Historic Building in Licking
For Sale
Contact for pricing
211 Garrard St, Covington, KY 41011
Historic building with modern updates and private parking.
Property Size5,870 SF
Price / SF$186.54
Days on Market145
Property Features for 211 Garrard St
General Information
Standard status
Active
Size
5,870 SF
Total Parking Spaces
20
Property subtype
Retail, Office
Building Details
Year Built
1860
Year Renovated
2006
Stories
3
Listing Agency:
Cushman & Wakefield - Cincinnati, Ohio
(513) 549-3011
Listed By:
Joe Janszen · License #OH 0000272613
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Aug 11 at 3:58PM
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 Cushman & Wakefield - Cincinnati, Ohio
Investment Insights
Based on property information with market context.
The property at 211 Garrard Street is located in Covington’s Licking Riverside Historic District, between East 2nd and 3rd Street. The 5,870 square-foot building features original architectural details and modern updates. A private parking lot is located directly behind the property, with access from both Garrard Street and Sanford Alley. The property is suitable for storefront, retail, and general commercial real estate use.
Key Highlights
- Located in Covington's iconic Licking Riverside Historic District.
- Private parking lot directly behind the property.
- Beautifully preserved original architectural details.
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
$63,634
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
5.81%
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%
$1,272,680
$1.3M
Cap Rate 7%
$909,057
$909.1K
Cap Rate 9%
$707,044
$707.0K
Market Conditions
NOI Build-Up for 5,870 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
$96.5K $16.44/SF
− Vacancy
−$5.6K −$0.95/SF
EGI
$90.9K $15.49/SF
− OpEx
−$27.3K −$4.65/SF
NOI
$63.6K $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%
$1,272,680
Cap Rate 7%
$909,057
Cap Rate 9%
$707,044
Alternative Uses
Best Use
Retail
$909.1K
$795.4K – $1.06M
NOI $63,634 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,077 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,157
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Lee's Famous Recipe Chicken
Dining
5,639 visits/mo
0.2 miles
Huntington Bank
Shops & Services
4,561 visits/mo
0.3 miles
PNC Bank
Shops & Services
3,524 visits/mo
0.2 miles
U.S. Bank
Shops & Services
3,422 visits/mo
0.3 miles
KOI Auto Parts
Shops & Services
533 visits/mo
0.4 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic building with modern updates and private parking.
Where is this storefront property located?
The property is located at 211 Garrard St Covington, KY.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Located in Covington's iconic Licking Riverside Historic District.; Private parking lot directly behind the property.; Beautifully preserved original architectural details.
