Renovated Duplex with Modern
For Sale
$385,000
Pending
518 Forest Ave, Cincinnati, OH 45220
Two-unit property with updated interiors, refreshed exterior components, and a new HVAC system.
Property Size3,028 SF
Days on Market41
Property Features for 518 Forest Ave
General Information
Standard status
Pending
Size
3,028 SF
Property subtype
Residential Income
Listing Agency:
OwnerLand Realty, Inc.
(859) 962-3310
Listed By:
Jimmie Powell
(859) 962-3310
Source:
Exprealty
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 21 at 12:44PM
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 OwnerLand Realty, Inc.
Investment Insights
Based on property information with market context.
Located at 518 Forest Ave in Cincinnati, Ohio, this 3,028-square-foot duplex has undergone extensive renovation across both units. Improvements include new exterior siding, a new roof and guardrail, luxury vinyl plank flooring, quartz countertops, updated bathrooms with new tile, and a brand-new HVAC system.
The two-unit layout supports an owner-occupant arrangement, with one unit available for residence and the other positioned for rental use. The property is in ZIP Code 45220 and combines refreshed building components with contemporary interior finishes.
The two-unit layout supports an owner-occupant arrangement, with one unit available for residence and the other positioned for rental use. The property is in ZIP Code 45220 and combines refreshed building components with contemporary interior finishes.
Key Highlights
- 3,028‑square‑foot duplex at 518 Forest Ave, Cincinnati, OH 45220
- New exterior siding, roof, and guardrail
- Luxury vinyl plank flooring throughout
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
$25,371
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
6.59%
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%
$507,420
$507.4K
Cap Rate 7%
$362,443
$362.4K
Cap Rate 9%
$281,900
$281.9K
Market Conditions
NOI Build-Up for 3,028 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
$38.5K $12.72/SF
− Vacancy
−$2.3K −$0.75/SF
EGI
$36.2K $11.97/SF
− OpEx
−$10.9K −$3.59/SF
NOI
$25.4K $8.38/SF
Area
Cincinnati, OH
Vacancy
5.90%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$507,420
Cap Rate 7%
$362,443
Cap Rate 9%
$281,900
Alternative Uses
Best Use
Multifamily LT 5
$362.4K
$317.1K – $422.9K
NOI $25,371 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$321.4K
$281.2K – $375.0K
NOI $22,498 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$601.9K
$526.7K – $702.3K
NOI $42,135 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,631
Businesses Nearby
Explore this area
Business Placement
Demographics for 45220, OH
15,466
Population
7,400
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
96%
High-School Grad
2.9 sq mi
ZIP Area
5,333
Density / Sq Mi
$51,404
Median Household Income
$26,866
Median Earnings
$954
Median Rent
$385,200
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?
Duplex - Two-unit property with updated interiors, refreshed exterior components, and a new HVAC system.
Where is this duplex located?
The property is located at 518 Forest Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 3,028‑square‑foot duplex at 518 Forest Ave, Cincinnati, OH 45220; New exterior siding, roof, and guardrail; Luxury vinyl plank flooring throughout
