Duplex with Two 3-Bed
For Sale
$349,900
5538 Montgomery Road, Cincinnati, OH 45212
MULTI_FAMILY - Cincinnati, OH
Property Size1,794 SF
Lot Size0.14 Acres
Price / SF$195.04
Days on Market8
Property Features for 5538 Montgomery Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Window features
Wood Frames
Patio and Porch features
Deck, Porch
Exterior features
Deck, Porch
High school district
Cincinnati City SD
Directions
St Rt 562 (Norwood Lateral) to North on Montgomery Rd to 5538 Montgomery Rd.
Subdivision
Hamilton-E05
Standard status
Active
APN
120-0003-0053-00
Size
1,794 SF
Lot size
0.14 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1926
Number of units
2
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Daniel Baron
(513) 766-9200
Added: Aug 2
Changed: Aug 5
Last Checked: Aug 9 at 10:06AM
MLS# 1888580
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 updated duplex features two units, each offering three bedrooms and one full bathroom. One unit is currently occupied and generating rental income through March 2027, while the second unit is vacant and well-suited for an owner-occupant or investor who wants to lease it.
The property sits on a 0.142-acre lot with a total size of 1,794 SF. Construction is stucco with a shingle roof, and exterior features include a porch and deck. Parking is available off-street via a driveway.
Updates include new flooring, new cabinets, fresh exterior paint, and new lighting fixtures. Major mechanical work was completed with two new furnaces, two new A/C units, a new water heater, and updated electrical in 2024. Additional improvements include a relined sewer and new plumbing stack in 2026. The roof and windows were replaced in 2021. Built in 1926, the home is heated with forced air natural gas.
The property sits on a 0.142-acre lot with a total size of 1,794 SF. Construction is stucco with a shingle roof, and exterior features include a porch and deck. Parking is available off-street via a driveway.
Updates include new flooring, new cabinets, fresh exterior paint, and new lighting fixtures. Major mechanical work was completed with two new furnaces, two new A/C units, a new water heater, and updated electrical in 2024. Additional improvements include a relined sewer and new plumbing stack in 2026. The roof and windows were replaced in 2021. Built in 1926, the home is heated with forced air natural gas.
Key Highlights
- Two‑unit duplex; each unit offers three bedrooms and one full bathroom
- One unit is occupied and generating rental income through March 2027; one unit is vacant
- 0.142‑acre lot with 1,794 SF total; stucco construction and shingle roof
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
4.30%
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 4.30%
Second Best
Apartment 5plus
$190.4K
$166.6K – $222.2K
NOI $13,329 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$356.6K
$312.1K – $416.1K
NOI $24,964 @ 7.0% cap · market cap 7.13%
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 - Each side offers three bedrooms and one full bath, with one unit occupied through March 2027.
Where is this duplex located?
The property is located at 5538 Montgomery Road Cincinnati, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex; each unit offers three bedrooms and one full bathroom; One unit is occupied and generating rental income through March 2027; one unit is vacant; 0.142‑acre lot with 1,794 SF total; stucco construction and shingle roof
