Apartment Building With Ground-Floor
For Sale
Contact for pricing
Queen City Avenue 1, Cincinnati, OH 45214
Six residential units plus ground-floor commercial space, supported by 2024 furnace updates.
Property Size4,924 SF
Price / SF$116.77
Days on Market149
Property Features for Queen City Avenue 1
General Information
Standard status
Active
Size
4,924 SF
Property subtype
Multifamily
Net Operating Income
$52,188
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Keller Williams Seven Hills
(513) 592-9454
Listed By:
Jahmar Daniels · License #2014003211
Source:
Crexi
Added: Mar 27
Changed: Aug 21
Last Checked: Aug 21 at 10:45AM
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 multifamily apartment building includes five 1-bedroom units and one spacious 3-bedroom unit. The first floor offers an opportunity for retail or mixed-use commercial space. Mechanical updates include furnaces replaced or updated in 2024. The 3-bedroom unit requires a sprinkler system installation, estimated at approximately $60,000, which should be factored into planning and timelines.
Located in Cincinnati, Ohio (45214), the property’s configuration supports both residential living and a commercial component on the first floor. That mixed setup can appeal to buyers seeking to operate or reposition the asset with multiple income streams in mind, while also keeping the day-to-day scope anchored to a single building.
For investors and owner-operators, the unit mix provides variety between 1-bedroom and larger 3-bedroom demand profiles, while the ground-floor space creates flexibility for retail use or a combined residential and commercial strategy. Buyers should review the sprinkler requirement for the 3-bedroom unit and confirm scope and scheduling as part of underwriting. Overall, it’s a single-property format that pairs apartments with a first-floor commercial opportunity.
Located in Cincinnati, Ohio (45214), the property’s configuration supports both residential living and a commercial component on the first floor. That mixed setup can appeal to buyers seeking to operate or reposition the asset with multiple income streams in mind, while also keeping the day-to-day scope anchored to a single building.
For investors and owner-operators, the unit mix provides variety between 1-bedroom and larger 3-bedroom demand profiles, while the ground-floor space creates flexibility for retail use or a combined residential and commercial strategy. Buyers should review the sprinkler requirement for the 3-bedroom unit and confirm scope and scheduling as part of underwriting. Overall, it’s a single-property format that pairs apartments with a first-floor commercial opportunity.
Key Highlights
- Multi‑unit property with five 1‑bedroom units and one 3‑bedroom unit
- Includes ground‑floor commercial space that could support retail or mixed‑use use
- Updated furnaces installed in 2024
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
$36,585
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
6.36%
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%
$731,700
$731.7K
Cap Rate 7%
$522,643
$522.6K
Cap Rate 9%
$406,500
$406.5K
Market Conditions
NOI Build-Up for 4,924 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
$70.3K $14.28/SF
− Vacancy
−$3.8K −$0.77/SF
EGI
$66.5K $13.51/SF
− OpEx
−$29.9K −$6.08/SF
NOI
$36.6K $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%
$731,700
Cap Rate 7%
$522,643
Cap Rate 9%
$406,500
Alternative Uses
Best Use
Apartment 5plus
$522.6K
$457.3K – $609.8K
NOI $36,585 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$978.8K
$856.5K – $1.14M
NOI $68,517 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 45214, OH
8,901
Population
5,028
Households
1.8
Avg Household Size
32
Median Age
23%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,297
Density / Sq Mi
$26,348
Median Household Income
$27,243
Median Earnings
$762
Median Rent
$102,000
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 - Six residential units plus ground-floor commercial space, supported by 2024 furnace updates.
Where is this apartment building located?
The property is located at Queen City Avenue 1 Cincinnati, OH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Multi‑unit property with five 1‑bedroom units and one 3‑bedroom unit; Includes ground‑floor commercial space that could support retail or mixed‑use use; Updated furnaces installed in 2024
