Remodeled 4-Unit
For Sale
$375,000
1451 Madison Avenue, Covington, KY 41011
Four rental units with one-, two-, and three-bedroom layouts, updated HVAC, flooring, and tiled bathrooms.
Property Size2,633 SF
Days on Market347
Property Features for 1451 Madison Avenue
General Information
Standard status
Active
Size
2,633 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$59,400
Multifamily Units
4
Building Details
Building Size
2,633 SF
Listing Agency:
Huff Realty - Florence
(859) 803-5327
Listed By:
Shane Reno · License #271357
Source:
Jayknowles.kw
Added: Sep 18, 2025
Changed: Aug 29
Last Checked: Aug 25 at 9:34AM
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 Huff Realty - Florence
Investment Insights
Based on property information with market context.
This four-unit residential income property offers a mix of one-, two-, and three-bedroom floor plans. Recent improvements include luxury vinyl plank flooring, tiled bathrooms, and new HVAC systems, providing updated finishes across the property.
The quadplex is located at 1451 Madison Avenue in Covington, Kentucky, within the Historic Madison Avenue area. Its varied unit mix supports multiple household configurations within a single multifamily asset.
The quadplex is located at 1451 Madison Avenue in Covington, Kentucky, within the Historic Madison Avenue area. Its varied unit mix supports multiple household configurations within a single multifamily asset.
Key Highlights
- Four‑unit quadplex at 1451 Madison Avenue, Covington, KY 41011
- Unit mix includes 1-, 2-, and 3‑bedroom floor plans
- Recently updated with luxury vinyl plank flooring
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
$23,624
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
6.30%
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%
$472,480
$472.5K
Cap Rate 7%
$337,486
$337.5K
Cap Rate 9%
$262,489
$262.5K
Market Conditions
NOI Build-Up for 2,633 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
$36.3K $13.80/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$33.7K $12.82/SF
− OpEx
−$10.1K −$3.85/SF
NOI
$23.6K $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 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%
$472,480
Cap Rate 7%
$337,486
Cap Rate 9%
$262,489
Alternative Uses
Best Use
Multifamily LT 5
$337.5K
$295.3K – $393.7K
NOI $23,624 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$300.8K
$263.2K – $351.0K
NOI $21,058 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$679.7K
$594.8K – $793.0K
NOI $47,581 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units with one-, two-, and three-bedroom layouts, updated HVAC, flooring, and tiled bathrooms.
Where is this quadplex located?
The property is located at 1451 Madison Avenue Covington, KY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit quadplex at 1451 Madison Avenue, Covington, KY 41011; Unit mix includes 1-, 2-, and 3‑bedroom floor plans; Recently updated with luxury vinyl plank flooring
