Renovated Duplex with Private
New
For Sale
$199,900
4222 Mckee St, Covington, KY 41015
Updated two-unit home with off-street parking, separate entrances, outdoor areas, and flexible first-floor living space.
Property Size1,616 SF
Price / SF$123.70
Days on Market4
Property Features for 4222 Mckee St
General Information
Standard status
Active
Size
1,616 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
deck
covered front porch
fenced side yard
Building Details
Buildings
1
Listing Agency:
Sibcy Cline, REALTORS-Florence
(859) 525-8888
Listed By:
Team Sanders
(859) 380-0122
Source:
Exprealty
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 10 at 2:37PM
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 Sibcy Cline, REALTORS-Florence
Investment Insights
Based on property information with market context.
This 1,616-square-foot duplex includes two residential units with private entrances, off-street parking, and two decks. Improvements include updated kitchens and bathrooms, refreshed fixtures, newer flooring, fresh interior paint, granite countertops, and a tiled backsplash on the second floor. The first level offers flexible space that can function as a two-bedroom unit. Outdoor features include a fenced side yard and a covered front porch.
The property is located at 4222 Mckee St in Covington, KY, within minutes of interstate access, restaurants, and shopping. Its two-unit configuration, separate access points, and adaptable first-floor layout support both owner-occupant and rental-use scenarios.
The property is located at 4222 Mckee St in Covington, KY, within minutes of interstate access, restaurants, and shopping. Its two-unit configuration, separate access points, and adaptable first-floor layout support both owner-occupant and rental-use scenarios.
Key Highlights
- 1,616‑square‑foot duplex with two residential units
- Private entrances serve both units
- Off‑street parking, two decks, covered front porch, and fenced side yard
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
$14,499
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
7.25%
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%
$289,980
$290.0K
Cap Rate 7%
$207,129
$207.1K
Cap Rate 9%
$161,100
$161.1K
Market Conditions
NOI Build-Up for 1,616 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
$22.3K $13.80/SF
− Vacancy
−$1.6K −$0.98/SF
EGI
$20.7K $12.82/SF
− OpEx
−$6.2K −$3.85/SF
NOI
$14.5K $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%
$289,980
Cap Rate 7%
$207,129
Cap Rate 9%
$161,100
Alternative Uses
Best Use
Multifamily LT 5
$207.1K
$181.2K – $241.7K
NOI $14,499 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$184.6K
$161.6K – $215.4K
NOI $12,924 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$417.2K
$365.0K – $486.7K
NOI $29,203 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
363
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
Check the figures for this property
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?
Duplex - Updated two-unit home with off-street parking, separate entrances, outdoor areas, and flexible first-floor living space.
Where is this duplex located?
The property is located at 4222 Mckee St Covington, KY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,616‑square‑foot duplex with two residential units; Private entrances serve both units; Off‑street parking, two decks, covered front porch, and fenced side yard
