Two-Story Commercial Investment Opportunity

508 Madison Avenue, Covington, KY 41011

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For Sale

$540,000

Two-story commercial property with first-floor restaurant and rehab potential.

Type:Mixed Use

Property size:

3,200 SF

Price / SF:

$168/SF

HighLights

First floor currently rented to established sushi bar generating $2700/month income
Includes sushi bar equipment: bar, shelving, hood, walk‑in cooler, and alarm system
Located in a historic district
Features an outdoor patio/seating area
Includes two assigned rear parking spots
Second floor gutted to studs with water and electric, ready for complete renovation

We can help!

Listing Contact

Ed Ferrall

For Sale

$540,000

Two-story commercial property with first-floor restaurant and rehab potential.

Type:Mixed Use

Property size:

3,200 SF

Price / SF:

$168/SF

Added:: Sep 3, 2024
Days on Market:: 646
Last Refresh:: May 12 at 9:51 pm

Property Features for 508 Madison Avenue

General Information

Standard status: Active
Size: 3,200 SF
Property subtype: Mixed Use

We can help!

Listing Contact

Ed Ferrall

Listing agent Ed Ferrall

Listing office Comey & Shepherd, REALTORS

Listing date Sep 3, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Comey & Shepherd, REALTORS

HighLights

First floor currently rented to established sushi bar generating $2700/month income
Includes sushi bar equipment: bar, shelving, hood, walk‑in cooler, and alarm system
Located in a historic district
Features an outdoor patio/seating area
Includes two assigned rear parking spots
Second floor gutted to studs with water and electric, ready for complete renovation

Overview

This is a 3,200 square foot, two-story brick commercial property, presenting an investment opportunity. The first floor is currently rented to Wabi Sabi Sushi bar, with a current rent of $2,700 per month. The first floor includes a bar, back shelving, hood, alarm system, outside patio/seating area, and a walk-in cooler. There are two basement areas, one of which is used for tenant storage. The property features two assigned rear parking spots. The roof is rubber and is 5 years old. There are two rooftop A/Cs, one of which is new. The second floor has been gutted to the studs and requires complete rehabilitation, but it does have water and electric. The property is located in a historic district and is being sold AS-IS. The buyer is responsible for verifying all uses and restrictions. Note that no liquor license is included with the property.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$52.6k	$16.44
− Vacancy	−$1.7k	−$0.54
EGI	$50.9k	$15.90
− OpEx	−$12.7k	−$3.98
NOI	$38.2k	$11.93

3,200 SF · lease $16.44/SF/yr · vacancy 3.28% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$545.2K

$477.0K – $636.0K (±1% cap)

NOI $38,162 @ 7.0% cap · market cap 7.07%

Second Best

Mixed Use

$473.1K

$414.0K – $552.0K (±1% cap)

NOI $33,120 @ 7.0% cap · market cap 6.13%

Theoretical Best

Office A

$826.1K

$722.8K – $963.8K (±1% cap)

NOI $57,827 @ 7.0% cap · market cap 10.71%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Wabi Sabi Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: Covington
County: Kenton
State: Kentucky
Longitude: -84.510451
Latitude: 39.085696

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For sale
Mixed-use properties
KY
Covington
41011
508 Madison Avenue Unit 508

What type of property is this?

Mixed-use property - Two-story commercial property with first-floor restaurant and rehab potential.

Where is this mixed-use property located?

The property is located at 508 Madison Avenue Covington, KY.

What is the asking price?

The asking price for this property is $540,000.

What are key features of this property?

This property features: First floor currently rented to established sushi bar generating $2700/month income; Includes sushi bar equipment: bar, shelving, hood, walk‑in cooler, and alarm system; Located in a historic district