Quadplex With Separate Utility
New
For Sale
$459,000
136 E 25th Street, Covington, KY 41014
Historic multi-unit building with individual entries, kitchens, and separately metered gas and electric service.
Property Size4,345 SF
Days on Market2
Property Features for 136 E 25th Street
General Information
Standard status
Active
Size
4,345 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Building Size
4,345 SF
Buildings
1
Units
4
Listing Agency:
Local One Realty
(859) 380-9021
Listed By:
Stephen Due
(859) 380-9021
Source:
Bushrealty
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 5:05AM
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 Local One Realty
Investment Insights
Based on property information with market context.
This four-unit property occupies a building constructed in the late 1800s. The configuration includes four one-bedroom, one-bath residences, each with a kitchen and its own entrance. Individual gas and electric meters serve the units, while 90+ gas furnaces with A/C provide building systems for the apartments. Windows have been replaced throughout the property except in the basement.
The property is located at 136 E 25th Street in Covington, Kentucky, with access to I-275 and proximity to NKU, downtown Cincinnati, and the airport. Its unit-by-unit layout and separate utility metering provide a defined multifamily configuration within an established building.
The property is located at 136 E 25th Street in Covington, Kentucky, with access to I-275 and proximity to NKU, downtown Cincinnati, and the airport. Its unit-by-unit layout and separate utility metering provide a defined multifamily configuration within an established building.
Key Highlights
- Four one‑bedroom, one‑bath units, each with a kitchen and separate entry
- Individual gas and electric meters for each unit
- 90+ gas furnaces with A/C
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
$38,984
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
8.49%
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%
$779,680
$779.7K
Cap Rate 7%
$556,914
$556.9K
Cap Rate 9%
$433,156
$433.2K
Market Conditions
NOI Build-Up for 4,345 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
$60.0K $13.80/SF
− Vacancy
−$4.3K −$0.98/SF
EGI
$55.7K $12.82/SF
− OpEx
−$16.7K −$3.85/SF
NOI
$39.0K $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%
$779,680
Cap Rate 7%
$556,914
Cap Rate 9%
$433,156
Alternative Uses
Best Use
Multifamily LT 5
$556.9K
$487.3K – $649.7K
NOI $38,984 @ 7.0% cap · market cap 8.49%
Second Best
Apartment 5plus
$496.4K
$434.4K – $579.2K
NOI $34,749 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$1.12M
$981.5K – $1.31M
NOI $78,519 @ 7.0% cap · market cap 17.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 41014, KY
7,048
Population
3,521
Households
2
Avg Household Size
36
Median Age
28%
College-Educated
83%
High-School Grad
1.0 sq mi
ZIP Area
7,048
Density / Sq Mi
$56,148
Median Household Income
$41,972
Median Earnings
$979
Median Rent
$149,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Historic multi-unit building with individual entries, kitchens, and separately metered gas and electric service.
Where is this quadplex located?
The property is located at 136 E 25th Street Covington, KY.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units, each with a kitchen and separate entry; Individual gas and electric meters for each unit; 90+ gas furnaces with A/C
