Brick Four-Unit
New
For Sale
$249,900
735 Elberon Avenue, Cincinnati, OH 45205
Residential Income, Cincinnati, OH
Property Size1,960 SF
Lot Size0.14 Acres
Price / SF$127.50
Days on Market4
Property Features for 735 Elberon Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway, On Street, Off Street
Window features
Vinyl Frames
High school district
Cincinnati City SD
Directions
Between W Eighth and Bassett
Subdivision
Hamilton-W04
Standard status
Active
APN
176-0021-0003-00
Size
1,960 SF
Lot size
0.14 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1939
Number of units
4
Building materials
Brick
Roof type
Membrane
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Marco Fiore
(866) 212-4991
Added: Sep 23
Last Checked: Sep 26 at 2:06AM
MLS# 1893320
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 four-unit multifamily property offers 1,960 square feet within a durable brick building constructed in 1939. Recent work includes a brand-new membrane roof, a new furnace, light unit renovations, and newer appliances. One unit is currently vacant, while the property has four total units. Heating is provided by a natural gas forced-air system, and ownership includes water, heat, and common-area electric expenses.
The 0.143-acre property includes driveway, off-street, and on-street parking options. Its Cincinnati location is identified by the 45205 postal code, with the property situated on Elberon Avenue.
The 0.143-acre property includes driveway, off-street, and on-street parking options. Its Cincinnati location is identified by the 45205 postal code, with the property situated on Elberon Avenue.
Key Highlights
- Four‑unit multifamily property with 1,960 square feet
- 1939 brick construction
- Brand‑new membrane roof and new furnace
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
$16,422
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
6.57%
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%
$328,440
$328.4K
Cap Rate 7%
$234,600
$234.6K
Cap Rate 9%
$182,467
$182.5K
Market Conditions
NOI Build-Up for 1,960 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
$24.9K $12.72/SF
− Vacancy
−$1.5K −$0.75/SF
EGI
$23.5K $11.97/SF
− OpEx
−$7.0K −$3.59/SF
NOI
$16.4K $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%
$328,440
Cap Rate 7%
$234,600
Cap Rate 9%
$182,467
Alternative Uses
Best Use
Multifamily LT 5
$234.6K
$205.3K – $273.7K
NOI $16,422 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$208.0K
$182.0K – $242.7K
NOI $14,563 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$389.6K
$340.9K – $454.6K
NOI $27,273 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
474
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
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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 - Updated multifamily property with natural gas forced-air heating and off-street parking.
Where is this quadplex located?
The property is located at 735 Elberon Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Four‑unit multifamily property with 1,960 square feet; 1939 brick construction; Brand‑new membrane roof and new furnace
