Renovated Historic
For Sale
$649,900
501 Johnson St, Covington, KY 41011
Mixed-use property includes three updated apartments and an adjoining vacant parcel near downtown Covington and MainStrasse Village.
Property Size3,186 SF
Price / SF$203.99
Days on Market91
Property Features for 501 Johnson St
General Information
Standard status
Active
Size
3,186 SF
Property subtype
Multi-Family
Zoning
mixed use
Additional Details
Land Use
mixed-use, residential
Building Details
Year Built
1860
Listing Agency:
Real Broker, LLC
Listed By:
Tonya Holt McMahon · License #252298
(513) 886-5087
Source:
Finn-team
Added: Jul 9
Changed: Oct 3
Last Checked: Oct 5 at 9:45PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 1860, this renovated triplex contains three residential units: two one-bedroom, one-bath apartments and one one-bedroom, one-and-a-half-bath apartment. The improvements retain historic character while incorporating modern updates. The property also includes an adjacent vacant lot, expanding the site for potential parking, expansion, or future development subject to buyer verification.
The property is located at 501 Johnson St in Covington, near downtown Covington, MainStrasse Village, Cincinnati’s Central Business District, and the riverfront. It is one block from the Covington Central Riverfront redevelopment, which is planned to include restaurants, retail, housing, and office space. The site is zoned mixed use and includes off-street parking, with the source describing parking in the rear lot and front driveway.
The property is located at 501 Johnson St in Covington, near downtown Covington, MainStrasse Village, Cincinnati’s Central Business District, and the riverfront. It is one block from the Covington Central Riverfront redevelopment, which is planned to include restaurants, retail, housing, and office space. The site is zoned mixed use and includes off-street parking, with the source describing parking in the rear lot and front driveway.
Key Highlights
- Three‑unit configuration: two 1‑bedroom, 1‑bath units and one 1‑bedroom, 1.5‑bath unit
- Adjacent vacant lot included with the property
- Mixed‑use zoning supports residential and other qualifying uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,585
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$571,700
$571.7K
Cap Rate 7%
$408,357
$408.4K
Cap Rate 9%
$317,611
$317.6K
Market Conditions
NOI Build-Up for 3,186 SF
Gross rent
$44.0K $13.80/SF
− Vacancy
−$3.1K −$0.98/SF
EGI
$40.8K $12.82/SF
− OpEx
−$12.3K −$3.85/SF
NOI
$28.6K $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 Rate 5%
$571,700
Cap Rate 7%
$408,357
Cap Rate 9%
$317,611
Alternative Uses
Best Use
Multifamily LT 5
$408.4K
$357.3K – $476.4K
NOI $28,585 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,480 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$822.5K
$719.7K – $959.6K
NOI $57,574 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,949
Businesses Nearby
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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
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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?
Triplex - Mixed-use property includes three updated apartments and an adjoining vacant parcel near downtown Covington and MainStrasse Village.
Where is this triplex located?
The property is located at 501 Johnson St Covington, KY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three‑unit configuration: two 1‑bedroom, 1‑bath units and one 1‑bedroom, 1.5‑bath unit; Adjacent vacant lot included with the property; Mixed‑use zoning supports residential and other qualifying uses
