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428-430 Elizabeth St 10 Unit Apartment Building $850,000 ($85,000/Unit) 8.07% Cap Rate Cincinnati, OH 45203
Investment Highlights
- Amazing location downtown, very walkable yet quieter than central downtown.
- The apartments have upside potential to add rental income and additional value to the property.
- Off street parking included and an extra lot currently used as a yard.
Executive Summary
Historic Italianate brick multi-family located in the vibrant Betts-Longworth District of Cincinnati’s sought-after Over-the-Rhine. This fully leased asset blends classic architectural character with strong in-place income and clear pathways for future value creation.
One unit has been recently updated and stands out with its own private yard—an increasingly rare amenity in this urban setting—positioning it as an ideal owner’s suite or a premium short-term rental opportunity. The remaining units are well-maintained and comfortable in their current condition, allowing for immediate cash flow, while also presenting a strategic value-add component. Thoughtful cosmetic upgrades over time—such as kitchens, baths, and finishes—could support meaningful rent increases and align the property with the strong demand and upward rental trends seen throughout the surrounding neighborhood.
The inclusion of five off-street parking spaces is a significant competitive advantage, enhancing tenant retention and rental desirability in an area where parking is at a premium.Additionally, the sale includes a separate vacant lot, creating a rare and compelling opportunity for expansion or new development (buyer to verify zoning and buildability). Whether utilized for additional residential units, an ancillary structure, or held for future appreciation, this extra parcel introduces a layer of long-term upside that is increasingly difficult to find in this urban core.
With stable occupancy, proven income, and multiple avenues to drive increased revenue—through unit upgrades, optimized rents, or potential ground-up development—this property offers both immediate performance and scalable investment potential in one of Cincinnati’s most dynamic and evolving neighborhoods.
One unit has been recently updated and stands out with its own private yard—an increasingly rare amenity in this urban setting—positioning it as an ideal owner’s suite or a premium short-term rental opportunity. The remaining units are well-maintained and comfortable in their current condition, allowing for immediate cash flow, while also presenting a strategic value-add component. Thoughtful cosmetic upgrades over time—such as kitchens, baths, and finishes—could support meaningful rent increases and align the property with the strong demand and upward rental trends seen throughout the surrounding neighborhood.
The inclusion of five off-street parking spaces is a significant competitive advantage, enhancing tenant retention and rental desirability in an area where parking is at a premium.Additionally, the sale includes a separate vacant lot, creating a rare and compelling opportunity for expansion or new development (buyer to verify zoning and buildability). Whether utilized for additional residential units, an ancillary structure, or held for future appreciation, this extra parcel introduces a layer of long-term upside that is increasingly difficult to find in this urban core.
With stable occupancy, proven income, and multiple avenues to drive increased revenue—through unit upgrades, optimized rents, or potential ground-up development—this property offers both immediate performance and scalable investment potential in one of Cincinnati’s most dynamic and evolving neighborhoods.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$67,560
|
$15.50
|
| Other Income |
$1,020
|
$0.23
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$68,580
|
$15.73
|
| Taxes |
$3,757
|
$0.86
|
| Operating Expenses |
$5,220
|
$1.20
|
| Total Expenses |
$8,977
|
$2.06
|
| Net Operating Income |
$59,603
|
$13.67
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $67,560 |
| Annual Per SF | $15.50 |
| Other Income | |
|---|---|
| Annual | $1,020 |
| Annual Per SF | $0.23 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $68,580 |
| Annual Per SF | $15.73 |
| Taxes | |
|---|---|
| Annual | $3,757 |
| Annual Per SF | $0.86 |
| Operating Expenses | |
|---|---|
| Annual | $5,220 |
| Annual Per SF | $1.20 |
| Total Expenses | |
|---|---|
| Annual | $8,977 |
| Annual Per SF | $2.06 |
| Net Operating Income | |
|---|---|
| Annual | $59,603 |
| Annual Per SF | $13.67 |
Property Facts
| Price | $850,000 | Building Class | C |
| Price Per Unit | $85,000 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 4,359 SF |
| Cap Rate | 8.07% | No. Stories | 3 |
| No. Units | 10 | Year Built | 1875 |
| Property Type | Multifamily | Parking Ratio | 0.92/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | RM-1.2 | ||
| Price | $850,000 |
| Price Per Unit | $85,000 |
| Sale Type | Investment |
| Cap Rate | 8.07% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 4,359 SF |
| No. Stories | 3 |
| Year Built | 1875 |
| Parking Ratio | 0.92/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-1.2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Yard
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,730 | 826 |
| 1+1 | 2 | $1,300 | 725 |
| 2+1 | 3 | $1,375 | 826 |
| 1+1 | 4 | $1,225 | 611 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $46,358 (2025) | |
| Land Assessment | $4,669 (2025) | Annual Taxes | $3,757 ($0.86/SF) |
| Improvements Assessment | $41,689 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$4,669 (2025)
Improvements Assessment
$41,689 (2025)
Total Assessment
$46,358 (2025)
Annual Taxes
$3,757 ($0.86/SF)
Tax Year
2026
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428-430 Elizabeth St
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