Four-Unit Brick
For Sale
$550,000
650 Leo Drive, Hamilton, OH 45013
Residential Income, Hamilton, OH
Property Size5,600 SF
Lot Size0.40 Acres
Price / SF$98.21
Days on Market8
Property Features for 650 Leo Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Window features
Vinyl Frames
Patio and Porch features
Deck
Exterior features
Deck, Privacy Fence
Fencing
Privacy
High school district
Hamilton City SD
Directions
left on Eaton Ave - Right on Sanders Dr - Left on Leo Dr
Subdivision
Butler-W15
Standard status
Active
APN
P6411052000160
Size
5,600 SF
Lot size
0.40 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1989
Number of units
4
Building materials
Brick, Vinyl Siding
Roof type
Shingle
Listing Agency:
Huff Realty
(513) 644-4833
Listed By:
Tyler Minges · License #2007001747
(513) 792-3004
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 23 at 4:06AM
MLS# 1894188
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.
Built in 1989, this 5,600-square-foot quadplex contains four separate residences. Each unit includes two bedrooms, one full bathroom, a living room, and a kitchen, creating a consistent layout across the property. Brick and vinyl siding, shingle roofing, forced-air natural gas heating, decks, and privacy fencing add to the physical improvements.
The property occupies 0.3963 acres at 650 Leo Drive in Hamilton, Ohio, within Butler County. Driveway parking is provided, while the exterior configuration includes private fencing and deck areas associated with the residences.
The property occupies 0.3963 acres at 650 Leo Drive in Hamilton, Ohio, within Butler County. Driveway parking is provided, while the exterior configuration includes private fencing and deck areas associated with the residences.
Key Highlights
- Four separate units, each with 2 bedrooms, 1 full bathroom, a living room, and a kitchen
- 5,600 square feet on a 0.3963‑acre lot
- Built in 1989 with brick and vinyl siding construction
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
$50,256
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
9.14%
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%
$1,005,120
$1.0M
Cap Rate 7%
$717,943
$717.9K
Cap Rate 9%
$558,400
$558.4K
Market Conditions
NOI Build-Up for 5,600 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
$98.8K $17.64/SF
− Vacancy
−$7.4K −$1.32/SF
EGI
$91.4K $16.32/SF
− OpEx
−$41.1K −$7.34/SF
NOI
$50.3K $8.97/SF
Area
Butler County, OH
Vacancy
7.50%
Lease Rate
$17.64 /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%
$1,005,120
Cap Rate 7%
$717,943
Cap Rate 9%
$558,400
Alternative Uses
Best Use
Multifamily LT 5
$780.2K
$682.7K – $910.2K
NOI $54,613 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$717.9K
$628.2K – $837.6K
NOI $50,256 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$1.11M
$968.8K – $1.29M
NOI $77,506 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 45013, OH
53,911
Population
21,734
Households
2.5
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
117.7 sq mi
ZIP Area
458
Density / Sq Mi
$72,932
Median Household Income
$40,730
Median Earnings
$967
Median Rent
$217,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separate residences with consistent two-bedroom layouts, private decks, and driveway parking in Hamilton.
Where is this quadplex located?
The property is located at 650 Leo Drive Hamilton, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four separate units, each with 2 bedrooms, 1 full bathroom, a living room, and a kitchen; 5,600 square feet on a 0.3963‑acre lot; Built in 1989 with brick and vinyl siding construction
