Updated Duplex with Three-Bedroom
New
For Sale
$334,900
5538 Montgomery Rd, Cincinnati, OH 45212
Two residential units feature refreshed interiors, updated mechanical systems, and flexible occupancy for an owner or investor.
Property Size1,794 SF
Price / SF$186.68
Days on Market6
Property Features for 5538 Montgomery Rd
General Information
Standard status
Active
Size
1,794 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1926
Listing Agency:
Keller Williams Advisors
(513) 766-9200
Listed By:
Daniel Baron
Source:
Cincylivingwithangela
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 11:33AM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
Built in 1926, this 1,794-square-foot duplex contains two residential units, each with three bedrooms and one full bathroom. Interior improvements include new flooring, cabinets, exterior paint, and lighting fixtures. Major systems have also been addressed with two new furnaces, two new A/C units, a new water heater, and electrical updates completed in 2024.
One unit is occupied under a lease extending through March 2027, while the second unit is vacant. Additional work includes a relined sewer and new plumbing stack completed in 2026, along with roof and window replacements from 2021. The property is situated near shopping, dining, and highway access in Cincinnati, Ohio.
One unit is occupied under a lease extending through March 2027, while the second unit is vacant. Additional work includes a relined sewer and new plumbing stack completed in 2026, along with roof and window replacements from 2021. The property is situated near shopping, dining, and highway access in Cincinnati, Ohio.
Key Highlights
- Two‑unit duplex totaling 1,794 SF
- Each unit includes 3 bedrooms and 1 full bathroom
- One unit occupied under lease through March 2027; second unit is vacant
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
$15,031
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
4.49%
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%
$300,620
$300.6K
Cap Rate 7%
$214,729
$214.7K
Cap Rate 9%
$167,011
$167.0K
Market Conditions
NOI Build-Up for 1,794 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
$22.8K $12.72/SF
− Vacancy
−$1.3K −$0.75/SF
EGI
$21.5K $11.97/SF
− OpEx
−$6.4K −$3.59/SF
NOI
$15.0K $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%
$300,620
Cap Rate 7%
$214,729
Cap Rate 9%
$167,011
Alternative Uses
Best Use
Multifamily LT 5
$214.7K
$187.9K – $250.5K
NOI $15,031 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$190.4K
$166.6K – $222.2K
NOI $13,329 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$356.6K
$312.1K – $416.1K
NOI $24,964 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 45212, OH
21,885
Population
11,027
Households
2
Avg Household Size
33
Median Age
38%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,915
Density / Sq Mi
$63,698
Median Household Income
$43,413
Median Earnings
$932
Median Rent
$229,400
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 residential units feature refreshed interiors, updated mechanical systems, and flexible occupancy for an owner or investor.
Where is this duplex located?
The property is located at 5538 Montgomery Rd Cincinnati, OH.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,794 SF; Each unit includes 3 bedrooms and 1 full bathroom; One unit occupied under lease through March 2027; second unit is vacant
