Building Details

Year built 1972

Flooring type Vinyl

Building materials Block, Brick

Listing Agency: Coldwell Banker Heritage Realtors

Listed By: Kaitlyn Stewart Show Phone

Added: Oct 19 Last Checked: Oct 20 at 7:06AM

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MLS# 1049233

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Investment Insights

Based on property information with market context.

This 800-square-foot office property was built in 1972 and has been renovated with a metal roof, HVAC, kitchen, bathroom, paint, and flooring. The building uses block and brick construction, with vinyl flooring, forced-air natural gas heat, and central air conditioning. Public sewer serves the property.

At 201 N Pearl Street in Covington, the property sits at the town’s main intersection. Its compact layout is suited to small-scale office or personal-service operations, including a barbershop or salon.

Key Highlights

• 800‑square‑foot office property
• Renovated with a new metal roof, HVAC, kitchen, bathroom, paint, and flooring
• Block and brick construction with vinyl flooring

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,018

Cap Rate

4.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$180,360 $180.4K

Cap Rate 7%

$128,829 $128.8K

Cap Rate 9%

$100,200 $100.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 800 SF

Gross rent

$16.0K $20.04/SF

− Vacancy

−$4.0K −$5.01/SF

EGI

$12.0K $15.03/SF

− OpEx

−$3.0K −$3.76/SF

NOI

$9.0K $11.27/SF

Area

Miami County, OH

Vacancy

25.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$180,360

Cap Rate 7%

$128,829

Cap Rate 9%

$100,200

Alternative Uses

Best Use

Office B

$128.8K

$112.7K – $150.3K (±1% cap)

NOI $9,018 @ 7.0% cap · market cap 4.19%

Second Best

Retail

$107.8K

$94.4K – $125.8K (±1% cap)

NOI $7,548 @ 7.0% cap · market cap 3.51%

Theoretical Best

Office A

$163.0K

$142.7K – $190.2K (±1% cap)

NOI $11,413 @ 7.0% cap · market cap 5.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Law Firm HVAC Service Dental Office Auto Parts Store Hair Salon Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

149

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 45318, OH

5,438

Population

2,534

Households

2.1

Avg Household Size

42

Median Age

13%

College-Educated

92%

High-School Grad

46.9 sq mi

ZIP Area

116

Density / Sq Mi

$64,239

Median Household Income

$41,159

Median Earnings

$701

Median Rent

$176,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office space - A compact client-facing space features updated mechanical systems and interior finishes.

Where is this office space located?

The property is located at 201 N Pearl Street Covington, OH.

What is the asking price?

The asking price for this property is $215,000.

What are key features of this property?

This property features: 800‑square‑foot office property; Renovated with a new metal roof, HVAC, kitchen, bathroom, paint, and flooring; Block and brick construction with vinyl flooring