113 30Th StCovington, KY 41015

Property Details for 113 30Th St

Property size (Sq ft)

53,915 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a diverse portfolio of 22 multifamily properties situated in Covington, Newport, and Dayton, Kentucky. The portfolio comprises 61 units across 11 duplexes, 7 triplexes, 2 four-plexes, and 2 five-plexes, totaling 53,915 square feet. Currently boasting 97% occupancy, the portfolio generates a Net Operating Income (NOI) of $370,675, with a projected pro-forma NOI of $428,531, representing an 8.52% current cap rate and a projected 9.85% pro-forma cap rate. The asking price is $4,350,000, translating to $80.68 per square foot. All properties are within approximately 11 miles of each other and are currently managed by a third-party service. The average unit size is approximately 2,450 square feet, with an average monthly rent of $849.40 (as of 2024). These properties benefit from their prime locations, offering excellent access to Cincinnati, OH via major highways (I-471, I-275, and I-71/75). The strong renter community, fueled by a competitive housing market and significant job growth in Northern Kentucky and Cincinnati, ensures stable rental income and reduced vacancy risk. The area's thriving economy, driven by employers in logistics, manufacturing, healthcare, and technology, further enhances the investment potential. This portfolio offers significant upside potential through renovations and strategic property management, making it an attractive investment for both seasoned investors and those seeking a strong market entry point. Detailed financial information is available upon request. The properties are zoned for residential use.

Location Insight

City

Covington

County

Kenton

State

Kentucky

Latitude

39.0544

Longitude

-84.5015

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