Renovated Duplex with Detached
For Sale
$368,000
3009 Decoursey Ave, Covington, KY 41015
Two tenant-occupied units feature separate utilities, private laundry hookups, hardwood floors, porches, and solariums.
Property Size2,992 SF
Price / SF$122.99
Days on Market20
Property Features for 3009 Decoursey Ave
General Information
Standard status
Active
Size
2,992 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
front and rear porches
solarium
hardwood floors
separate laundry hookups
detached garage
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty Service
(859) 743-0212
Listed By:
Cindy Shetterly · License #209725
(859) 743-0212
Source:
Exprealty
Added: Aug 3
Changed: Aug 22
Last Checked: Aug 22 at 7:34AM
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 Keller Williams Realty Service
Investment Insights
Based on property information with market context.
Renovated duplex in Covington, Kentucky, with 2,992 square feet across two tenant-occupied units. Each unit provides approximately 1,500 square feet with 2 bedrooms, 1 bathroom, hardwood flooring, front and rear porches, and a solarium accessed through French doors. Separate utilities and laundry hookups support independent unit operations, with two washer-and-dryer sets included.
Since 2023, improvements have included two new AC units, updated plumbing, quartz countertops, remodeled bathrooms, new gutters, a water heater, lighting, ceiling fans, and substantial foundation work. An oversized detached garage currently serves as a sound studio and includes kitchen cabinets, a sink, dishwasher, garbage disposal, and building materials that will remain. Potential future conversion is subject to approvals. Rental income is already in place with both units occupied.
Since 2023, improvements have included two new AC units, updated plumbing, quartz countertops, remodeled bathrooms, new gutters, a water heater, lighting, ceiling fans, and substantial foundation work. An oversized detached garage currently serves as a sound studio and includes kitchen cabinets, a sink, dishwasher, garbage disposal, and building materials that will remain. Potential future conversion is subject to approvals. Rental income is already in place with both units occupied.
Key Highlights
- 2,992 SF duplex with two approximately 1,500‑square‑foot units
- Each unit includes 2 bedrooms, 1 bathroom, hardwood floors, porches, and a solarium
- Major improvements completed since 2023, including AC, plumbing, bathrooms, gutters, and foundation work
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
$26,845
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
7.29%
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%
$536,900
$536.9K
Cap Rate 7%
$383,500
$383.5K
Cap Rate 9%
$298,278
$298.3K
Market Conditions
NOI Build-Up for 2,992 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
$41.3K $13.80/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$38.3K $12.82/SF
− OpEx
−$11.5K −$3.85/SF
NOI
$26.8K $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%
$536,900
Cap Rate 7%
$383,500
Cap Rate 9%
$298,278
Alternative Uses
Best Use
Multifamily LT 5
$383.5K
$335.6K – $447.4K
NOI $26,845 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$341.8K
$299.1K – $398.8K
NOI $23,929 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$772.4K
$675.9K – $901.2K
NOI $54,069 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 41015, KY
21,599
Population
9,135
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
25.4 sq mi
ZIP Area
850
Density / Sq Mi
$63,783
Median Household Income
$44,740
Median Earnings
$857
Median Rent
$176,500
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 tenant-occupied units feature separate utilities, private laundry hookups, hardwood floors, porches, and solariums.
Where is this duplex located?
The property is located at 3009 Decoursey Ave Covington, KY.
What is the asking price?
The asking price for this property is $368,000.
What are key features of this property?
This property features: 2,992 SF duplex with two approximately 1,500‑square‑foot units; Each unit includes 2 bedrooms, 1 bathroom, hardwood floors, porches, and a solarium; Major improvements completed since 2023, including AC, plumbing, bathrooms, gutters, and foundation work
