Two-Unit
For Sale
$149,900
Pending
122 West 32nd Street, Covington, KY 41015
Income-producing residential property with separate living units, insulated windows, and electric range equipment.
Property Size1,219 SF
Days on Market180
Property Features for 122 West 32nd Street
General Information
Standard status
Pending
Size
1,219 SF
Property subtype
Multi Family / Multi Family
Additional Details
Gross Income
$25,140
Multifamily Units
2
Amenities
Central Air, Wall Unit(s)
Forced Air
3
No
Electric Range
Yes
Insulated Windows
Shingle
Building Details
Buildings
1
Listing Agency:
Huff Realty - Ft. Mitchell
Listed By:
Vicky McIntosh · License #286176
(606) 359-4988
Source:
Compass
Added: Mar 16
Changed: Sep 10
Last Checked: Sep 11 at 11:19AM
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 Huff Realty - Ft. Mitchell
Investment Insights
Based on property information with market context.
This 1,219-square-foot duplex contains two separate residential units with functional living areas and an established rental history. Interior features include central air, wall units, forced air, an electric range, and insulated windows. The exterior is finished with shingle siding.
Located at 122 West 32nd Street in Covington, Kentucky, the property is configured for residential income use. The two-unit layout provides distinct living spaces within one building, supporting a straightforward duplex ownership structure.
Located at 122 West 32nd Street in Covington, Kentucky, the property is configured for residential income use. The two-unit layout provides distinct living spaces within one building, supporting a straightforward duplex ownership structure.
Key Highlights
- Two separate residential units within one duplex
- 1,219 square feet of property size
- Central air, wall units, and forced air
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
$10,937
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
7.30%
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%
$218,740
$218.7K
Cap Rate 7%
$156,243
$156.2K
Cap Rate 9%
$121,522
$121.5K
Market Conditions
NOI Build-Up for 1,219 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
$16.8K $13.80/SF
− Vacancy
−$1.2K −$0.98/SF
EGI
$15.6K $12.82/SF
− OpEx
−$4.7K −$3.85/SF
NOI
$10.9K $8.97/SF
Area
Kenton County, KY
Vacancy
7.12%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$218,740
Cap Rate 7%
$156,243
Cap Rate 9%
$121,522
Alternative Uses
Best Use
Multifamily LT 5
$156.2K
$136.7K – $182.3K
NOI $10,937 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$139.3K
$121.9K – $162.5K
NOI $9,749 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$314.7K
$275.4K – $367.2K
NOI $22,029 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with separate living units, insulated windows, and electric range equipment.
Where is this duplex located?
The property is located at 122 West 32nd Street Covington, KY.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two separate residential units within one duplex; 1,219 square feet of property size; Central air, wall units, and forced air
