Building Details

Year Built 1960

Listing Agency: RE/MAX Victory + Affiliates

Listed By: Victoria Bertram Show Phone

Source: Lovdalgroup

Added: Sep 1 Last Checked: Sep 2 at 7:21PM

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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 RE/MAX Victory + Affiliates

Investment Insights

Based on property information with market context.

This four-unit quadplex at 43 Holly Woods Dr includes 3,704 square feet and was built in 1960. The units feature hardwood flooring, central air conditioning, ceiling fans, generous closet space, eat-in kitchens, and pantry storage. Each unit includes a refrigerator and oven range. Dedicated storage areas and washer/dryer hookups are located in the basement, while the property also provides off-street parking and a garage.

The property is in Fort Thomas, Kentucky, near shopping, dining, and parks. Its four-unit configuration, existing residential features, and on-site parking provide a clearly defined multifamily asset with practical tenant amenities.

Key Highlights

• Four‑unit quadplex with 3,704 square feet
• Built in 1960
• 2‑bedroom units with hardwood floors and central air

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

$33,360

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

5.32%

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%

$667,200 $667.2K

Cap Rate 7%

$476,571 $476.6K

Cap Rate 9%

$370,667 $370.7K

Market Conditions

NOI Build-Up for 3,704 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

$52.0K $14.04/SF

− Vacancy

−$4.3K −$1.17/SF

EGI

$47.7K $12.87/SF

− OpEx

−$14.3K −$3.86/SF

NOI

$33.4K $9.01/SF

Area

Campbell County, KY

Vacancy

8.36%

Lease Rate

$14.04 /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%

$667,200

Cap Rate 7%

$476,571

Cap Rate 9%

$370,667

Alternative Uses

Best Use

Multifamily LT 5

$476.6K

$417.0K – $556.0K (±1% cap)

NOI $33,360 @ 7.0% cap · market cap 5.32%

Second Best

Apartment 5plus

$439.5K

$384.6K – $512.8K (±1% cap)

NOI $30,767 @ 7.0% cap · market cap 4.91%

Theoretical Best

Office A

$1.02M

$889.0K – $1.19M (±1% cap)

NOI $71,117 @ 7.0% cap · market cap 11.34%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Pharmacy Restaurant HVAC Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

322

Businesses Nearby

Explore this area Business Placement

Demographics for 41075, KY

17,517

Population

6,851

Households

2.6

Avg Household Size

38

Median Age

55%

College-Educated

97%

High-School Grad

5.8 sq mi

ZIP Area

3,020

Density / Sq Mi

$99,075

Median Household Income

$52,262

Median Earnings

$1,096

Median Rent

$298,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Quadplex - Multifamily property with basement storage, laundry hookups, off-street parking, and in-unit kitchen appliances.

Where is this quadplex located?

The property is located at 43 Holly Woods Dr Fort Thomas, KY.

What is the asking price?

The asking price for this property is $627,000.

What are key features of this property?

This property features: Four‑unit quadplex with 3,704 square feet; Built in 1960; 2‑bedroom units with hardwood floors and central air