Duplex with Brand-New
For Sale
$385,000
Pending
518 Forest Avenue, Cincinnati, OH 45229
Residential Income, Cincinnati, OH
Property Size3,028 SF
Lot Size0.22 Acres
Days on Market48
Property Features for 518 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Window features
Vinyl Frames
High school district
Cincinnati City SD
Directions
UC Health Ridgeway Tower 3200 Burnet Ave Cincinnati Children's Hospital. Exit near Reading Rd Head toward Avondale
Subdivision
Hamilton-E01
Standard status
Pending
APN
113-0002-0046-00
Size
3,028 SF
Lot size
0.22 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Building Details
Year built
1890
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
OwnerLand Realty, Inc.
(513) 896-1200
Listed By:
Jimmie Powell
(513) 479-1324
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 29 at 7:06PM
MLS# 1880279
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.
Investment Insights
Based on property information with market context.
Duplex at 518 Forest Avenue in Cincinnati, Ohio, offering 3,028 square feet on a 0.222-acre lot. Built in 1890, the home features vinyl siding and a shingle roof, with heating provided by forced air and electric heating. Parking is available off street via a driveway.
Renovations include a newly installed HVAC system and exterior improvements such as a new roof and guardrail. Interior updates highlight luxury vinyl plank flooring throughout, quartz countertops, and fully updated bathrooms with new tile.
The layout supports a live-and-rent approach, with the option to rent one unit while occupying the other. The property is presented as move-in ready with modern finishes and multiple major upgrades already completed.
Renovations include a newly installed HVAC system and exterior improvements such as a new roof and guardrail. Interior updates highlight luxury vinyl plank flooring throughout, quartz countertops, and fully updated bathrooms with new tile.
The layout supports a live-and-rent approach, with the option to rent one unit while occupying the other. The property is presented as move-in ready with modern finishes and multiple major upgrades already completed.
Key Highlights
- Newly installed HVAC system
- New roof and guardrail
- 3,028 SF duplex on a 0.222‑acre lot
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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,631
Businesses Nearby
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a 0.222-acre lot with off-street driveway parking, newly renovated interior finishes, and major HVAC and roofing upgrades.
Where is this duplex located?
The property is located at 518 Forest Avenue 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: Newly installed HVAC system; New roof and guardrail; 3,028 SF duplex on a 0.222‑acre lot
