Apartment Building with Historic
For Sale
$695,000
513 E 6th Street, Newport, KY 41071
Multi-family property with natural woodwork, classic character, and a stated restoration path to a single-family historic home.
Property Size2,666 SF
Days on Market11
Property Features for 513 E 6th Street
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Multi Family Home
Zoning
Multi Family
Units
Unit Mix
3 x 1BR/1BA, 3 x studio/1BA
Multifamily Units
6
Building Details
Building Size
2,666 SF
Year Built
1906
Buildings
1
Units
6
Listing Agency:
Kopf Hunter Haas
(513) 871-4040
Listed By:
Valerie Kreimer · License #276273
(513) 871-4040
Source:
Bushrealty
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 11 at 1:13PM
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 Kopf Hunter Haas
Investment Insights
Based on property information with market context.
Built in 1906, this multi-family property contains six units: three one-bedroom apartments and three studio apartments. Each unit includes one full bathroom. Interior natural woodwork, classic detailing, and historic character define the building’s presentation. The property is zoned Multi Family and is also described as suitable for restoration to its original single-family historic-home configuration.
The building occupies a corner lot at 513 E 6th Street in Newport, Kentucky. Its position at the intersection of 6th and Park Avenue provides a clearly defined site presence. The combination of an established unit layout, period architectural details, and an alternate single-family restoration concept gives the property two distinct physical configurations to consider.
The building occupies a corner lot at 513 E 6th Street in Newport, Kentucky. Its position at the intersection of 6th and Park Avenue provides a clearly defined site presence. The combination of an established unit layout, period architectural details, and an alternate single-family restoration concept gives the property two distinct physical configurations to consider.
Key Highlights
- Six‑unit layout with three one‑bedroom apartments and three studio units
- Each unit includes one full bathroom
- 1906 construction with natural woodwork and classic historic detailing
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
$22,145
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
3.19%
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%
$442,900
$442.9K
Cap Rate 7%
$316,357
$316.4K
Cap Rate 9%
$246,056
$246.1K
Market Conditions
NOI Build-Up for 2,666 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
$44.1K $16.56/SF
− Vacancy
−$3.9K −$1.46/SF
EGI
$40.3K $15.10/SF
− OpEx
−$18.1K −$6.80/SF
NOI
$22.1K $8.31/SF
Area
Campbell County, KY
Vacancy
8.80%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
45.00%
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%
$442,900
Cap Rate 7%
$316,357
Cap Rate 9%
$246,056
Alternative Uses
Best Use
Apartment 5plus
$316.4K
$276.8K – $369.1K
NOI $22,145 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$731.2K
$639.8K – $853.1K
NOI $51,187 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 41071, KY
19,796
Population
10,883
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
3,599
Density / Sq Mi
$58,329
Median Household Income
$44,836
Median Earnings
$1,047
Median Rent
$186,000
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?
Apartment building - Multi-family property with natural woodwork, classic character, and a stated restoration path to a single-family historic home.
Where is this apartment building located?
The property is located at 513 E 6th Street Newport, KY.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Six‑unit layout with three one‑bedroom apartments and three studio units; Each unit includes one full bathroom; 1906 construction with natural woodwork and classic historic detailing
