Block Construction
For Sale
$525,000
134 W 38th Street, Covington, KY 41015
Commercial Sale, Covington, KY
Property Size6,600 SF
Price / SF$79.55
Days on Market398
Property Features for 134 W 38th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Directions
Winston Ave to 38th St.
Subdivision
K03 - Kentonvale/Latonia
Standard status
Active
APN
000000000
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Building materials
Block
Roof type
Built-Up
Listing Agency:
eXp Realty, LLC
(859) 795-7995
Listed By:
Caldwell Group
(859) 780-5511
Added: Jul 22, 2025
Changed: Aug 21
Last Checked: Aug 23 at 9:06AM
MLS# 634570
Copyright © 2026 Northern Kentucky MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,600-square-foot warehouse is designed for commercial operations, storage, or distribution. The building was constructed in 1957 with block materials and has a built-up roof, natural gas heating, and water available through the public system. Public sewer service is also provided.
The property is located at 134 W 38th Street in Covington, Kentucky. Its position is described as offering access to major transportation routes and the Greater Cincinnati area, supporting regional commercial use. The building’s existing utility connections and warehouse configuration provide a straightforward base for ongoing operations, storage, or distribution activities.
The property is located at 134 W 38th Street in Covington, Kentucky. Its position is described as offering access to major transportation routes and the Greater Cincinnati area, supporting regional commercial use. The building’s existing utility connections and warehouse configuration provide a straightforward base for ongoing operations, storage, or distribution activities.
Key Highlights
- 6,600‑square‑foot warehouse
- Block construction with a built‑up roof
- Constructed in 1957
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,763
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$755,260
$755.3K
Cap Rate 7%
$539,471
$539.5K
Cap Rate 9%
$419,589
$419.6K
Market Conditions
NOI Build-Up for 6,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.5K $7.80/SF
− Vacancy
−$7.1K −$1.07/SF
EGI
$44.4K $6.73/SF
− OpEx
−$6.7K −$1.01/SF
NOI
$37.8K $5.72/SF
Area
Kenton County, KY
Vacancy
13.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$755,260
Cap Rate 7%
$539,471
Cap Rate 9%
$419,589
Alternative Uses
Best Use
Warehouse
$539.5K
$472.0K – $629.4K
NOI $37,763 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,269 @ 7.0% cap · market cap 22.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 41015, KY
21,599
Population
9,135
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
25.4 sq mi
ZIP Area
850
Density / Sq Mi
$63,783
Median Household Income
$44,740
Median Earnings
$857
Median Rent
$176,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Block construction warehouse with public water and sewer service.
Where is this warehouse located?
The property is located at 134 W 38th Street Covington, KY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 6,600‑square‑foot warehouse; Block construction with a built‑up roof; Constructed in 1957
