Renovated Duplex with Vacant
For Sale
$279,900
540 Grand Ave, Cincinnati, OH 45205
Two-unit residential property includes one available unit and one occupied rental.
Property Size3,456 SF
Price / SF$80.99
Days on Market12
Property Features for 540 Grand Ave
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1895
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Arthur Greenlee IV · License #2021000929
Source:
Finn-team
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 31 at 7:24PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located at 540 Grand Ave in Cincinnati, this 3,456-square-foot duplex combines a vacant five-bedroom, two-bath residence with a separate two-bedroom, one-bath unit. The property, built in 1895, has undergone major renovation work and offers two distinct residential layouts within the building.
The smaller unit is leased through October 2026, while the larger residence is available for occupancy. The seller has indicated a willingness to negotiate an early lease termination before closing, with related costs paid by the seller. The configuration supports an owner-occupant arrangement or continued operation as a two-unit rental property.
The smaller unit is leased through October 2026, while the larger residence is available for occupancy. The seller has indicated a willingness to negotiate an early lease termination before closing, with related costs paid by the seller. The configuration supports an owner-occupant arrangement or continued operation as a two-unit rental property.
Key Highlights
- 3,456‑square‑foot duplex at 540 Grand Ave, Cincinnati, OH 45205
- Vacant 5‑bedroom, 2‑bath unit
- Separate 2‑bedroom, 1‑bath unit leased through October 2026
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
$25,678
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
9.17%
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%
$513,560
$513.6K
Cap Rate 7%
$366,829
$366.8K
Cap Rate 9%
$285,311
$285.3K
Market Conditions
NOI Build-Up for 3,456 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
$49.4K $14.28/SF
− Vacancy
−$2.7K −$0.77/SF
EGI
$46.7K $13.51/SF
− OpEx
−$21.0K −$6.08/SF
NOI
$25.7K $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%
$513,560
Cap Rate 7%
$366,829
Cap Rate 9%
$285,311
Alternative Uses
Best Use
Multifamily LT 5
$413.7K
$362.0K – $482.6K
NOI $28,957 @ 7.0% cap · market cap 10.35%
Second Best
Apartment 5plus
$366.8K
$321.0K – $428.0K
NOI $25,678 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$687.0K
$601.1K – $801.5K
NOI $48,090 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 45205, OH
19,517
Population
7,874
Households
2.5
Avg Household Size
31
Median Age
17%
College-Educated
82%
High-School Grad
2.8 sq mi
ZIP Area
6,970
Density / Sq Mi
$41,357
Median Household Income
$32,537
Median Earnings
$855
Median Rent
$112,600
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 residential property includes one available unit and one occupied rental.
Where is this duplex located?
The property is located at 540 Grand Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 3,456‑square‑foot duplex at 540 Grand Ave, Cincinnati, OH 45205; Vacant 5‑bedroom, 2‑bath unit; Separate 2‑bedroom, 1‑bath unit leased through October 2026
