Renovated 15-Unit Apartment
For Sale
Contact for pricing
4326 Hamilton Ave, Cincinnati, OH 45223
Three-story property offers updated interiors, onsite laundry, rear parking, and a mix of one-bedroom and studio apartments.
Property Size8,010 SF
Lot Size0.30 Acres
Price / SF$186.64
Days on Market377
Property Features for 4326 Hamilton Ave
General Information
Standard status
Active
Size
8,010 SF
Total Parking Spaces
15
Lot size
0.30 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$100,000
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
15
Amenities
rear parking
onsite laundry
Building Details
Year Built
1971
Buildings
1
Stories
3
Units
15
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
Listed By:
Jennifer Donathan · License #NV #2004004706
Source:
Crexi
Added: Aug 21, 2025
Changed: Aug 31
Last Checked: Sep 1 at 9:24AM
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 KW Commercial Keller Williams Advisor's Realty
Investment Insights
Based on property information with market context.
Located at 4326 Hamilton Avenue in Cincinnati’s Northside, this three-story apartment building contains 15 units across 8,010 square feet on 0.297 acres. The unit mix includes one-bedroom apartments and one studio, with 14 of the 15 units renovated. Improvements include updated kitchens, bathrooms, flooring, windows, appliances, fixtures, and exposed brick elements in the apartments.
The property sits at the corner of Hamilton Avenue and Westmoreland, approximately one block from Northside’s entertainment and business district. It includes rear parking and onsite laundry. A central gas boiler supplies heat; the landlord pays heat, water, and trash, while tenants pay their own electric. The flat rubber roof was recently coated, and the building is 100% occupied.
The property sits at the corner of Hamilton Avenue and Westmoreland, approximately one block from Northside’s entertainment and business district. It includes rear parking and onsite laundry. A central gas boiler supplies heat; the landlord pays heat, water, and trash, while tenants pay their own electric. The flat rubber roof was recently coated, and the building is 100% occupied.
Key Highlights
- 15‑unit apartment building with 8,010 SF on 0.297 acres
- 14 of the 15 units have been renovated
- Unit mix includes one‑bedroom apartments and 1 studio apartment
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
$59,513
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
3.98%
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%
$1,190,260
$1.2M
Cap Rate 7%
$850,186
$850.2K
Cap Rate 9%
$661,256
$661.3K
Market Conditions
NOI Build-Up for 8,010 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
$114.4K $14.28/SF
− Vacancy
−$6.2K −$0.77/SF
EGI
$108.2K $13.51/SF
− OpEx
−$48.7K −$6.08/SF
NOI
$59.5K $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%
$1,190,260
Cap Rate 7%
$850,186
Cap Rate 9%
$661,256
Alternative Uses
Best Use
Apartment 5plus
$850.2K
$743.9K – $991.9K
NOI $59,513 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,459 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Explore this area
Business Placement
Demographics for 45223, OH
13,174
Population
6,765
Households
1.9
Avg Household Size
33
Median Age
43%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
2,864
Density / Sq Mi
$46,930
Median Household Income
$41,482
Median Earnings
$914
Median Rent
$203,800
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 - Three-story property offers updated interiors, onsite laundry, rear parking, and a mix of one-bedroom and studio apartments.
Where is this apartment building located?
The property is located at 4326 Hamilton Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 15‑unit apartment building with 8,010 SF on 0.297 acres; 14 of the 15 units have been renovated; Unit mix includes one‑bedroom apartments and 1 studio apartment
