separate lot to the left of the building is included
