Brick Duplex with Updated
For Sale
$199,900
4120 St William Avenue, Cincinnati, OH 45205
Residential Income, Cincinnati, OH
Property Size2,370 SF
Lot Size0.23 Acres
Price / SF$84.35
Days on Market201
Property Features for 4120 St William Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Wood Frames
High school district
Cincinnati City SD
Directions
W. 8th to Sunset Ave to Saint William.
Subdivision
Hamilton-W04
Standard status
Active
APN
179-0078-0121-00
Size
2,370 SF
Lot size
0.23 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1923
Number of units
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Jennifer Donathan
(513) 766-9200
Added: Feb 12
Changed: Aug 19
Last Checked: Sep 1 at 5:06PM
MLS# 1868559
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick duplex at 4120 St William Avenue contains two residential units totaling 2,370 square feet. The layout includes one four-bedroom, one-bath unit and one two-bedroom, one-bath unit, with each measuring approximately 1,185 square feet. Separate furnaces, hot water tanks, and electric panels serve the units. HVAC and plumbing were updated within the last 5 years, and the property has a shingle roof, natural gas heat, and on-street parking.
The building is currently occupied under a month-to-month arrangement, with one tenant using the entire property. It may be acquired independently or as part of a larger portfolio. Constructed in 1923, the duplex is located in Cincinnati, Ohio 45205.
The building is currently occupied under a month-to-month arrangement, with one tenant using the entire property. It may be acquired independently or as part of a larger portfolio. Constructed in 1923, the duplex is located in Cincinnati, Ohio 45205.
Key Highlights
- Two‑unit duplex totaling 2,370 square feet
- 4 bed / 1 bath and 2 bed / 1 bath unit mix
- Each unit measures approximately 1,185 sf
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
$17,609
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
8.81%
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%
$352,180
$352.2K
Cap Rate 7%
$251,557
$251.6K
Cap Rate 9%
$195,656
$195.7K
Market Conditions
NOI Build-Up for 2,370 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
$33.8K $14.28/SF
− Vacancy
−$1.8K −$0.77/SF
EGI
$32.0K $13.51/SF
− OpEx
−$14.4K −$6.08/SF
NOI
$17.6K $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%
$352,180
Cap Rate 7%
$251,557
Cap Rate 9%
$195,656
Alternative Uses
Best Use
Multifamily LT 5
$283.7K
$248.2K – $331.0K
NOI $19,857 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$251.6K
$220.1K – $293.5K
NOI $17,609 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$471.1K
$412.2K – $549.7K
NOI $32,979 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 45205, OH
19,517
Population
7,874
Households
2.5
Avg Household Size
31
Median Age
17%
College-Educated
82%
High-School Grad
2.8 sq mi
ZIP Area
6,970
Density / Sq Mi
$41,357
Median Household Income
$32,537
Median Earnings
$855
Median Rent
$112,600
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 - Two-unit brick property with separate mechanical systems and recent HVAC and plumbing improvements.
Where is this duplex located?
The property is located at 4120 St William Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,370 square feet; 4 bed / 1 bath and 2 bed / 1 bath unit mix; Each unit measures approximately 1,185 sf
