Duplex with Separate
For Sale
$285,000
Pending
1222-1224 East Henry Clay Avenue, Covington, KY 41011
Two three-bedroom units offer eat-in kitchens, first-floor laundry hookups, and dedicated front parking.
Property Size2,180 SF
Days on Market26
Property Features for 1222-1224 East Henry Clay Avenue
General Information
Standard status
Pending
Size
2,180 SF
Property subtype
Multi Family / Multi Family
Property Condition
Severity
Repairs Needed
Evidence
Carpet will need replaced
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Parking per Unit
2
Amenities
laundry hookup
Central Air
Electric, Heat Pump
2
No
Dishwasher, Microwave, Refrigerator, Electric Range
Yes
Vinyl Clad Window(s)
Vinyl Flooring
Eat-in Kitchen, Open Floorplan
Smoke Detector(s)
Shingle
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Simple Fee Realty
Listed By:
Blaire Hancock · License #223305
(859) 221-5050
Source:
Compass
Added: Aug 18
Changed: Sep 11
Last Checked: Sep 12 at 11:12AM
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 Simple Fee Realty
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom, one-and-a-half-bath units within a 2,180-square-foot property built in 1980. Both residences include eat-in kitchens, open floorplans, central air, heat-pump heating, dishwashers, microwaves, refrigerators, electric ranges, vinyl flooring, and smoke detectors. Laundry hookups are located in the first-floor half baths, and each unit has 2 front parking spaces.
The units have separate water, electric, gas, and HVAC systems, with tenants responsible for utilities. Unit 1222 is occupied through 06/30/2027, while Unit 1224 is vacant and available for showing. Unit 1224 is being cleaned and painted, with living-room trim work underway; its HVAC was replaced in April 2026. Carpet replacement remains to be addressed in that unit, with professional cleaning available at the buyer’s request.
The units have separate water, electric, gas, and HVAC systems, with tenants responsible for utilities. Unit 1222 is occupied through 06/30/2027, while Unit 1224 is vacant and available for showing. Unit 1224 is being cleaned and painted, with living-room trim work underway; its HVAC was replaced in April 2026. Carpet replacement remains to be addressed in that unit, with professional cleaning available at the buyer’s request.
Key Highlights
- Two 3‑bedroom, 1.5‑bath units totaling 2,180 square feet
- Separate water, electric, gas, and HVAC systems
- 2 front parking spaces for each unit
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
$19,559
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
6.86%
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%
$391,180
$391.2K
Cap Rate 7%
$279,414
$279.4K
Cap Rate 9%
$217,322
$217.3K
Market Conditions
NOI Build-Up for 2,180 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
$30.1K $13.80/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$27.9K $12.82/SF
− OpEx
−$8.4K −$3.85/SF
NOI
$19.6K $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%
$391,180
Cap Rate 7%
$279,414
Cap Rate 9%
$217,322
Alternative Uses
Best Use
Multifamily LT 5
$279.4K
$244.5K – $326.0K
NOI $19,559 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$249.1K
$217.9K – $290.6K
NOI $17,435 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$562.8K
$492.4K – $656.6K
NOI $39,395 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 41011, KY
26,470
Population
14,490
Households
1.8
Avg Household Size
37
Median Age
44%
College-Educated
89%
High-School Grad
7.0 sq mi
ZIP Area
3,781
Density / Sq Mi
$67,075
Median Household Income
$47,192
Median Earnings
$1,011
Median Rent
$269,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer eat-in kitchens, first-floor laundry hookups, and dedicated front parking.
Where is this duplex located?
The property is located at 1222-1224 East Henry Clay Avenue Covington, KY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1.5‑bath units totaling 2,180 square feet; Separate water, electric, gas, and HVAC systems; 2 front parking spaces for each unit
