Short-Term Rental Property with Skyline
For Sale
Contact for pricing
315 Western Ave, Covington, KY 41011
Updated two-bedroom residence with a private deck and residential zoning.
Property Size960 SF
Price / SF$260.42
Days on Market159
Property Features for 315 Western Ave
General Information
Standard status
Active
Size
960 SF
Class
A
Property subtype
Multifamily
Zoning
residential
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Amenities
private deck
Building Details
Year Built
1984
Units
1
Listing Agency:
Keller Williams Seven Hills
(513) 592-9454
Listed By:
Jahmar Daniels · License #2014003211
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Sep 1 at 9:05AM
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 Keller Williams Seven Hills
Investment Insights
Based on property information with market context.
Located at 315 Western Ave in Covington, Kentucky, this 960-square-foot residence was built in 1984 and includes two bedrooms and one and a half bathrooms. Modern updates, an efficient interior arrangement, and a private deck complement panoramic views of the Cincinnati skyline. The property is offered without an HOA and is zoned residential.
The home is situated minutes from downtown Cincinnati and near MainStrasse Village, downtown employment hubs, hospitals, and entertainment districts. Its location supports consideration for short-term, midterm, or traditional rental operations, subject to applicable requirements. The property information identifies furnished rental strategies involving Airbnb, travel nurses, corporate occupants, and conventional tenants.
The home is situated minutes from downtown Cincinnati and near MainStrasse Village, downtown employment hubs, hospitals, and entertainment districts. Its location supports consideration for short-term, midterm, or traditional rental operations, subject to applicable requirements. The property information identifies furnished rental strategies involving Airbnb, travel nurses, corporate occupants, and conventional tenants.
Key Highlights
- Panoramic Cincinnati skyline views
- 960‑square‑foot residence with 2 bedrooms and 1.5 bathrooms
- Private deck and modern updates
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
$7,678
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
3.07%
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%
$153,560
$153.6K
Cap Rate 7%
$109,686
$109.7K
Cap Rate 9%
$85,311
$85.3K
Market Conditions
NOI Build-Up for 960 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
$15.1K $15.72/SF
− Vacancy
−$1.1K −$1.18/SF
EGI
$14.0K $14.54/SF
− OpEx
−$6.3K −$6.54/SF
NOI
$7.7K $8.00/SF
Area
Kenton County, KY
Vacancy
7.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$153,560
Cap Rate 7%
$109,686
Cap Rate 9%
$85,311
Alternative Uses
Best Use
Apartment 5plus
$109.7K
$96.0K – $128.0K
NOI $7,678 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$247.8K
$216.9K – $289.1K
NOI $17,348 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
602
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Updated two-bedroom residence with a private deck and residential zoning.
Where is this short term rental property located?
The property is located at 315 Western Ave Covington, KY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Panoramic Cincinnati skyline views; 960‑square‑foot residence with 2 bedrooms and 1.5 bathrooms; Private deck and modern updates
