Renovated Three-Story
For Sale
$269,900
426 Watkins Street, Covington, KY 41011
Rented duplex with updated interiors, separate building systems, and dedicated laundry areas for both units.
Property Size1,896 SF
Days on Market130
Property Features for 426 Watkins Street
General Information
Standard status
Active
Size
1,896 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Building Size
1,896 SF
Year Built
1900
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Bartley Real Estate & Assoc
(502) 836-3013
Listed By:
Katrina Bartley · License #197658
Source:
Jayknowles.kw
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 25 at 9:34AM
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 Bartley Real Estate & Assoc
Investment Insights
Based on property information with market context.
This three-story duplex at 426 Watkins Street includes two rented units with a combined 4 bedrooms, 2 bathrooms, and 2 kitchens. Each unit has its own laundry area, washer, dryer, stove, dishwasher, and refrigerator. Interior improvements include remodeled kitchens and bathrooms, new tile flooring, hardwood floors, new carpeting, windows, and roof. A basement cellar with exterior access provides additional storage space.
The property is configured with separate systems serving the units, including 2 HVAC and 2 central air systems, 2 100-amp electric panels, 2 natural gas lines, and 2 gas hot water heaters. One water line currently serves the building, with the potential to create two lines. Tenants pay their own utilities and share the water cost. Built in 1900, the duplex is located in Covington, KY 41011.
The property is configured with separate systems serving the units, including 2 HVAC and 2 central air systems, 2 100-amp electric panels, 2 natural gas lines, and 2 gas hot water heaters. One water line currently serves the building, with the potential to create two lines. Tenants pay their own utilities and share the water cost. Built in 1900, the duplex is located in Covington, KY 41011.
Key Highlights
- Both units are currently rented
- 4 bedrooms, 2 bathrooms, and 2 kitchens across the duplex
- Separate systems include 2 HVAC, 2 central air systems, and 2 100‑amp electric panels
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
$17,011
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
6.30%
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%
$340,220
$340.2K
Cap Rate 7%
$243,014
$243.0K
Cap Rate 9%
$189,011
$189.0K
Market Conditions
NOI Build-Up for 1,896 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
$26.2K $13.80/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$24.3K $12.82/SF
− OpEx
−$7.3K −$3.85/SF
NOI
$17.0K $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%
$340,220
Cap Rate 7%
$243,014
Cap Rate 9%
$189,011
Alternative Uses
Best Use
Multifamily LT 5
$243.0K
$212.6K – $283.5K
NOI $17,011 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$216.6K
$189.5K – $252.7K
NOI $15,163 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$489.5K
$428.3K – $571.1K
NOI $34,263 @ 7.0% cap · market cap 12.69%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,599
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 - Rented duplex with updated interiors, separate building systems, and dedicated laundry areas for both units.
Where is this duplex located?
The property is located at 426 Watkins Street Covington, KY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Both units are currently rented; 4 bedrooms, 2 bathrooms, and 2 kitchens across the duplex; Separate systems include 2 HVAC, 2 central air systems, and 2 100‑amp electric panels
