Historic Mixed-Use Redevelopment
For Sale
$199,900
414 Central Avenue, Cincinnati, OH 45202
Substantial renovation project with approved architectural plans and Downtown Development District zoning.
Property Size1,307 SF
Price / SF$152.95
Days on Market13
Property Features for 414 Central Avenue
General Information
Standard status
Active
Size
1,307 SF
Property subtype
Multi-Family
Zoning
Downtown Development District
Property Condition
Severity
Major Repairs Needed
Evidence
substantial renovation
Building Details
Year Built
1875
Buildings
1
Listing Agency:
Brk. (513-787-7175), Re/Max Local Experts
(937) 506-8360
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 9:05AM
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 Brk. (513-787-7175), Re/Max Local Experts
Investment Insights
Based on property information with market context.
Built in 1875, this historic Cincinnati structure is positioned for a substantial redevelopment project. Approved architectural plans are available, and the property carries Downtown Development District zoning. The source information identifies multifamily, mixed-use, and creative retail concepts as potential directions for the next phase of the asset.
The property is located at 414 Central Avenue in Downtown Cincinnati, near the First Financial Convention Center and Paycor Stadium. A 700-room Marriott hotel is planned one block away, while shops and cafés along 4th Street provide additional nearby activity. The existing building will require significant renovation, making this a project-oriented opportunity for an experienced investor or developer.
The property is located at 414 Central Avenue in Downtown Cincinnati, near the First Financial Convention Center and Paycor Stadium. A 700-room Marriott hotel is planned one block away, while shops and cafés along 4th Street provide additional nearby activity. The existing building will require significant renovation, making this a project-oriented opportunity for an experienced investor or developer.
Key Highlights
- 1875‑built historic structure at 414 Central Avenue
- Approved architectural plans available
- Downtown Development District zoning
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
$15,880
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
7.94%
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%
$317,600
$317.6K
Cap Rate 7%
$226,857
$226.9K
Cap Rate 9%
$176,444
$176.4K
Market Conditions
NOI Build-Up for 1,307 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
$28.2K $21.60/SF
− Vacancy
−$2.8K −$2.16/SF
EGI
$25.4K $19.44/SF
− OpEx
−$9.5K −$7.29/SF
NOI
$15.9K $12.15/SF
Area
Cincinnati, OH
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$317,600
Cap Rate 7%
$226,857
Cap Rate 9%
$176,444
Alternative Uses
Best Use
Mixed Use
$226.9K
$198.5K – $264.7K
NOI $15,880 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$138.7K
$121.4K – $161.9K
NOI $9,711 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$259.8K
$227.3K – $303.1K
NOI $18,187 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,536
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?
Mixed-use property - Substantial renovation project with approved architectural plans and Downtown Development District zoning.
Where is this mixed-use property located?
The property is located at 414 Central 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: 1875‑built historic structure at 414 Central Avenue; Approved architectural plans available; Downtown Development District zoning
