Renovated Historic
For Sale
$649,900
501 Johnson St, Covington, KY 41011
Mixed-use property includes three updated apartments and an adjoining vacant parcel near downtown Covington and MainStrasse Village.
Property Size3,186 SF
Price / SF$203.99
Days on Market52
Property Features for 501 Johnson St
General Information
Standard status
Active
Size
3,186 SF
Property subtype
Multi-Family
Zoning
mixed use
Additional Details
Land Use
mixed-use, residential
Building Details
Year Built
1860
Listing Agency:
eXp Realty LLC
(513) 886-5087
Listed By:
Tonya Holt McMahon · License #252298
Source:
Lovdalgroup
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 28 at 12:11PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Built in 1860, this renovated triplex contains three residential units: two one-bedroom, one-bath apartments and one one-bedroom, one-and-a-half-bath apartment. The improvements retain historic character while incorporating modern updates. The property also includes an adjacent vacant lot, expanding the site for potential parking, expansion, or future development subject to buyer verification.
The property is located at 501 Johnson St in Covington, near downtown Covington, MainStrasse Village, Cincinnati’s Central Business District, and the riverfront. It is one block from the Covington Central Riverfront redevelopment, which is planned to include restaurants, retail, housing, and office space. The site is zoned mixed use and includes off-street parking, with the source describing parking in the rear lot and front driveway.
The property is located at 501 Johnson St in Covington, near downtown Covington, MainStrasse Village, Cincinnati’s Central Business District, and the riverfront. It is one block from the Covington Central Riverfront redevelopment, which is planned to include restaurants, retail, housing, and office space. The site is zoned mixed use and includes off-street parking, with the source describing parking in the rear lot and front driveway.
Key Highlights
- Three‑unit configuration: two 1‑bedroom, 1‑bath units and one 1‑bedroom, 1.5‑bath unit
- Adjacent vacant lot included with the property
- Mixed‑use zoning supports residential and other qualifying uses
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
$28,585
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
4.40%
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%
$571,700
$571.7K
Cap Rate 7%
$408,357
$408.4K
Cap Rate 9%
$317,611
$317.6K
Market Conditions
NOI Build-Up for 3,186 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
$44.0K $13.80/SF
− Vacancy
−$3.1K −$0.98/SF
EGI
$40.8K $12.82/SF
− OpEx
−$12.3K −$3.85/SF
NOI
$28.6K $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%
$571,700
Cap Rate 7%
$408,357
Cap Rate 9%
$317,611
Alternative Uses
Best Use
Multifamily LT 5
$408.4K
$357.3K – $476.4K
NOI $28,585 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,480 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$822.5K
$719.7K – $959.6K
NOI $57,574 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,949
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?
Triplex - Mixed-use property includes three updated apartments and an adjoining vacant parcel near downtown Covington and MainStrasse Village.
Where is this triplex located?
The property is located at 501 Johnson St Covington, KY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three‑unit configuration: two 1‑bedroom, 1‑bath units and one 1‑bedroom, 1.5‑bath unit; Adjacent vacant lot included with the property; Mixed‑use zoning supports residential and other qualifying uses
