Six-Unit Apartment
For Sale
$490,000
Pending
716 Lewis Street, Covington, KY 41011
Rented multifamily property with off-street parking and select unit updates near Interstate 75.
Property Size5,060 SF
Days on Market84
Property Features for 716 Lewis Street
General Information
Standard status
Pending
Size
5,060 SF
Property subtype
Multi Family / Apartment
Additional Details
Cap Rate
8.8%
Highway Access
Yes
Multifamily Units
6
Amenities
Central Air, Ductless, See Remarks
Electric, Forced Air, Heat Pump, Natural Gas, See Remarks
Full
No
Yes
Wood Frames
Shingle
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty Service
(859) 240-0727
Listed By:
The Apex Group · License #.
(859) 240-0727
Source:
Compass
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 2:06PM
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 Keller Williams Realty Service
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 5,060 square feet and is currently rented. Select units have been updated, while the building provides central air, ductless systems, forced-air and heat-pump heating, and natural gas service. The property also includes wood-frame construction and a shingle exterior.
Off-street parking is available for both tenants and guests. Located at 716 Lewis Street in Covington, Kentucky, the building sits approximately 1,000 feet from Interstate 75. Current operations reflect an approximately 8.8 percent Cap Rate.
Off-street parking is available for both tenants and guests. Located at 716 Lewis Street in Covington, Kentucky, the building sits approximately 1,000 feet from Interstate 75. Current operations reflect an approximately 8.8 percent Cap Rate.
Key Highlights
- Six‑unit apartment building with 5,060 square feet
- Currently rented with approximately 8.8 percent Cap Rate
- Off‑street parking for tenants and guests
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
$40,468
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
8.26%
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%
$809,360
$809.4K
Cap Rate 7%
$578,114
$578.1K
Cap Rate 9%
$449,644
$449.6K
Market Conditions
NOI Build-Up for 5,060 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
$79.5K $15.72/SF
− Vacancy
−$6.0K −$1.18/SF
EGI
$73.6K $14.54/SF
− OpEx
−$33.1K −$6.54/SF
NOI
$40.5K $8.00/SF
Area
Kenton County, KY
Vacancy
7.50%
Lease Rate
$15.72 /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%
$809,360
Cap Rate 7%
$578,114
Cap Rate 9%
$449,644
Alternative Uses
Best Use
Apartment 5plus
$578.1K
$505.9K – $674.5K
NOI $40,468 @ 7.0% cap · market cap 8.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,439 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,013
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?
Apartment building - Rented multifamily property with off-street parking and select unit updates near Interstate 75.
Where is this apartment building located?
The property is located at 716 Lewis Street Covington, KY.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Six‑unit apartment building with 5,060 square feet; Currently rented with approximately 8.8 percent Cap Rate; Off‑street parking for tenants and guests
