Historic Morgan Building For
421 Madison Ave Covington, KY
421 Madison Ave, Covington, KY, 00000
Contact for pricing
For Sale
Contact for pricing
9,000 SF, three-story building with parking in Covington, KY.
Property Size9,000 SF
Lot Size0.13 Acres
Price / SF$109.89
Days on Market481
Property Features for 421 Madison Ave
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Lot size
- 0.13 Acres
- Property subtype
- OFFICE
Properties For Sale
at 421 Madison Ave Contact us
Listing Agency
Sudbrack | Kron Commercial Real Estate Services
(513) 271-2460
Listed by
Sudbrack | Kron Commercial Real Estate Services
(513) 271-2460
Source
Moodyscre
Added: Mar 26, 2025 Checked: Jul 19 at 5:01 am
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 Sudbrack | Kron Commercial Real Estate Services
Investment Insights
Based on property information with market context.
Constructed in 1904, the Morgan Building is a 9,000 square foot, three-story structure situated within an opportunity zone. The property includes 10 surface parking spaces, with an additional 10 spaces available on the adjacent parcel. Each floor features separate utilities and secured keyed access, accommodating potential leasing to multiple businesses. The floor plans vary and include private offices, reception areas, conference rooms, and kitchenettes.
Key Highlights
- Located in an opportunity zone
- 9,000 SF 3‑story building
- 20 total surface parking spaces (10 on‑site, 10 on neighboring parcel)
Local Financial Insights For Industrial
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 | $70.2k | $7.80 |
| − Vacancy | −$4.1k | −$0.45 |
| EGI | $66.1k | $7.35 |
| − OpEx | −$19.8k | −$2.20 |
| NOI | $46.3k | $5.14 |
9,000 SF · lease $7.80/SF/yr · vacancy 5.80% · expense 30.00%
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,414 @ 7.0% cap · market cap 11.87%
Second Best
Retail
$1.39M
$1.22M – $1.63M
NOI $97,565 @ 7.0% cap · market cap 9.87%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,639 @ 7.0% cap · market cap 16.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Daniel T. Guidugli
Law Firm
Morgan & Smith
Law Firm
Porter Jack L
Law Firm
Ky Post News ...
Publishing House
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FAQs
What type of property is this?
Office building - 9,000 SF, three-story building with parking in Covington, KY.
Where is this office building located?
The property is located at 421 Madison Ave Covington, KY.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Located in an opportunity zone; **9,000 SF 3‑story building**; 20 total surface parking spaces (10 on‑site, 10 on neighboring parcel)
