Historic Multi-Family in
428 Elizabeth Street, Cincinnati, OH 45203
MULTI_FAMILY - Cincinnati, OH
Property size:
4,359 SFLot size:
0.09 AcresPrice / SF:
$182/SF- Added:
- Mar 4, 2026
- Days on Market:
- 72
- Last Refresh:
- May 15 at 3:06 pm
Property Features for 428 Elizabeth Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Off Street
- Patio and Porch features
- Patio
- Exterior features
- Wood Fence, Enclosed Patio
- Fencing
- Wood
- Standard status
- Active
- APN
- 134-0005-0318-00
- Size
- 4,359 SF
- Lot size
- 0.09 Acres
Utilities
- Heating system
- Natural Gas, Forced Air
Building Details
- Year built
- 1875
- Number of units
- 4
- Building materials
- Brick
- Roof type
- Membrane
Listing agent Gillian Barnes (513) 766-9200
Listing office Keller Williams Advisors 2105 Grandin Road, Cincinnati, OH (513) 766-9200
Listing date Mar 4, 2026
MLS# 1870023
Listing URL
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.
HighLights
- Five off‑street parking spaces significantly enhance tenant appeal.
- Prime location in the sought‑after Betts‑Longworth district of downtown Cincinnati.
- One unit is recently updated with a private yard, ideal as an owner's suite or short‑term rental.
- Additional lot included, offering future development or expansion potential (buyer to verify).
- Currently fully rented, providing immediate income.
- Remaining units offer potential for cosmetic updates to increase rental income.
Overview
This historic Italianate brick multi-family property is located in the vibrant urban neighborhood of Betts-Longworth district within downtown Cincinnati. The property is currently fully rented. One unit has been recently updated and features its own private yard, creating an exceptional space that could serve as a beautiful owner's suite or a potential short-term rental opportunity. The remaining units are attractive and comfortable as-is, while also offering future potential for cosmetic updates that could support increased rental income over time. The property includes five off-street parking spaces, a highly desirable amenity that significantly enhances tenant appeal in this area. An additional lot is included with the sale, offering the possibility for future development or expansion. The lot size is 0.09 acres and the property size is 4359 square feet. With strong existing condition, valuable off-street parking, and long-term upside potential, this property represents a compelling investment opportunity in sought-after Over-the-Rhine.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$405.8K
NOI $36,523 @ 9.00% cap · cautious / downside scenario
Moderate
$521.8K
NOI $36,523 @ 7.00% cap · market / base-case scenario
Aggressive
$730.5K
NOI $36,523 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $55.4k | $12.72 |
| − Vacancy | −$3.3k | −$0.75 |
| EGI | $52.2k | $11.97 |
| − OpEx | −$15.7k | −$3.59 |
| NOI | $36.5k | $8.38 |
4,359 SF · lease $12.72/SF/yr · vacancy 5.90% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$521.8K
$456.5K – $608.7K
NOI $36,523 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$462.7K
$404.8K – $539.8K
NOI $32,387 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,656 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Cincinnati
- County
- Clermont
- State
- Ohio
- Longitude
- -84.52196
- Latitude
- 39.106472
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Fully rented historic multi-family property with development potential.
Where is this quadplex located?
The property is located at 428 Elizabeth Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Five off‑street parking spaces significantly enhance tenant appeal.; Prime location in the sought‑after Betts‑Longworth district of downtown Cincinnati.; One unit is recently updated with a private yard, ideal as an owner's suite or short‑term rental.
