Mixed-Use Property with
New
For Sale
$230,000
3720 Decoursey Ave, Covington, KY 41015
Two storefront spaces are paired with a rear, second-floor apartment in the same building.
Property Size1,842 SF
Price / SF$124.86
Days on Market3
Property Features for 3720 Decoursey Ave
General Information
Standard status
Active
Size
1,842 SF
Listing Agency:
Horan Rosenhagen Real Estate
Listed By:
Kelly Hunt · License #210492
(859) 916-9181
Source:
Lovdalgroup
Added: Sep 30
Last Checked: Oct 1 at 1:15PM
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 Horan Rosenhagen Real Estate
Investment Insights
Based on property information with market context.
The property brings together two storefronts and a rear apartment on the second floor. One storefront is ready for occupancy, while the other is occupied by a grocery store. The apartment is currently rented and has one bedroom and one bathroom.
Tenants are responsible for their own electric and gas service. The owner pays water and sanitation for the building.
Tenants are responsible for their own electric and gas service. The owner pays water and sanitation for the building.
Key Highlights
- Two storefront spaces and a rear second‑floor apartment
- One‑bedroom, one‑bathroom apartment is currently occupied
- One storefront is ready for occupancy; the other houses a grocery store
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
$19,968
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
8.68%
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%
$399,360
$399.4K
Cap Rate 7%
$285,257
$285.3K
Cap Rate 9%
$221,867
$221.9K
Market Conditions
NOI Build-Up for 1,842 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
$30.3K $16.44/SF
− Vacancy
−$1.8K −$0.95/SF
EGI
$28.5K $15.49/SF
− OpEx
−$8.6K −$4.65/SF
NOI
$20.0K $10.84/SF
Area
Kenton County, KY
Vacancy
5.80%
Lease Rate
$16.44 /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%
$399,360
Cap Rate 7%
$285,257
Cap Rate 9%
$221,867
Alternative Uses
Best Use
Specialty Retail
$313.8K
$274.6K – $366.1K
NOI $21,967 @ 7.0% cap · market cap 9.55%
Second Best
Retail
$285.3K
$249.6K – $332.8K
NOI $19,968 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$475.5K
$416.1K – $554.8K
NOI $33,287 @ 7.0% cap · market cap 14.47%
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
554
Businesses Nearby
71k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 33%
Superstores 19%
Electronics 2%
McDonald's
Dining
18,565 visits/mo
0.1 miles
Speedway
Shops & Services
13,718 visits/mo
0.2 miles
Big Lots
Superstores
13,633 visits/mo
0.2 miles
Huntington Bank
Shops & Services
6,120 visits/mo
0.2 miles
BP
Shops & Services
6,055 visits/mo
0.4 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two storefront spaces are paired with a rear, second-floor apartment in the same building.
Where is this mixed-use property located?
The property is located at 3720 Decoursey Ave Covington, KY.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two storefront spaces and a rear second‑floor apartment; One‑bedroom, one‑bathroom apartment is currently occupied; One storefront is ready for occupancy; the other houses a grocery store
