Triplex with Off-Street
For Sale
$649,900
501 Johnson Street, Covington, KY 41011
MULTI_FAMILY - Covington, KY
Property Size3,186 SF
Lot Size0.05 Acres
Price / SF$203.99
Days on Market103
Property Features for 501 Johnson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi Family
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 3, Basement, Bathroom 3, Bathroom 2, Bedroom 1
Parking
6
Parking features
On Street, Off Street
Window features
Vinyl Frames
Fireplace
1
Basement
Full
Appliances
Washer/Dryer Stacked, Electric Oven, Electric Cooktop, Stainless Steel Appliance(s), Dishwasher, Microwave, Refrigerator
Elementary school
John G. Carlisle Elementary
Middle school
Holmes Middle School
High school
Holmes Senior High
Elementary school district
Covington Indep
Middle school district
Covington Indep
High school district
Covington Indep
Directions
75 N to Fifth St exit to Johnson St
Subdivision
K01 - Covington North
Standard status
Active
APN
054-21-02-003.00
Size
3,186 SF
Lot size
0.05 Acres
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1860
Floors in Building
3
Number of units
3
Building materials
Brick
Roof type
Membrane
Listing Agency:
eXp Realty LLC
(888) 624-6448
Listed By:
Tonya Holt McMahon · License #252298
(513) 886-5087
Added: Apr 29
Changed: Aug 4
Last Checked: Aug 9 at 4:06PM
MLS# 642170
Copyright © 2026 Northern Kentucky MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated triplex built in 1860 with brick construction and three well-appointed units. The unit mix includes two 1-bedroom, 1-bath units and one 1-bedroom, 1.5-bath unit. Each unit has been renovated, and the property includes a basement and a fireplace.
The offering includes the adjacent vacant lot and is zoned mixed use. Off-street parking is available for six to eight cars, with six-car parking in the back parking lot and a driveway in front that holds three cars. Utilities include natural gas, with public water and public sewer servicing the property.
The building is approximately 3,186 square feet on a 0.05-acre lot. Systems include forced air heating and central air cooling, with a membrane roof. Appliance package includes stacked washer/dryer and stainless steel kitchen appliances (microwave, refrigerator, dishwasher, electric oven, and electric cooktop).
The offering includes the adjacent vacant lot and is zoned mixed use. Off-street parking is available for six to eight cars, with six-car parking in the back parking lot and a driveway in front that holds three cars. Utilities include natural gas, with public water and public sewer servicing the property.
The building is approximately 3,186 square feet on a 0.05-acre lot. Systems include forced air heating and central air cooling, with a membrane roof. Appliance package includes stacked washer/dryer and stainless steel kitchen appliances (microwave, refrigerator, dishwasher, electric oven, and electric cooktop).
Key Highlights
- Renovated triplex built in 1860 with brick construction and a fireplace
- Three‑unit mix: two 1 bed/1 bath units plus one 1 bed/1.5 bath unit
- Off‑street parking for six to eight cars: six‑car back lot plus three‑car front driveway
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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,934
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 - Renovated triplex with three units and off-street parking for up to six cars plus driveway parking for three.
Where is this triplex located?
The property is located at 501 Johnson Street 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: Renovated triplex built in 1860 with brick construction and a fireplace; Three‑unit mix: two 1 bed/1 bath units plus one 1 bed/1.5 bath unit; Off‑street parking for six to eight cars: six‑car back lot plus three‑car front driveway
