Multifamily Apartment
For Sale
Contact for pricing
425 Mill St, Cincinnati, OH 45215
Lynn Haven House Apartments features 30 one-bedroom units with on-site coin laundry and tenant-paid electric.
Property Size53,863 SF
Price / SF$93.74
Days on Market181
Property Features for 425 Mill St
General Information
Standard status
Active
Size
53,863 SF
Class
C
Property subtype
Multifamily
Zoning
401, 402
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$371,000
Additional Details
Highway Access
Yes
Multifamily Units
75
Amenities
on-site coin-operated laundry
hardwood flooring
Building Details
Year Built
1963
Year Renovated
2019
Buildings
5
Stories
2
Units
75
Listing Agency:
CAP Real Estate
Listed By:
Brian Murphy · License #SALM.20030114151
Source:
Crexi
Added: Apr 23
Changed: Oct 15
Last Checked: Oct 20 at 6:26PM
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 CAP Real Estate
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Investment Insights
Based on property information with market context.
Lynn Haven House Apartments is a meticulously maintained multifamily property with 30 identical one-bedroom, one-bath units. The building includes a gas boiler for heat and wall air conditioning, with tenants paying their own electric bills. Water is provided by the owner, and the property offers a convenient on-site coin-operated laundry.
The address provided is 425 Mill Street in Cincinnati, Ohio, positioned near Reading Road and north of Galbraith Road, with easy access to Interstate 75 mentioned in the remarks. The listing also references additional multifamily buildings at 4804–4814 Anthony Wayne Avenue (28 total units in three separate buildings) and 717–719 Elliot Avenue (17 total units), including details on unit mix and which utilities are provided versus tenant-paid.
Reported recent improvements include new boilers, two roofs, updated windows, parking lot improvements from 2021, and multiple water heaters, along with updates to the majority of units and hardwood flooring throughout each unit.
The address provided is 425 Mill Street in Cincinnati, Ohio, positioned near Reading Road and north of Galbraith Road, with easy access to Interstate 75 mentioned in the remarks. The listing also references additional multifamily buildings at 4804–4814 Anthony Wayne Avenue (28 total units in three separate buildings) and 717–719 Elliot Avenue (17 total units), including details on unit mix and which utilities are provided versus tenant-paid.
Reported recent improvements include new boilers, two roofs, updated windows, parking lot improvements from 2021, and multiple water heaters, along with updates to the majority of units and hardwood flooring throughout each unit.
Key Highlights
- Lynn Haven House Apartments at 425 Mill Street with 30 identical 1‑bedroom, 1‑bath units
- 100% occupancy rate with a waiting list in place
- Owner provides water and gas heat; tenants pay their own electric bills
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$400,196
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,003,920
$8.0M
Cap Rate 7%
$5,717,086
$5.7M
Cap Rate 9%
$4,446,622
$4.4M
Market Conditions
NOI Build-Up for 53,863 SF
Gross rent
$769.2K $14.28/SF
− Vacancy
−$41.5K −$0.77/SF
EGI
$727.6K $13.51/SF
− OpEx
−$327.4K −$6.08/SF
NOI
$400.2K $7.43/SF
Area
ZIP 45215
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 Rate 5%
$8,003,920
Cap Rate 7%
$5,717,086
Cap Rate 9%
$4,446,622
Alternative Uses
Best Use
Apartment 5plus
$5.72M
$5.00M – $6.67M
NOI $400,196 @ 7.0% cap · market cap 7.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.65M
$10.20M – $13.59M
NOI $815,608 @ 7.0% cap · market cap 16.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
75
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
788
Businesses Nearby
Explore this area
Business Placement
Demographics for 45215, OH
30,993
Population
13,735
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
2,583
Density / Sq Mi
$71,949
Median Household Income
$45,976
Median Earnings
$954
Median Rent
$200,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Lynn Haven House Apartments features 30 one-bedroom units with on-site coin laundry and tenant-paid electric.
Where is this apartment building located?
The property is located at 425 Mill St Cincinnati, OH.
What is the asking price?
The asking price for this property is $5,049,000.
What are key features of this property?
This property features: Lynn Haven House Apartments at 425 Mill Street with 30 identical 1‑bedroom, 1‑bath units; 100% occupancy rate with a waiting list in place; Owner provides water and gas heat; tenants pay their own electric bills
