Covington Strip Center Investment
1616 Madison Ave, Covington, KY 41011
Fully stabilized retail center with long-term tenants and growth potential.
Type:Retail
Property size:
37,457 SFLot size:
2.65 AcresPrice / SF:
$95/SF- Added:
- Mar 9, 2026
- Days on Market:
- 66
- Last Refresh:
- Mar 19 at 10:02 pm
Property Features for 1616 Madison Ave
General Information
- Standard status
- Active
- Size
- 37,457 SF
- Lot size
- 2.65 Acres
- Property subtype
- Retail
Listing agent Andrew Ivankovich License #TX 678815
Listing office Matthews
Listing date Mar 9, 2026
Source Crexi
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 Matthews
HighLights
- Fully stabilized investment with a strong 7.88% cap rate for passive income.
- Priced below replacement cost at approximately $95.17 per square foot.
- Anchored by Family Dollar and supported by long‑tenured tenants like Rent‑A‑Center, Papa John’s, and City Limits Laundromats.
- Located in a dense demographic area within the Cincinnati MSA, with over 250,000 residents within a five‑mile radius.
- Majority of leases are triple‑net (NNN), providing predictable income with limited landlord responsibilities.
- Significant mixed‑use redevelopment project planned nearby, expected to be an economic catalyst.
Overview
The Covington Strip Center is a commercial property comprised of three parcels located at 1602 Madison Ave, 13 E 16th St, and 1610–1616 Madison Ave in Covington, Kentucky. The property includes approximately 37,457 square feet of building space on roughly 2.65 acres of land. Located within the Cincinnati MSA, the asset is a fully stabilized investment opportunity. The surrounding trade area has a dense population with over 250,000 residents within a five-mile radius and positive population growth. The center is anchored by Family Dollar and supported by long-tenured tenants including Rent-A-Center, which has operated at the location for 26 years, Papa John’s for 23 years, and City Limits Laundromats for 12 years. Most leases are structured as triple-net, providing predictable income. With a weighted average lease term of approximately 3.5 years and several leases currently below market rents, the property offers both near-term income stability and future rental upside. The former Duro Bag manufacturing facility, a 200,000+ square foot industrial property spanning approximately eight acres at 12th Street and Madison Avenue in Covington, was recently acquired in 2026 and is slated for a transformative mixed-use redevelopment. Recent capital improvements include new roof installations completed in 2020 and 2024.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Family Dollar
Discount Store
Houchens Food Group
Grocery & Convenience Store
BB&T ATM
Atm
Similar Places Nearby
- Coin Cloud Bitcoin ATM — 512 W Pike St, Covington, KY 41011
- Coinstar Kiosk | Bitcoin ATM — Kroger - Cincinnati, 1525 Madison Ave, Covington, KY 41011
Location Insight
- Map
- Local Demand
- City
- Covington
- County
- Kenton
- State
- Kentucky
- Longitude
- -84.506657
- Latitude
- 39.071472
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - Fully stabilized retail center with long-term tenants and growth potential.
Where is this shopping center located?
The property is located at 1616 Madison Ave Covington, KY.
What is the asking price?
The asking price for this property is $3,565,000.
What are key features of this property?
This property features: Fully stabilized investment with a strong 7.88% cap rate for passive income.; Priced below replacement cost at approximately $95.17 per square foot.; Anchored by Family Dollar and supported by long‑tenured tenants like Rent‑A‑Center, Papa John’s, and City Limits Laundromats.
