Brick Duplex with Historic
For Sale
$249,900
Pending
908 Hamlet St, Newport, KY 41071
Two one-bedroom units include a first-floor residence and a full upper-level unit.
Property Size1,592 SF
Days on Market52
Property Features for 908 Hamlet St
General Information
Standard status
Pending
Size
1,592 SF
Property subtype
Residential Income
Building Details
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Comey & Shepherd, REALTORS
(513) 429-1502
Listed By:
Peter Duffy Jr. · License #0000265025
(513) 429-1502
Source:
Exprealty
Added: Jun 19
Changed: Aug 2
Last Checked: Aug 9 at 9:22AM
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 Comey & Shepherd, REALTORS
Investment Insights
Based on property information with market context.
This 1,592-square-foot brick duplex contains two one-bedroom units, with one residence on the first floor and the other occupying the complete second level. The upper unit has central air conditioning, while both spaces feature high ceilings, plentiful natural light, and preserved architectural character. A front courtyard and private rear patio add outdoor space to the property.
Located at 908 Hamlet St in Newport’s East Row Historic District, the duplex is near local restaurants, shops, and riverfront attractions. Its two-unit layout supports owner occupancy with rental income, continued use as an income property, or consideration of a single-family conversion, as described for the property.
Located at 908 Hamlet St in Newport’s East Row Historic District, the duplex is near local restaurants, shops, and riverfront attractions. Its two-unit layout supports owner occupancy with rental income, continued use as an income property, or consideration of a single-family conversion, as described for the property.
Key Highlights
- 1,592‑square‑foot brick duplex in Newport’s East Row Historic District
- Two one‑bedroom units with separate first‑floor and second‑level layouts
- Upper unit spans the full second floor and includes central air conditioning
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
$14,338
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
5.74%
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%
$286,760
$286.8K
Cap Rate 7%
$204,829
$204.8K
Cap Rate 9%
$159,311
$159.3K
Market Conditions
NOI Build-Up for 1,592 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
$22.4K $14.04/SF
− Vacancy
−$1.9K −$1.17/SF
EGI
$20.5K $12.87/SF
− OpEx
−$6.1K −$3.86/SF
NOI
$14.3K $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%
$286,760
Cap Rate 7%
$204,829
Cap Rate 9%
$159,311
Alternative Uses
Best Use
Multifamily LT 5
$204.8K
$179.2K – $239.0K
NOI $14,338 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$188.9K
$165.3K – $220.4K
NOI $13,224 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$436.7K
$382.1K – $509.4K
NOI $30,566 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,841
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?
Duplex - Two one-bedroom units include a first-floor residence and a full upper-level unit.
Where is this duplex located?
The property is located at 908 Hamlet St Newport, KY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1,592‑square‑foot brick duplex in Newport’s East Row Historic District; Two one‑bedroom units with separate first‑floor and second‑level layouts; Upper unit spans the full second floor and includes central air conditioning
