532 Rockdale Ave, Cincinnati, OH 45229-2992

532 Rockdale Ave is a 12-unit multifamily asset in Cincinnati’s Uptown / Avondale rental corridor, offered at $1,150,000, or $95,833 per unit. Built in 1955 and totaling 7,950 SF, the property provides in-place income, a two-bedroom-heavy unit mix, and a clear path to NOI growth through lease-up, rent alignment, and ancillary income.

The physical profile supports the investment case. 10 of 12 units are two-bed / one-bath layouts, giving the property a desirable unit mix for renters seeking affordable space near Cincinnati’s medical, university, and employment anchors. The building also offers a simple operating profile with on-site laundry, rentable storage, potential parking income, and minimal landscaping requirements.

The rent roll creates the clearest upside. Three two-bedroom units have shown history of achieving $1,300+/month, while seven two-bedroom units remain in the $830–$1,080/month range. Current scheduled rent is $11,158/month, while market rent is shown at $14,500/month, creating $3,342/month and $40,104/year of gross rental upside.

The business plan is straightforward: preserve occupancy, lease the vacant two-bedroom unit, complete selective turns as units naturally roll, move under-market rents closer to proven levels, and layer in ancillary income where practical. This is not a heavy reposition. The opportunity is driven by rent alignment, operational discipline, and small NOI improvements that matter at this scale.

At the current 7.83% cap rate, every $10,000 of added NOI supports $127,714 in implied value. Laundry optimization, storage fees, utility reimbursement, parking income, and tighter maintenance control can become meaningful value drivers on a 12-unit asset.

The location strengthens the long-term hold thesis. Rockdale sits near UC, UC Medical Center, Cincinnati Children’s Hospital Medical Center, Xavier University, Cincinnati State, the Cincinnati Zoo, Burnet Woods, and the broader Uptown Cincinnati corridor. This creates a broad renter pool of hospital workers, medical students, residents, university staff, students, young professionals, and renters seeking access to Cincinnati’s core employment and lifestyle drivers.

The core thesis is simple: acquire a stabilized Cincinnati 12-unit, lease the vacancy, capture proven two-bedroom rent upside, improve NOI through ancillary income and tighter operations, and create optionality through cash flow, refinance, or a future sale after the income profile is seasoned.