Mt. Lookout Quadplex
For Sale
Contact for pricing
Pending
909 ELLISON AVE, Cincinnati, OH 45226
Four units near Mt. Lookout Square and other amenities.
Property Size2,960 SF
Lot Size0.12 Acres
Days on Market108
Property Features for 909 ELLISON AVE
General Information
Standard status
Pending
Size
2,960 SF
Lot size
0.12 Acres
Property subtype
Multifamily
Zoning
RM-2.0-MH
Building Details
Year Built
1957
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
GJS Ohio LLC
Listed By:
Garry Schloemer · License #OH SAL.2018005500
Source:
Crexi
Added: May 14
Changed: Aug 23
Last Checked: Aug 29 at 2:04AM
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 GJS Ohio LLC
Investment Insights
Based on property information with market context.
Located at 909 Ellison Ave in Cincinnati, OH, this multifamily property is situated in the Mt. Lookout neighborhood. The property, built in 1957, features brick exterior walls and a poured concrete foundation. The building contains four 1-bedroom, 1-bathroom units, each with 635 square feet, totaling 2960 square feet on a 0.115-acre lot. Windows were updated in 2013 with vinyl frames. Heating is provided by a radiant boiler system, while cooling is managed with window AC units. Plumbing consists of copper and PVC, with cast iron components. Electrical systems include Siemens panels and copper wiring, updated in 1991. Each unit includes ceiling fans, and units 1 and 3 are equipped with dishwashers. The property includes two double-door garages, coin laundry, and basement storage units. Parking is available on the street. The property is near Mt. Lookout Square, Ault Park, Hyde Park Square, Alms Park, and Lunken Airport. Kilgore Elementary School is nearby. The property is zoned RM-2.0-MH. Owner pays for water, sewer, and gas. Trash is included in property taxes.
Key Highlights
- Consistent long‑term rental demand with strong income potential: Subject Average Effective Rent $1283/unit, Subject Pro Forma Rent $1450/unit, and additional $150/month from garages.
- Prime location: Just 0.3 miles to Mt. Lookout Square, walkable to numerous parks, squares, and amenities.
- Well‑maintained property: Maintained by the same owner since 1985 with updates including vinyl windows (2013) and Siemens electrical panels/copper wiring (1991).
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
$24,801
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
3.12%
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%
$496,020
$496.0K
Cap Rate 7%
$354,300
$354.3K
Cap Rate 9%
$275,567
$275.6K
Market Conditions
NOI Build-Up for 2,960 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
$37.7K $12.72/SF
− Vacancy
−$2.2K −$0.75/SF
EGI
$35.4K $11.97/SF
− OpEx
−$10.6K −$3.59/SF
NOI
$24.8K $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%
$496,020
Cap Rate 7%
$354,300
Cap Rate 9%
$275,567
Alternative Uses
Best Use
Multifamily LT 5
$354.3K
$310.0K – $413.4K
NOI $24,801 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$314.2K
$274.9K – $366.5K
NOI $21,992 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$588.4K
$514.9K – $686.5K
NOI $41,188 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Explore this area
Business Placement
Demographics for 45226, OH
5,687
Population
3,272
Households
1.7
Avg Household Size
36
Median Age
73%
College-Educated
98%
High-School Grad
5.7 sq mi
ZIP Area
998
Density / Sq Mi
$100,320
Median Household Income
$59,639
Median Earnings
$1,244
Median Rent
$387,200
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?
Quadplex - Four units near Mt. Lookout Square and other amenities.
Where is this quadplex located?
The property is located at 909 ELLISON AVE Cincinnati, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Consistent long‑term rental demand with strong income potential: Subject Average Effective Rent $1283/unit, Subject Pro Forma Rent $1450/unit, and additional $150/month from garages.; Prime location: Just 0.3 miles to Mt. Lookout Square, walkable to numerous parks, squares, and amenities.; Well‑maintained property: Maintained by the same owner since 1985 with updates including vinyl windows (2013) and Siemens electrical panels/copper wiring (1991).
