Renovated Three-Story
For Sale
$777,000
214 W 5th St, Covington, KY 41011
Three residences combine updated kitchens, original brickwork, private outdoor space, and convenient access to Covington entertainment.
Property Size2,443 SF
Price / SF$318.05
Days on Market9
Property Features for 214 W 5th St
General Information
Standard status
Active
Size
2,443 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Building Details
Stories
3
Listing Agency:
Pivot Realty Group
(859) 578-8111
Listed By:
Lena Keith · License #270151
(859) 801-3995
Source:
Exprealty
Added: Sep 4
Changed: Sep 11
Last Checked: Sep 11 at 2:50PM
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 Pivot Realty Group
Investment Insights
Based on property information with market context.
This 2,443-square-foot, three-story triplex contains three separate residences: a 1-bedroom/1-bath home on the first floor, a 2-bedroom/1-bath residence on the second, and a 1-bedroom/1-bath unit on the third. Original exposed brick and architectural elements remain alongside renovated kitchens, upgraded finishes, and contemporary conveniences.
The second-floor residence includes an oversized slider with direct views of Paycor Stadium. A multilevel rear deck connects the floors and extends to a private backyard, creating substantial outdoor space for the property. Located at 214 W 5th St in Covington, the building is within walking distance of Bengals games, restaurants, bars, and entertainment in Covington and Cincinnati.
The second-floor residence includes an oversized slider with direct views of Paycor Stadium. A multilevel rear deck connects the floors and extends to a private backyard, creating substantial outdoor space for the property. Located at 214 W 5th St in Covington, the building is within walking distance of Bengals games, restaurants, bars, and entertainment in Covington and Cincinnati.
Key Highlights
- 2,443 SF three‑story triplex
- Three residences with 1‑bedroom, 2‑bedroom, and 1‑bedroom layouts
- Original exposed brick paired with renovated kitchens and updated finishes
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
$21,919
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
2.82%
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%
$438,380
$438.4K
Cap Rate 7%
$313,129
$313.1K
Cap Rate 9%
$243,544
$243.5K
Market Conditions
NOI Build-Up for 2,443 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
$33.7K $13.80/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$31.3K $12.82/SF
− OpEx
−$9.4K −$3.85/SF
NOI
$21.9K $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%
$438,380
Cap Rate 7%
$313,129
Cap Rate 9%
$243,544
Alternative Uses
Best Use
Multifamily LT 5
$313.1K
$274.0K – $365.3K
NOI $21,919 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$279.1K
$244.2K – $325.6K
NOI $19,538 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$630.7K
$551.9K – $735.8K
NOI $44,148 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,157
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences combine updated kitchens, original brickwork, private outdoor space, and convenient access to Covington entertainment.
Where is this triplex located?
The property is located at 214 W 5th St Covington, KY.
What is the asking price?
The asking price for this property is $777,000.
What are key features of this property?
This property features: 2,443 SF three‑story triplex; Three residences with 1‑bedroom, 2‑bedroom, and 1‑bedroom layouts; Original exposed brick paired with renovated kitchens and updated finishes
