Historic Brick
For Sale
$324,900
Pending
425 Lehmer St, Covington, KY 41011
Two independent one-bedroom units offer flexible short-term or long-term rental configurations with separate utilities and private entrances.
Property Size1,580 SF
Days on Market93
Property Features for 425 Lehmer St
General Information
Standard status
Pending
Size
1,580 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Amenities
shared basement
shared backyard
Building Details
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Haven Homes Group
(859) 242-0919
Listed By:
Christine Ray
(859) 242-0919
Source:
Exprealty
Added: May 1
Changed: Jul 31
Last Checked: Jul 31 at 9:27AM
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 Haven Homes Group
Investment Insights
Based on property information with market context.
This 1,580-square-foot all-brick historic duplex contains two independent 1BR/1BA units, each with a private entrance, kitchen, full bathroom, and individual HVAC. Separate electric and gas meters support distinct unit operations, while stackable laundry appliances remain in each unit. A shared basement and backyard provide additional property features.
The duplex has a documented short-term rental history, with 150 Airbnb reviews and a 4.8-star combined rating across both units. A professional property management company is already in place for transition, and the property supports multiple configurations, including occupying one unit while renting the other, operating both as short-term rentals, or converting to long-term rentals. The property is steps from Mainstrasse Village and minutes from downtown Cincinnati, major highways, and CVG Airport.
The duplex has a documented short-term rental history, with 150 Airbnb reviews and a 4.8-star combined rating across both units. A professional property management company is already in place for transition, and the property supports multiple configurations, including occupying one unit while renting the other, operating both as short-term rentals, or converting to long-term rentals. The property is steps from Mainstrasse Village and minutes from downtown Cincinnati, major highways, and CVG Airport.
Key Highlights
- 1,580‑square‑foot all‑brick historic duplex
- Two independent 1BR/1BA units with private entrances
- 150 Airbnb reviews and a 4.8‑star combined rating across both units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.8k | $13.80 |
| − Vacancy | −$1.6k | −$0.98 |
| EGI | $20.3k | $12.82 |
| − OpEx | −$6.1k | −$3.85 |
| NOI | $14.2k | $8.97 |
1,580 SF · lease $13.80/SF/yr · vacancy 7.12% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$202.5K
$177.2K – $236.3K
NOI $14,176 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$180.5K
$158.0K – $210.6K
NOI $12,636 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$407.9K
$356.9K – $475.9K
NOI $28,552 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,975
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?
Duplex - Two independent one-bedroom units offer flexible short-term or long-term rental configurations with separate utilities and private entrances.
Where is this duplex located?
The property is located at 425 Lehmer St Covington, KY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,580‑square‑foot all‑brick historic duplex; Two independent 1BR/1BA units with private entrances; 150 Airbnb reviews and a 4.8‑star combined rating across both units
