Turnkey 5-Unit Multifamily
661 West Pike Street Covington, KY 41011
661 West Pike Street, Covington, KY, 41011
$465,000
For Sale
$465,000
Brick 5-unit building with a mix of 1BR, 2BR, and a 3BR, plus updated interiors and tenant-paid electric.
Property Size3,066 SF
Price / SF$151.66
Days on Market34
Property Features for 661 West Pike Street
General Information
- Standard status
- Active
- Size
- 3,066 SF
- Property subtype
- Multi Family / Apartment
Building Details
- Year Built
- 1890
Listing agency
Sibcy Cline, REALTORS-CC
(859) 743-5056
Listed by
Greg Crase · License #197580
(859) 743-5056
Source
Compass
Added: Jun 19 Updated: Jul 21 at 11:02PM Checked: Jul 21 at 11:02PM
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 Sibcy Cline, REALTORS-CC
Investment Insights
Based on property information with market context.
This turnkey 5-unit multifamily property features brick construction and a unit mix that includes two 2-bedroom units, two 1-bedroom units, and one 3-bedroom unit. Many interiors have been updated. The listing also notes one 1-bedroom unit includes an additional 10' x 11' room that may be used for an additional bedroom, though it does not have egress.
Tenants pay electric while the owner covers water and trash. The property is described as being minutes from MainStrasse and downtown Cincinnati, with access to dining, entertainment, and major employment centers.
Per the provided rent roll, unit rents are listed as $900 for Unit 1 and $900 for Unit 3 (1-bedroom units), $800 for two 2-bedroom units (Units 2 and 4), $850 for Unit 5 (1-bedroom), and $900 for the 3-bedroom unit (Unit 1-3BD rents listed collectively in the remarks).
Tenants pay electric while the owner covers water and trash. The property is described as being minutes from MainStrasse and downtown Cincinnati, with access to dining, entertainment, and major employment centers.
Per the provided rent roll, unit rents are listed as $900 for Unit 1 and $900 for Unit 3 (1-bedroom units), $800 for two 2-bedroom units (Units 2 and 4), $850 for Unit 5 (1-bedroom), and $900 for the 3-bedroom unit (Unit 1-3BD rents listed collectively in the remarks).
Key Highlights
- 5‑unit brick multifamily built in 1890 with a unit mix of two 2BR, two 1BR, and one 3BR
- Current rents listed: $900 (3BD), $800 (2BR), $900 (1BR), $800 (2BR), and $850 (1BR)
- Tenant‑paid electric; owner covers water and trash for the building
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.2k | $15.72 |
| − Vacancy | −$3.6k | −$1.18 |
| EGI | $44.6k | $14.54 |
| − OpEx | −$20.1k | −$6.54 |
| NOI | $24.5k | $8.00 |
3,066 SF · lease $15.72/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$350.3K
$306.5K – $408.7K
NOI $24,520 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.5K
$692.6K – $923.4K
NOI $55,406 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Brick 5-unit building with a mix of 1BR, 2BR, and a 3BR, plus updated interiors and tenant-paid electric.
Where is this apartment building located?
The property is located at 661 West Pike Street Covington, KY.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 5‑unit brick multifamily built in 1890 with a unit mix of two 2BR, two 1BR, and one 3BR; Current rents listed: $900 (3BD), $800 (2BR), $900 (1BR), $800 (2BR), and $850 (1BR); Tenant‑paid electric; owner covers water and trash for the building
