Historic Six-Unit Apartment
For Sale
$550,000
414 Clark St, Cincinnati, OH 45203
Limestone construction, separate HVAC systems, and a newer roof support the existing apartment layout.
Property Size6,400 SF
Price / SF$85.94
Days on Market54
Property Features for 414 Clark St
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic upgrades
Additional Details
Multifamily Units
6
Building Details
Year Built
1880
Construction
limestone
Listing Agency:
Plum Tree Realty
(513) 519-4091
Listed By:
Jason Crouch
Source:
Cincylivingwithangela
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 6:28PM
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 Plum Tree Realty
Investment Insights
Based on property information with market context.
Constructed in 1880, this apartment building contains 6,400 square feet arranged as six apartments with open floorplans. The structure features an all-limestone exterior, high ceilings, separate HVAC systems, and a newer roof. The property is being offered in its as-is condition, with cosmetic upgrades identified as part of the repositioning scope.
The building is located in Cincinnati’s Betts Longworth district, two blocks from TQL Stadium and near Washington Park, Downtown, and Over-the-Rhine. Its existing residential configuration provides a defined multifamily layout, while the source information also identifies potential for conversion to a large single-family residence or condominium use.
The building is located in Cincinnati’s Betts Longworth district, two blocks from TQL Stadium and near Washington Park, Downtown, and Over-the-Rhine. Its existing residential configuration provides a defined multifamily layout, while the source information also identifies potential for conversion to a large single-family residence or condominium use.
Key Highlights
- 6,400‑square‑foot apartment building with 6 apartments
- All‑limestone exterior with high ceilings
- Separate HVAC systems for the apartments
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
$47,551
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
8.65%
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%
$951,020
$951.0K
Cap Rate 7%
$679,300
$679.3K
Cap Rate 9%
$528,344
$528.3K
Market Conditions
NOI Build-Up for 6,400 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
$91.4K $14.28/SF
− Vacancy
−$4.9K −$0.77/SF
EGI
$86.5K $13.51/SF
− OpEx
−$38.9K −$6.08/SF
NOI
$47.6K $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%
$951,020
Cap Rate 7%
$679,300
Cap Rate 9%
$528,344
Alternative Uses
Best Use
Apartment 5plus
$679.3K
$594.4K – $792.5K
NOI $47,551 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $89,056 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 45203, OH
2,365
Population
1,283
Households
1.8
Avg Household Size
34
Median Age
40%
College-Educated
88%
High-School Grad
1.2 sq mi
ZIP Area
1,971
Density / Sq Mi
$33,798
Median Household Income
$50,893
Median Earnings
$749
Median Rent
$296,100
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 - Limestone construction, separate HVAC systems, and a newer roof support the existing apartment layout.
Where is this apartment building located?
The property is located at 414 Clark St Cincinnati, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 6,400‑square‑foot apartment building with 6 apartments; All‑limestone exterior with high ceilings; Separate HVAC systems for the apartments
