Duplex with Tandem
For Sale
$175,000
549 Church Street, Cincinnati, OH 45217
MULTI_FAMILY - St Bernard, OH
Property Size2,002 SF
Lot Size0.11 Acres
Price / SF$87.41
Days on Market65
Property Features for 549 Church Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Window features
Vinyl Frames, Wood Frames
Patio and Porch features
Porch
Exterior features
Porch, Enclosed Porch
High school district
St Bernard Elmwood P
Directions
Off of Greenlee Ave
Subdivision
Hamilton-W01
Standard status
Active
APN
582-0014-0208-00
Size
2,002 SF
Lot size
0.11 Acres
Utilities
Heating system
Forced Air
Building Details
Year built
1925
Number of units
2
Building materials
Block
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Michael Slafka
(513) 378-4663
Added: Jun 18
Changed: Aug 5
Last Checked: Aug 21 at 6:06PM
MLS# 1883754
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.
This duplex includes two spacious units with flexible floor plans. The first unit is a large one-bedroom with one room currently used as a second bedroom, and the second unit has two bedrooms plus a loft. The property includes an oversized tandem garage and a large unfinished basement. The building needs updating and improvements, and there is a loft area not pictured.
The property sits on a 0.11-acre lot and was built in 1925. Construction materials include block, and heating is forced air. Exterior features include a porch and an enclosed porch. Parking is available via a driveway.
Both tenants are currently month-to-month.
The property sits on a 0.11-acre lot and was built in 1925. Construction materials include block, and heating is forced air. Exterior features include a porch and an enclosed porch. Parking is available via a driveway.
Both tenants are currently month-to-month.
Key Highlights
- Two units with flexible layouts, including a loft (loft area not pictured)
- Oversized tandem garage plus large unfinished basement
- 0.11‑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
$14,875
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
8.50%
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%
$297,500
$297.5K
Cap Rate 7%
$212,500
$212.5K
Cap Rate 9%
$165,278
$165.3K
Market Conditions
NOI Build-Up for 2,002 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
$28.6K $14.28/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$27.0K $13.51/SF
− OpEx
−$12.2K −$6.08/SF
NOI
$14.9K $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%
$297,500
Cap Rate 7%
$212,500
Cap Rate 9%
$165,278
Alternative Uses
Best Use
Multifamily LT 5
$239.6K
$209.7K – $279.6K
NOI $16,774 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$212.5K
$185.9K – $247.9K
NOI $14,875 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$398.0K
$348.2K – $464.3K
NOI $27,858 @ 7.0% cap · market cap 15.92%
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
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 45217, OH
6,177
Population
2,852
Households
2.2
Avg Household Size
39
Median Age
34%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
2,808
Density / Sq Mi
$67,974
Median Household Income
$45,789
Median Earnings
$923
Median Rent
$149,200
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 - Duplex with two units, an oversized tandem garage, porch features, and forced-air heating.
Where is this duplex located?
The property is located at 549 Church Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two units with flexible layouts, including a loft (loft area not pictured); Oversized tandem garage plus large unfinished basement; 0.11‑acre lot
