508 Madison AveCovington, KY 41011

Property Details for 508 Madison Ave

Lot size

0.07 AC

Property size (Sq ft)

3,200 SF

Property type

Turn key restaurants

APN

054-23-05-025.00

APU

54230502500

Description

This exceptional mixed-use property at 508 Madison Avenue, Unit 508, Covington, KY, presents a unique investment opportunity. The building boasts a substantial 3200 square feet and sits on a 0.07-acre lot. The first floor is currently leased to a thriving Wabi Sabi Sushi bar, generating a monthly rental income of $2700. The bar's fixtures, including shelving, a hood system, security alarm, walk-in cooler, and outdoor patio seating, are all included in the sale. Two basement areas provide additional storage space, one of which is currently utilized by a tenant. The building features two rooftop air conditioning units, one recently installed, and a five-year-old rubber roof. Two assigned parking spaces are located at the rear of the building. The second floor has been gutted down to the studs, offering significant potential for redevelopment. Water and electric service are already in place. However, the second floor will require a complete rehabilitation. This property is located in a historic district and is being sold "as-is." Potential buyers are responsible for verifying all permitted uses and any applicable restrictions. Please note that the liquor license is not included in the sale. The asking price for this promising investment is $540,000.

• CAP approach

  CAP return

  Valuation

  6%

  $404,823

  6.5%

  $373,683

  7%

  $346,992

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,001,468

  Geo Method

  $1,001,468

• Alternative Use

  Use

  Valuation

  Residential

  $315,216

  Hospitality

  $288,736

  Educational

  $240,225

  Medical

  $248,487

  Retail

  $373,683

Location Insight

City

Covington

County

Kenton

State

Kentucky

Latitude

39.0857

Longitude

-84.5103

CBSA code

17140

CBSA name

CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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