Triplex With
New
For Sale
$679,000
846 Lincoln Ave, Cincinnati, OH 45206
Multi-unit property with period detailing, separate living areas, and flexible owner-use or rental configuration.
Property Size5,198 SF
Price / SF$130.63
Days on Market4
Property Features for 846 Lincoln Ave
General Information
Standard status
Active
Size
5,198 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 5BR/3.5BA, 1 x 2BR/1BA, 1 x efficiency
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
hot tub
sauna
Building Details
Year Built
1886
Listing Agency:
Plum Tree Realty
(513) 378-4663
Listed By:
Troy Kutcha · License #2024000279
Source:
Missyfriede
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 31 at 7:44PM
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 Plum Tree Realty
Investment Insights
Based on property information with market context.
Built in 1886, this 5,198-square-foot triplex combines period detailing with a three-unit layout. The primary residence includes five bedrooms, three full bathrooms, and one half bathroom, while an upstairs apartment offers two bedrooms and one bathroom. A separate efficiency completes the configuration.
Interior features include soaring ceilings, wainscoting, tilework, and hardwood floors, along with a hot tub and sauna. The property is currently operated as an Airbnb and can function as one larger accommodation or as three separate units. Located at 846 Lincoln Ave in Cincinnati, the property is near downtown, OTR, Eden Park, and I-71.
Interior features include soaring ceilings, wainscoting, tilework, and hardwood floors, along with a hot tub and sauna. The property is currently operated as an Airbnb and can function as one larger accommodation or as three separate units. Located at 846 Lincoln Ave in Cincinnati, the property is near downtown, OTR, Eden Park, and I-71.
Key Highlights
- 5,198‑square‑foot triplex built in 1886
- Primary residence includes 5 bedrooms, 3 full baths, and 1 half bath
- Upstairs unit offers 2 bedrooms and 1 bath
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
$43,552
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
6.41%
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%
$871,040
$871.0K
Cap Rate 7%
$622,171
$622.2K
Cap Rate 9%
$483,911
$483.9K
Market Conditions
NOI Build-Up for 5,198 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
$66.1K $12.72/SF
− Vacancy
−$3.9K −$0.75/SF
EGI
$62.2K $11.97/SF
− OpEx
−$18.7K −$3.59/SF
NOI
$43.6K $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%
$871,040
Cap Rate 7%
$622,171
Cap Rate 9%
$483,911
Alternative Uses
Best Use
Multifamily LT 5
$622.2K
$544.4K – $725.9K
NOI $43,552 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$551.7K
$482.8K – $643.7K
NOI $38,621 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.03M
$904.1K – $1.21M
NOI $72,330 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,319
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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?
Triplex - Multi-unit property with period detailing, separate living areas, and flexible owner-use or rental configuration.
Where is this triplex located?
The property is located at 846 Lincoln Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 5,198‑square‑foot triplex built in 1886; Primary residence includes 5 bedrooms, 3 full baths, and 1 half bath; Upstairs unit offers 2 bedrooms and 1 bath
