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161 E McMicken Ave
Cincinnati, OH 45202
Multifamily Property For Sale
·
6 Units
Executive Summary
161 E McMicken Ave is a fully renovated, turnkey 6-unit multifamily property in Cincinnati's Over-the-Rhine — with a City of Cincinnati tax abatement through 2032 keeping annual taxes at just $1,679. Featuring 3 one-bedroom units and 3 studios, the property sits steps from the neighborhood's best dining, retail, and entertainment.
The building underwent a complete gut renovation six years ago — including updated plumbing and electrical — resulting in modern, move-in ready interiors with no deferred maintenance. Each unit features updated interiors, separate HVAC, and in-unit laundry. The property has a hardwired internet system charged back to tenants for added income, along with an installed security camera system. Two units include internal staircases, and tenants use the rear parking lot connected to 161 Mcmicken. This is a rare commodity for tenants in OTR.
The property is offered at a 7.2% cap rate with $8,205 in current monthly rents and zero deferred maintenance. Value-add upside remains through rent growth as the abatement period matures and the surrounding submarket continues to strengthen.
The building underwent a complete gut renovation six years ago — including updated plumbing and electrical — resulting in modern, move-in ready interiors with no deferred maintenance. Each unit features updated interiors, separate HVAC, and in-unit laundry. The property has a hardwired internet system charged back to tenants for added income, along with an installed security camera system. Two units include internal staircases, and tenants use the rear parking lot connected to 161 Mcmicken. This is a rare commodity for tenants in OTR.
The property is offered at a 7.2% cap rate with $8,205 in current monthly rents and zero deferred maintenance. Value-add upside remains through rent growth as the abatement period matures and the surrounding submarket continues to strengthen.
Property Facts Under Contract
| Price Per Unit | $155,833 | Lot Size | 0.04 AC |
| Sale Type | Investment | Building Size | 4,864 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1885/2020 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | RM | ||
| Price Per Unit | $155,833 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 4,864 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1885/2020 |
| Opportunity Zone |
Yes |
| Zoning | RM |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 500 |
| 1+1 | 3 | - | 750 - 1,275 |
Property Taxes
| Parcel Number | 094-0007-0184 | Improvements Assessment | $95,067 |
| Land Assessment | $10,196 | Total Assessment | $105,263 |
Property Taxes
Parcel Number
094-0007-0184
Land Assessment
$10,196
Improvements Assessment
$95,067
Total Assessment
$105,263
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