Duplex with Hardwood
For Sale
$470,000
Pending
832 Willard St, Covington, KY 41011
Two residential units include off-street parking and a two-bedroom layout with en suite bedrooms.
Property Size2,584 SF
Days on Market25
Property Features for 832 Willard St
General Information
Standard status
Pending
Size
2,584 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Amenities
hardwood floors
Listing Agency:
Pivot Realty Group
(859) 466-5544
Listed By:
Lee Bledsoe · License #209057
(859) 466-5544
Source:
Exprealty
Added: Aug 7
Changed: Aug 30
Last Checked: Aug 30 at 3:20AM
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 Pivot Realty Group
Investment Insights
Based on property information with market context.
This two-family property at 832 Willard St in Covington, KY contains 2,584 square feet across two residential units. Interior features include hardwood flooring, while the property also provides off-street parking. The two-bedroom unit includes an en suite bathroom in each bedroom, offering a defined layout within that residence.
The property is positioned near dining, bars, shops, parks, Mainstrasse, Madison Mile, downtown, and area stadiums. Its two-unit configuration supports an owner-occupant arrangement with a separate residence on site, subject to the applicable terms and use requirements.
The property is positioned near dining, bars, shops, parks, Mainstrasse, Madison Mile, downtown, and area stadiums. Its two-unit configuration supports an owner-occupant arrangement with a separate residence on site, subject to the applicable terms and use requirements.
Key Highlights
- Two‑family duplex at 832 Willard St, Covington, KY
- 2,584 square feet across two residential units
- Hardwood flooring throughout the property
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
$23,184
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
4.93%
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%
$463,680
$463.7K
Cap Rate 7%
$331,200
$331.2K
Cap Rate 9%
$257,600
$257.6K
Market Conditions
NOI Build-Up for 2,584 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
$35.7K $13.80/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$33.1K $12.82/SF
− OpEx
−$9.9K −$3.85/SF
NOI
$23.2K $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%
$463,680
Cap Rate 7%
$331,200
Cap Rate 9%
$257,600
Alternative Uses
Best Use
Multifamily LT 5
$331.2K
$289.8K – $386.4K
NOI $23,184 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$295.2K
$258.3K – $344.4K
NOI $20,666 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$667.1K
$583.7K – $778.3K
NOI $46,696 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,065
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?
Duplex - Two residential units include off-street parking and a two-bedroom layout with en suite bedrooms.
Where is this duplex located?
The property is located at 832 Willard St Covington, KY.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Two‑family duplex at 832 Willard St, Covington, KY; 2,584 square feet across two residential units; Hardwood flooring throughout the property
