3-Unit Brick
New
For Sale
$679,000
846 Lincoln Avenue, Cincinnati, OH 45206
Residential Income, Cincinnati, OH
Property Size5,198 SF
Lot Size0.09 Acres
Price / SF$130.63
Days on Market6
Property Features for 846 Lincoln Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
From I-71, take the Wm H Taft Rd exit to Gilbert Ave, then to Lincoln Ave. Property is just west of Gilbert in Walnut Hills.
Subdivision
Hamilton-E01
Standard status
Active
APN
065-0002-0090-00
Size
5,198 SF
Lot size
0.09 Acres
Utilities
Heating system
Forced Air
Amenities
hot tub
sauna
Building Details
Year built
1886
Number of units
3
Building materials
Brick
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Troy Kutcha · License #2024000279
(513) 378-4663
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 23 at 10:06AM
MLS# 1890926
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 1886, this 5,198-square-foot brick triplex combines period detailing with a three-part residential layout. The primary residence includes 5 bedrooms, 3 full baths, and 1 half bath, while an upper-level apartment provides 2 bedrooms and 1 bath. A separate efficiency completes the configuration. Interior features include hardwood flooring, wainscoting, decorative tilework, high ceilings, a fireplace, hot tub, sauna, and forced-air heating.
The property is located at 846 Lincoln Avenue in Cincinnati’s Walnut Hills neighborhood, with access to downtown, OTR, Eden Park, and I-71. It is currently operated as an Airbnb and can function as one larger group accommodation or as three separate living and income-producing spaces.
The property is located at 846 Lincoln Avenue in Cincinnati’s Walnut Hills neighborhood, with access to downtown, OTR, Eden Park, and I-71. It is currently operated as an Airbnb and can function as one larger group accommodation or as three separate living and income-producing spaces.
Key Highlights
- 5,198 SF brick triplex built in 1886
- Main residence with 5 bedrooms, 3 full baths, and 1 half bath
- Upper‑level 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 - Three distinct living spaces offer flexible occupancy and income-use options in a character-filled Cincinnati property.
Where is this triplex located?
The property is located at 846 Lincoln Avenue 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 SF brick triplex built in 1886; Main residence with 5 bedrooms, 3 full baths, and 1 half bath; Upper‑level unit offers 2 bedrooms and 1 bath
