Building Details

Building Size 2,196 SF

Year Built 1907

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: exp Realty, LLC Show Phone

Listed By: Kamryn Hamilton Show Phone

Source: Bushrealty

Added: Aug 6 Changed: Aug 11 Last Checked: Aug 12 at 12:41PM

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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 exp Realty, LLC

Investment Insights

Based on property information with market context.

Located at 17 W Southern Avenue in Latonia, this 1907 mixed-use property combines a street-facing commercial suite with a second-floor apartment. The residential unit includes two bedrooms and one bathroom, while both portions of the building have been updated. The layout supports an owner-occupant arrangement or separate commercial and residential use.

Exterior work completed within the last three years includes a new roof, box gutters, siding, and a custom mural. The property includes one private parking space behind the building, with additional public street parking along the frontage. Major roadways, shopping, dining, and downtown Covington are nearby. The commercial component is suited to retail, office, or service-based operations, subject to applicable requirements.

Key Highlights

• Mixed‑use layout with street‑level commercial space and a second‑floor apartment
• Renovated 2 bed, 1 bath apartment
• 1907 building with updates to both commercial and residential areas

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

$17,563

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

7.67%

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%

$351,260 $351.3K

Cap Rate 7%

$250,900 $250.9K

Cap Rate 9%

$195,144 $195.1K

Market Conditions

NOI Build-Up for 2,196 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

$34.5K $15.72/SF

− Vacancy

−$2.6K −$1.18/SF

EGI

$31.9K $14.54/SF

− OpEx

−$14.4K −$6.54/SF

NOI

$17.6K $8.00/SF

Area

Kenton County, KY

Vacancy

7.50%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

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%

$351,260

Cap Rate 7%

$250,900

Cap Rate 9%

$195,144

Alternative Uses

Best Use

Office B

$409.3K

$358.1K – $477.5K (±1% cap)

NOI $28,649 @ 7.0% cap · market cap 12.51%

Second Best

Retail

$340.1K

$297.6K – $396.8K (±1% cap)

NOI $23,806 @ 7.0% cap · market cap 10.40%

Theoretical Best

Office A

$566.9K

$496.1K – $661.4K (±1% cap)

NOI $39,684 @ 7.0% cap · market cap 17.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

T & W Printing ... Marketing & Advertising Wilson Therapeutics LLC Alternative Medicine Practice Hatfield Ins Agcy ... Insurance Agency Vintage & Vice Department Store

Suggested Use

Top Pick Law Firm Dental Office Spa & Massage Center Parking Lot & Garage Hair Salon Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

554

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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Street-level commercial space pairs with a renovated two-bedroom apartment and dedicated rear parking.

Where is this mixed-use property located?

The property is located at 17 W Southern Avenue Latonia, KY.

What is the asking price?

The asking price for this property is $229,000.

What are key features of this property?

This property features: Mixed‑use layout with street‑level commercial space and a second‑floor apartment; Renovated 2 bed, 1 bath apartment; 1907 building with updates to both commercial and residential areas