For Sale · Eight Units · Hamilton County
Montgomery Road
Apartments
5207 & 5211 Montgomery Road · Norwood, Ohio 45212
Listed by Keller Williams Seven Hills Realty
Two adjacent, heavily renovated fourplexes on the Montgomery Road corridor. Separate parcels and separate financing mean a buyer can acquire one building or both.
| Address | 5207 & 5211 Montgomery Rd |
| City / County | Norwood, OH 45212 · Hamilton |
| Number of Units | 8 |
| Unit Mix | 4 × 1BR/1BA · 4 × 2BR/1BA |
| Net Rentable Area | 5,660 SF |
| Gross Building Area | 9,978 SF |
| Lot Size | 0.503 acres |
| Zoning | 401, Apartment 4-19 Units |
| Gross Scheduled Income | $95,280 |
| Net Operating Income | $52,572 |
Stabilized pro forma at market rents. Full line-item detail, the October 1, 2026 rent roll and assumptions are in the offering memorandum.
| Line Item | 5207 | 5211 | Combined |
|---|---|---|---|
| Gross Scheduled Income | $43,200 | $52,080 | $95,280 |
| Vacancy & Credit Loss (5%) | ($2,160) | ($2,604) | ($4,764) |
| Effective Gross Income | $41,040 | $49,476 | $90,516 |
| Real Estate Taxes | $5,076 | $5,416 | $10,492 |
| Insurance | $1,362 | $1,480 | $2,842 |
| Water, Sewer, Trash | $2,256 | $2,444 | $4,700 |
| All Other Operating | $9,354 | $10,557 | $19,910 |
| Total Operating Expenses | $18,048 | $19,897 | $37,944 |
| Net Operating Income | $22,992 | $29,579 | $52,572 |
Operating expenses represent 41.9% of effective gross income. Tenants pay heat and electric through individual furnaces and meters.
| 25% Down · 6.25% · 30-Yr | 5207 | 5211 | Combined |
|---|---|---|---|
| Offering Price | $345,000 | $355,000 | $700,000 |
| Down Payment | $86,250 | $88,750 | $175,000 |
| Loan Amount | $258,750 | $266,250 | $525,000 |
| Annual Debt Service | $19,118 | $19,672 | $38,790 |
| Pre-Tax Cash Flow | $3,874 | $9,907 | $13,781 |
| Debt Coverage Ratio | 1.20× | 1.50× | 1.36× |
| Cap Rate | 6.66% | 8.33% | 7.51% |
| Cash-on-Cash Return | 4.49% | 11.16% | 7.88% |
Financing terms shown are illustrative and do not constitute a commitment to lend.
Asking rents at both buildings fall under the apartment survey median, HUD Fair Market Rent, the comparable set, and the CMHA payment standard. All benchmarks are filtered to apartment units only, within 1.5 miles.
Source: Rentometer submarket survey, apartment units only, 365-day lookback, pulled September 2026. Comparable sets exclude single-family and townhouse rentals and are selected to match the subject floorplates. Estimates of market rent do not mean rents can be established at that level.
Both buildings have been heavily remodeled over the past three years: LVP flooring throughout, updated kitchens and baths, new appliances, and full electrical rewiring at 5211.
Norwood sits fifteen minutes from downtown Cincinnati and is the second most populous city in Hamilton County. Central to its transformation is Factory 52, the redevelopment of the former United States Playing Card Company factory into a mixed-use district of housing, retail and entertainment.
Xavier University anchors the eastern edge of the submarket. Rookwood Commons & Pavilion sits minutes away, and the $100 million Oakley Yards development on the Norwood and Oakley border will add more than 600 residential units, a public park and a clubhouse.
Cincinnati hosts eight Fortune 500 headquarters: Kroger, Procter & Gamble, GE Aerospace, Fifth Third Bancorp, American Financial Group, Western & Southern Financial Group, Cintas and Cincinnati Financial. That concentration gives the region a diversified employment base for its size.
The subject sits directly on the Montgomery Road corridor, seconds from the Norwood Lateral, with immediate access to Hyde Park, Oakley and Interstate 71.
Twelve pages: rent roll, line-item pro forma, apartment rent comparables, sales comparables, capital improvements and market detail.
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