11-Unit Renovated Multifamily
For Sale
Contact for pricing
945 Dana Avenue, Cincinnati, OH 45229
Fully renovated 11-unit multifamily property with updated interiors, boiler heat, window AC, and about 20 on-site parking spaces.
Property Size11,533 SF
Price / SF$112.68
Days on Market127
Property Features for 945 Dana Avenue
General Information
Standard status
Active
Size
11,533 SF
Total Parking Spaces
20
Property subtype
Multifamily
Zoning
RMX
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$97,499
Building Details
Year Built
1900
Buildings
1
Units
20
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
Listed By:
Adam Curry · License #OH 2014003970
Source:
Crexi
Added: May 5
Changed: Aug 8
Last Checked: Jul 23 at 11:36AM
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 KW Commercial Keller Williams Advisor's Realty
Investment Insights
Based on property information with market context.
945 Dana Ave is a fully renovated 11-unit multifamily property. The unit mix includes eight two-bedroom units, two one-bedroom units, and one three-bedroom unit, with several units featuring flex dens that can function as additional bedrooms. Common areas have been updated with marble floors, new lighting fixtures, and freshly painted interiors and exteriors.
The building includes boiler heat and window AC units in the apartments and provides approximately 20 on-site parking spaces. The basement is presented as a potential value-add area for adding an additional unit.
Current operations include RUBS in place to help offset expenses and improve NOI. The apartment configurations support tenant flexibility through the flex den layouts, while the overall renovation scope reflects a detail-oriented approach to both interior and exterior improvements.
The building includes boiler heat and window AC units in the apartments and provides approximately 20 on-site parking spaces. The basement is presented as a potential value-add area for adding an additional unit.
Current operations include RUBS in place to help offset expenses and improve NOI. The apartment configurations support tenant flexibility through the flex den layouts, while the overall renovation scope reflects a detail-oriented approach to both interior and exterior improvements.
Key Highlights
- Fully renovated 11‑unit multifamily property (built 1900) in Cincinnati’s North Avondale neighborhood.
- Unit mix includes 8 two‑bedrooms, 2 one‑bedrooms, and 1 three‑bedroom unit.
- Common areas updated with marble floors, new lighting fixtures, and freshly painted interiors and exteriors.
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
$85,689
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
6.59%
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%
$1,713,780
$1.7M
Cap Rate 7%
$1,224,129
$1.2M
Cap Rate 9%
$952,100
$952.1K
Market Conditions
NOI Build-Up for 11,533 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
$164.7K $14.28/SF
− Vacancy
−$8.9K −$0.77/SF
EGI
$155.8K $13.51/SF
− OpEx
−$70.1K −$6.08/SF
NOI
$85.7K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,713,780
Cap Rate 7%
$1,224,129
Cap Rate 9%
$952,100
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,689 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.01M – $2.67M
NOI $160,482 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
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?
Apartment building - Fully renovated 11-unit multifamily property with updated interiors, boiler heat, window AC, and about 20 on-site parking spaces.
Where is this apartment building located?
The property is located at 945 Dana Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,299,500.
What are key features of this property?
This property features: Fully renovated 11‑unit multifamily property (built 1900) in Cincinnati’s North Avondale neighborhood.; Unit mix includes 8 two‑bedrooms, 2 one‑bedrooms, and 1 three‑bedroom unit.; Common areas updated with marble floors, new lighting fixtures, and freshly painted interiors and exteriors.
