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    255 Warner St Cincinnati, OH 45219

    Sponsored
    For Sale
    $11,000,000

    Historic Charm, High ROI Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    Exceptional investment opportunity: The Strafford, a Class A, 29-unit apartment building in Cincinnati, OH. This value-add property, built in 1890 and renovated in 2013, boasts 38,701 net rentable square feet across three stories. Currently operating at 89% occupancy, the property generates a NOI of $355,080, with a current cap rate of 3.23%. A pro-forma analysis projects a NOI of $600,000 and a 5.45% cap rate, reflecting significant upside potential. The asking price is $11,000,000, or $379,310 per unit. The building features a mix of unit sizes, including 4 one-bedroom/one-bathroom units averaging $1,100/month rent, 23 two-bedroom/two-bathroom units averaging $1,595/month rent, and 2 larger units (one 4-bedroom/4-bathroom and one 5-bedroom/5-bathroom) renting for $4,000 and $6,000 per month respectively. Unit sizes range from 525 to 5,227 square feet. All units feature upscale finishes including stainless steel appliances, granite countertops, and original hardwood floors. The building also offers 29 gated parking spaces. Located just blocks from the University of Cincinnati, this property benefits from a strong rental market and the potential for increased rental income. The permitted zoning is Residential/Condos. This is an entity ownership opportunity.

    Property Features for 255 Warner St

    General Information

    Property type
    Multifamily properties
    Class
    A

    Building Details

    Year Built/Renovated
    1890/2013
    Buildings
    1
    Stories
    3
    Units
    29

    HighLights

    • Class A, 29‑unit apartment building in Cincinnati, OH.
    • $11,000,000 asking price, $379,310 per unit.
    • 38,701 net rentable square feet, three stories.
    • Currently 89% occupied, generating $355,080 NOI and a 3.23% cap rate.
    • Pro forma NOI of $600,000 projected, resulting in a 5.45% cap rate.
    • Unit mix: 4 one‑bedroom/one‑bathroom units averaging $1,100/month; 23 two‑bedroom/two‑bathroom units averaging $1,595/month; 1 four‑bedroom/four‑bathroom unit at $4,000/month; and 1 five‑bedroom/five‑bathroom unit at $6,000/month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Blue Collar Digital Website Designer The Stratford Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cincinnati
    County
    Hamilton
    State
    Ohio
    Longitude
    -84.5227825
    Latitude
    39.124592

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    FAQs

    What type of property is this?
    Multifamily property - Historic Charm, High ROI Potential
    Where is this multifamily property located?
    The property is located at 255 Warner St Cincinnati, OH.
    What is the asking price?
    The asking price for this property is $11,000,000.
    What are key features of this property?
    This property features: Class A, 29-unit apartment building in Cincinnati, OH.; $11,000,000 asking price, $379,310 per unit.; 38,701 net rentable square feet, three stories.
    Request Owner's contact information
    255 Warner St Cincinnati, OH 45219
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    255 Warner St Cincinnati, OH 45219
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