Historic Mixed-Use
New
For Sale
$775,000
138 W Pike Street, Covington, KY 41011
Leased commercial and residential property with storefront access, private garages, and a second-level condominium.
Property Size5,600 SF
Days on Market2
Property Features for 138 W Pike Street
General Information
Standard status
Active
Size
5,600 SF
Total Parking Spaces
2
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
1 x 4BR/3BA
Multifamily Units
1
Additional Details
Road Access
Yes
Amenities
private parking garages
Building Details
Building Size
5,600 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Comey & Shepherd REALTORS
(859) 415-2556
Listed By:
Haley Runion · License #293950
(859) 415-2556
Source:
Bushrealty
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 5:52AM
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 Comey & Shepherd REALTORS
Investment Insights
Based on property information with market context.
Built in 1900, this historic mixed-use property combines leased commercial space with an upper-level residential condominium. The main floor measures 2,500+ sq ft and is arranged with two storefront entrances opening onto W. Pike St. The second level provides more than 2,500 sq ft of living area with four bedrooms and three full baths. Two private parking garages and the residential entry are accessed from Russell St.
The building is located in Covington near Hotel Covington, Braxton Brewery, and Mainstresse Village. Daily traffic on the surrounding route is reported at over 7,500 cars, supporting the property’s storefront exposure. The building has also previously received approval for a short-term rental license, including Airbnb and VRBO use.
The building is located in Covington near Hotel Covington, Braxton Brewery, and Mainstresse Village. Daily traffic on the surrounding route is reported at over 7,500 cars, supporting the property’s storefront exposure. The building has also previously received approval for a short-term rental license, including Airbnb and VRBO use.
Key Highlights
- Historic mixed‑use building constructed in 1900
- 2,500+ sq ft main level with two storefront entrances
- Second‑level condo offers over 2,500 sq ft of living space
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
$60,707
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
7.83%
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%
$1,214,140
$1.2M
Cap Rate 7%
$867,243
$867.2K
Cap Rate 9%
$674,522
$674.5K
Market Conditions
NOI Build-Up for 5,600 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
$92.1K $16.44/SF
− Vacancy
−$5.3K −$0.95/SF
EGI
$86.7K $15.49/SF
− OpEx
−$26.0K −$4.65/SF
NOI
$60.7K $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%
$1,214,140
Cap Rate 7%
$867,243
Cap Rate 9%
$674,522
Alternative Uses
Best Use
Retail
$867.2K
$758.8K – $1.01M
NOI $60,707 @ 7.0% cap · market cap 7.83%
Second Best
Mixed Use
$828.0K
$724.5K – $966.0K
NOI $57,960 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$1.45M
$1.26M – $1.69M
NOI $101,198 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,158
Businesses Nearby
26k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 78%
Dining 22%
Dollar Tree
Shops & Services
8,631 visits/mo
0.3 miles
Lee's Famous Recipe Chicken
Dining
5,639 visits/mo
0.3 miles
Huntington Bank
Shops & Services
4,561 visits/mo
0.2 miles
PNC Bank
Shops & Services
3,524 visits/mo
0.3 miles
U.S. Bank
Shops & Services
3,422 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased commercial and residential property with storefront access, private garages, and a second-level condominium.
Where is this mixed-use property located?
The property is located at 138 W Pike Street Covington, KY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Historic mixed‑use building constructed in 1900; 2,500+ sq ft main level with two storefront entrances; Second‑level condo offers over 2,500 sq ft of living space
