Corner 4-Unit Residential
1039 Lee Street Covington, KY 41011
1039 Lee Street, Covington, KY, 41011
$699,900
For Sale
$699,900
Fully occupied 4-unit building features two 2-bedroom units and two efficiency units, each with updated finishes.
Property Size3,438 SF
Price / SF$203.58
Days on Market118
Property Features for 1039 Lee Street
General Information
- Standard status
- Active
- Size
- 3,438 SF
- Property subtype
- Multi Family / Multi Family
Listing agency
Pivot Realty Group
(859) 578-8111
Listed by
Katie Robbins
(859) 578-8111
Source
Compass
Added: Mar 27 Updated: Jul 22 at 4:35AM Checked: Jul 22 at 4:35AM
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 Pivot Realty Group
Investment Insights
Based on property information with market context.
1039 Lee Street is a fully occupied 4-unit residential income property on a corner lot. The unit mix includes two spacious 2-bedroom, 1.5-bath units and two efficiency units, each with a full bath. Updates are present throughout the building, including restored flooring, exposed brick, and updated finishes.
Each unit is supported by separate utilities and includes in-unit laundry, which can simplify day-to-day management. Outside, the property offers a fenced courtyard for shared outdoor space and includes two off-street parking spots.
The combination of a defined unit mix, in-unit laundry, separate utilities, and maintained shared outdoor space supports an investor-friendly configuration for a turnkey, income-producing asset.
Each unit is supported by separate utilities and includes in-unit laundry, which can simplify day-to-day management. Outside, the property offers a fenced courtyard for shared outdoor space and includes two off-street parking spots.
The combination of a defined unit mix, in-unit laundry, separate utilities, and maintained shared outdoor space supports an investor-friendly configuration for a turnkey, income-producing asset.
Key Highlights
- Fully occupied 4‑unit investment property on a corner lot in Covington
- Unit mix: two 2‑bedroom, 1.5‑bath units plus two efficiency units, each with a full bath
- Each unit has in‑unit laundry and separate utilities for tenant convenience and management ease
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.4k | $13.80 |
| − Vacancy | −$3.4k | −$0.98 |
| EGI | $44.1k | $12.82 |
| − OpEx | −$13.2k | −$3.85 |
| NOI | $30.8k | $8.97 |
3,438 SF · lease $13.80/SF/yr · vacancy 7.12% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$440.7K
$385.6K – $514.1K
NOI $30,846 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$392.8K
$343.7K – $458.3K
NOI $27,496 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$887.5K
$776.6K – $1.04M
NOI $62,128 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully occupied 4-unit building features two 2-bedroom units and two efficiency units, each with updated finishes.
Where is this quadplex located?
The property is located at 1039 Lee Street Covington, KY.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Fully occupied 4‑unit investment property on a corner lot in Covington; Unit mix: two 2‑bedroom, 1.5‑bath units plus two efficiency units, each with a full bath; Each unit has in‑unit laundry and separate utilities for tenant convenience and management ease
