428-430 Elizabeth St - Apartments FOR SALE


Cincinnati, OH 45203- West End
$850,000 USD
513-317-6986
428-430 Elizabeth St, Cincinnati, OH for Sale
$850,000 USD
Apartments - FOR SALE
1/85
null | 8.07% Cap Rate

428-430 Elizabeth St
Cincinnati, OH 45203
West End


HIGHLIGHTS

  • Amazing location downtown, very walkable yet quieter than central downtown.
  • Off street parking included and an extra lot currently used as a yard.
  • The apartments have upside potential to add rental income and additional value to the property.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$850,000 USD

PRICE/SF

$195 USD /SF

# OF UNITS

4

PRICE/UNIT

$212,500

CAP RATE

8.07%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1875

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.09 AC

LAND SF

3,920 SF

ZONING

RM-1.2

APN/PARCEL ID

134-0005-0317,134-0005-0318

ASK ABOUT THIS PROPERTY

Gillian Meadows BarnesKeller Williams Advisors RealtyMore Info
513-317-6986

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Gillian Meadows BarnesKeller Williams Advisors RealtyMore Info
513-317-6986

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.