Historic Italianate Multifamily
For Sale
$725,000
428 Elizabeth Street, Cincinnati, OH 45203
Apartments offer exposed brick, open layouts, natural light, and individual HVAC systems.
Property Size4,359 SF
Price / SF$166.32
Days on Market8
Property Features for 428 Elizabeth Street
General Information
Standard status
Active
Size
4,359 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates to some units
Amenities
private yard
deck
exposed brick
open floor plans
spiral staircase
natural light
individual HVAC
Building Details
Year Built
1875
Construction
Italianate
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 24
Changed: Aug 28
Last Checked: Aug 30 at 4:36PM
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 4,359-square-foot Italianate multifamily property includes apartments with exposed brick, open floor plans, spiral staircases, and natural light. Each unit has its own HVAC system. The owner's unit has modern finishes, a separate street entrance, a primary suite, a private yard with deck, and reserved parking.
The property is located at 428 Elizabeth Street in Cincinnati's Betts Longworth Historic District, near FC Stadium, Findlay Market, and Washington Park. An additional lot is included with the sale; zoning and buildability require buyer verification. Water service is paid by the owner.
The property is located at 428 Elizabeth Street in Cincinnati's Betts Longworth Historic District, near FC Stadium, Findlay Market, and Washington Park. An additional lot is included with the sale; zoning and buildability require buyer verification. Water service is paid by the owner.
Key Highlights
- 4,359‑square‑foot multifamily property built in 1875
- Italianate building in Cincinnati's Betts Longworth Historic District
- Owner's unit includes modern finishes, private entrance, primary suite, yard, deck, and reserved parking
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
$32,387
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
4.47%
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%
$647,740
$647.7K
Cap Rate 7%
$462,671
$462.7K
Cap Rate 9%
$359,856
$359.9K
Market Conditions
NOI Build-Up for 4,359 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
$62.2K $14.28/SF
− Vacancy
−$3.4K −$0.77/SF
EGI
$58.9K $13.51/SF
− OpEx
−$26.5K −$6.08/SF
NOI
$32.4K $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%
$647,740
Cap Rate 7%
$462,671
Cap Rate 9%
$359,856
Alternative Uses
Best Use
Apartment 5plus
$462.7K
$404.8K – $539.8K
NOI $32,387 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,656 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Multifamily property - Apartments offer exposed brick, open layouts, natural light, and individual HVAC systems.
Where is this multifamily property located?
The property is located at 428 Elizabeth Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,359‑square‑foot multifamily property built in 1875; Italianate building in Cincinnati's Betts Longworth Historic District; Owner's unit includes modern finishes, private entrance, primary suite, yard, deck, and reserved parking
