For Sale
$3,725,000

1004 Greenup StCovington, KY 41011

33-unit rental portfolio, high occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a portfolio of 33 single-family rental homes located in Covington, Newport, and Dayton, Kentucky. The portfolio boasts a total of 36,356 square feet, with an average unit size of approximately 1,650 square feet. Currently operating at 100% occupancy, the portfolio generates a Net Operating Income (NOI) of $296,438, representing a 7.96% capitalization rate. A pro-forma NOI of $298,352 projects an 8.01% capitalization rate. The asking price is $3,725,000, translating to $112,879 per unit and $102.46 per square foot. The properties are strategically located within an 11-mile radius, offering convenient access to major highways I-471, I-275, and I-71/75, providing excellent connectivity to Cincinnati, Ohio. These desirable locations benefit from strong rental demand driven by a competitive housing market and significant job growth in Northern Kentucky and Cincinnati. The portfolio is currently managed by a third-party property management company. Detailed financial information is available upon request. This represents a compelling investment opportunity for both seasoned investors and those seeking a strong entry into the Northern Kentucky market. The properties are zoned residential. The average current monthly rent per unit is $1,122 (as of 2024). Approximately 40% of single-family homes in Covington are occupied by renters. A larger portfolio encompassing 55 properties and 94 units is also available for purchase.

Highlights

  • Average monthly rent: $1,122 per unit (2024).
  • High rental demand: Approximately 40% of Covington single-family homes are rentals.
  • Strong projected returns: 8.01% stabilized Year One pro forma cap rate.
  • Convenient location: All 33 properties are within an 11-mile radius.
  • Spacious units: Average unit size is 1,650 square feet.
  • Professional management: Third-party property management in place.

Property Details for 1004 Greenup St

Property type
Residential income homes
Square Feet
36,356 SF
Buildings
33
Units
33

Location Insight

City
Covington
County
Kenton
State
Kentucky
Latitude
39.0810243
Longitude
-84.5059918
1004 Greenup St, Covington, Kentucky

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1004 Greenup St
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