Norwood Multifamily Investment
For Sale
Contact for pricing
Norwood Avenue, Norwood, OH 45212
12-unit multifamily property in Norwood with value-add potential.
Property Size11,322 SF
Price / SF$97.16
Days on Market105
Property Features for Norwood Avenue
General Information
Standard status
Active
Size
11,322 SF
Property subtype
Multifamily
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Keller Williams Seven Hills
Listed By:
Tony Jenkins · License #2001015864
Source:
Crexi
Added: May 21
Changed: Aug 8
Last Checked: Jul 30 at 1:56PM
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 Keller Williams Seven Hills
Investment Insights
Based on property information with market context.
This 12-unit multifamily property is located in Norwood, just off the lateral. The unit mix comprises eleven 1-bedroom units and one 2-bedroom unit. There is a potential equity increase opportunity by converting 1-bedroom units into 2-bedroom units. Several improvements have been made to the property, including a rubber roof installed in 2021 and a boiler replacement in 2016. Coin laundry is available. All new gas stoves have been installed within the last 4 years. Windows and exterior paint were updated in 2020. The units were remodeled in 2021, including new cabinets, granite countertops, flooring, vanities, and toilets. The landlord is responsible for water and heat expenses. The property size is 11,322 square feet.
Key Highlights
- Income‑generating 12‑unit apartment building.
- Opportunity to increase equity by converting 1‑bedroom units into 2‑bedroom units.
- Recent renovations in 2021 including cabinets, granite countertops, flooring, vanities, and toilets.
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
$97,740
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
8.89%
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%
$1,954,800
$2.0M
Cap Rate 7%
$1,396,286
$1.4M
Cap Rate 9%
$1,086,000
$1.1M
Market Conditions
NOI Build-Up for 11,322 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
$188.9K $16.68/SF
− Vacancy
−$11.1K −$0.98/SF
EGI
$177.7K $15.70/SF
− OpEx
−$80.0K −$7.06/SF
NOI
$97.7K $8.63/SF
Area
Hamilton County, OH
Vacancy
5.90%
Lease Rate
$16.68 /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%
$1,954,800
Cap Rate 7%
$1,396,286
Cap Rate 9%
$1,086,000
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,740 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,087 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 45212, OH
21,885
Population
11,027
Households
2
Avg Household Size
33
Median Age
38%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,915
Density / Sq Mi
$63,698
Median Household Income
$43,413
Median Earnings
$932
Median Rent
$229,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit multifamily property in Norwood with value-add potential.
Where is this apartment building located?
The property is located at Norwood Avenue Norwood, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Income‑generating 12‑unit apartment building.; Opportunity to increase equity by converting 1‑bedroom units into 2‑bedroom units.; Recent renovations in 2021 including cabinets, granite countertops, flooring, vanities, and toilets.
