Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    421 Madison Ave Covington, KY 41011

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    9,000 SF, three-story building with parking in Covington, KY.

    Property size:
    9,000 SF
    Lot size:
    0.13 Acres

    Property Features for 421 Madison Ave

    General Information

    Size
    9,000 SF
    Lot size
    0.13 Acres

    We can help!

    Listing Contact
    Sudbrack Kron Commercial Real Estate Services
    Source: Moodyscre

    Listing Agent: Sudbrack Kron Commercial Real Estate Services

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

    Learn more

    Property Insight Report

    Overview

    Historic Morgan Building For Sale

    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.
    Property Profile Insight Report 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

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Kenton
    State
    Kentucky
    Longitude
    -84.511334
    Latitude
    39.086449

    Nearby Similar for Sale

    • $250,000
      Pending

      Retail Space in Latonia

      Retail property with high visibility and easy access.
      3912 Winston Ave, Covington, KY 41015
      View Details
    • $140,000
      2,051 SF

      Latonia Retail Space Available

      Neighborhood retail space in Latonia, KY, suitable for various businesses.
      4001 Decoursey Ave, Covington, KY 41015
      View Details
    • $115,000
      1,275 SF

      Covington Turn-Key Convenience Store

      Ready-to-operate convenience store in Covington's Latonia neighborhood.
      301 W 34Th St, Covington, KY 41015
      View Details
    • New
      $330,000
      2,240 SF

      Covington Duplex: Investment Opportunity

      Duplex in Fort Wright with updated unit and steady rental income.
      1222-1224 E Henry Clay Ave, Covington, KY 41011
      View Details
    • $550,000

      Covington Warehouse Space Available

      6,600 SF commercial warehouse in Covington, KY for sale.
      134 W 38Th St, Covington, KY 41015
      View Details
    • $349,900
      2,500 SF

      Commercial Condo in Fort Mitchell

      Commercial condo with flexible floor plan in Fort Mitchell, KY.
      2370 Grandview Dr, Covington, KY 41017
      View Details
    • New
      $329,000
      2,490 SF

      Covington Duplex: Investor Opportunity

      Well-maintained duplex near Mainstrasse Village, ideal for owner or investor.
      2010 Howell St, Covington, KY 41014
      View Details
    • $290,000
      0.06 Acres

      Latonia Commercial Property For Sale

      Prime commercial property in Northern Kentucky with high visibility.
      3726 Winston Ave, Latonia, KY 41015
      View Details
    • $540,000
      Pending

      Covington Multifamily Property with Garage

      Two-family property near Mainstrasse with garage and backyard.
      328 W 6Th St, Covington, KY 41011
      View Details
    • New
      $675,000
      3,186 SF

      Renovated Covington Triplex with Expansion

      Renovated triplex with expansion potential in Covington, Kentucky.
      501 Johnson St, Covington, KY 41011
      View Details
    • $240,000
      1,990 SF

      Versatile Commercial Property in Covington

      Adaptable commercial space suitable for office, retail, or redevelopment.
      3612 Caroline Ave, Covington, KY 41015
      View Details
    • $249,900
      1,500 SF

      Commercial Condo in Fort Mitchell

      Commercial condo space suitable for various business types.
      2370 Grandview Dr, Covington, KY 41017
      View Details

    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)
    (513) 271-2460 Call to check price and availability
    Request Owner's contact information
    421 Madison Ave Covington, KY 41011
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    421 Madison Ave
    Covington, KY 41011
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    421 Madison Ave Covington, KY 41011
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sudbrack Kron Commercial Real Estate Services
    (513) 271-2460
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!