1004 Greenup StCovington, KY 41011

Property Details for 1004 Greenup St

Property size (Sq ft)

36,356 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Covington

County

Kenton

State

Kentucky

Latitude

39.081

Longitude

-84.506

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