Triplex With Detached
New
For Sale
$499,900
646 Monroe Street, Newport, KY 41071
Historic multifamily property with an additional rentable garage unit and off-street parking.
Property Size2,310 SF
Days on Market4
Property Features for 646 Monroe Street
General Information
Standard status
Active
Size
2,310 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
Multi Family
Additional Details
Multifamily Units
3
Building Details
Building Size
2,310 SF
Year Built
1890
Buildings
2
Units
3
Listing Agency:
RE/MAX Victory + Affiliates
(859) 635-2577
Listed By:
Victoria Bertram
(859) 635-2577
Source:
Bushrealty
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 2:38PM
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.
Built in 1890, this Newport property comprises three family dwelling units along with a separate one-car garage configured as a rental unit. The property also includes two off-street parking pads, adding dedicated parking beyond the garage.
Located at 646 Monroe Street in Newport, KY, the property is within walking and biking distance of downtown Cincinnati and nearby event and activity destinations. Its multifamily configuration, supplemental garage unit, and established location provide a distinct residential income profile.
Located at 646 Monroe Street in Newport, KY, the property is within walking and biking distance of downtown Cincinnati and nearby event and activity destinations. Its multifamily configuration, supplemental garage unit, and established location provide a distinct residential income profile.
Key Highlights
- Three family dwelling units
- Separate one‑car unattached garage configured as a rental unit
- Two off‑street parking pads
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
$20,805
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
4.16%
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%
$416,100
$416.1K
Cap Rate 7%
$297,214
$297.2K
Cap Rate 9%
$231,167
$231.2K
Market Conditions
NOI Build-Up for 2,310 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
$32.4K $14.04/SF
− Vacancy
−$2.7K −$1.17/SF
EGI
$29.7K $12.87/SF
− OpEx
−$8.9K −$3.86/SF
NOI
$20.8K $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%
$416,100
Cap Rate 7%
$297,214
Cap Rate 9%
$231,167
Alternative Uses
Best Use
Multifamily LT 5
$297.2K
$260.1K – $346.8K
NOI $20,805 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$274.1K
$239.9K – $319.8K
NOI $19,188 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$633.6K
$554.4K – $739.2K
NOI $44,352 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,171
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Historic multifamily property with an additional rentable garage unit and off-street parking.
Where is this triplex located?
The property is located at 646 Monroe Street Newport, KY.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three family dwelling units; Separate one‑car unattached garage configured as a rental unit; Two off‑street parking pads
