Historic Duplex with Separate
For Sale
$350,000
1946 Eastern Ave, Covington, KY 41014
Two residential units offer individual entries, full kitchens, and flexible owner-occupancy or rental use.
Property Size2,856 SF
Price / SF$122.55
Days on Market105
Property Features for 1946 Eastern Ave
General Information
Standard status
Active
Size
2,856 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Listing Agency:
2 Rivers Realty LLC
(859) 653-0778
Listed By:
Damian Sells · License #187904
(859) 653-0778
Source:
Exprealty
Added: Apr 29
Changed: Aug 11
Last Checked: Aug 11 at 7:05AM
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 2 Rivers Realty LLC
Investment Insights
Based on property information with market context.
This historic duplex at 1946 Eastern Ave in Covington, KY includes two residential units with separate entrances and full kitchens. Both residences feature spacious interiors, comfortable living areas, abundant natural light, and classic architectural details that reflect the property's historic character.
The configuration supports several ownership arrangements, including living in one unit while renting the other. The two-unit layout also provides distinct residential spaces within a single property, with the second-floor unit represented in the available photos.
The configuration supports several ownership arrangements, including living in one unit while renting the other. The two-unit layout also provides distinct residential spaces within a single property, with the second-floor unit represented in the available photos.
Key Highlights
- Historic duplex with two separate residential units
- Individual entrances for each unit
- Full kitchen provided in both residences
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
$25,625
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
7.32%
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%
$512,500
$512.5K
Cap Rate 7%
$366,071
$366.1K
Cap Rate 9%
$284,722
$284.7K
Market Conditions
NOI Build-Up for 2,856 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
$39.4K $13.80/SF
− Vacancy
−$2.8K −$0.98/SF
EGI
$36.6K $12.82/SF
− OpEx
−$11.0K −$3.85/SF
NOI
$25.6K $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%
$512,500
Cap Rate 7%
$366,071
Cap Rate 9%
$284,722
Alternative Uses
Best Use
Multifamily LT 5
$366.1K
$320.3K – $427.1K
NOI $25,625 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$326.3K
$285.5K – $380.7K
NOI $22,841 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$737.3K
$645.1K – $860.2K
NOI $51,611 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
386
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer individual entries, full kitchens, and flexible owner-occupancy or rental use.
Where is this duplex located?
The property is located at 1946 Eastern Ave Covington, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Historic duplex with two separate residential units; Individual entrances for each unit; Full kitchen provided in both residences
