Covington Warehouse with 16'
For Sale
Contact for pricing
134 W 38th St, Covington, KY 41015
6,578 SF warehouse with 1 drive-in door.
Property Size6,578 SF
Price / SF$79.81
Days on Market736
Property Features for 134 W 38th St
General Information
Standard status
Active
Size
6,578 SF
Property subtype
Industrial
Building Details
Buildings
1
Stories
1
Listing Agency:
CURO | BRKG
(513) 999-2876
Listed By:
Josh Niederhelman · License #KY 206691
Source:
Crexi
Added: Aug 16, 2024
Changed: Aug 10
Last Checked: Aug 19 at 3:19PM
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 CURO | BRKG
Investment Insights
Based on property information with market context.
This 6,578 square foot warehouse measures 60 feet by 109 feet and features a 16-foot clear height. The construction consists of block and wood truss. It is equipped with gas unit heating and fluorescent tube lighting. The property includes one 12-foot by 16-foot drive-in door.
Key Highlights
- 6,578 sf total space
- 16’ clear height
- 60’ x 109’ dimensions
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
$37,637
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
7.17%
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%
$752,740
$752.7K
Cap Rate 7%
$537,671
$537.7K
Cap Rate 9%
$418,189
$418.2K
Market Conditions
NOI Build-Up for 6,578 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
$51.3K $7.80/SF
− Vacancy
−$7.0K −$1.07/SF
EGI
$44.3K $6.73/SF
− OpEx
−$6.6K −$1.01/SF
NOI
$37.6K $5.72/SF
Area
Kenton County, KY
Vacancy
13.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$752,740
Cap Rate 7%
$537,671
Cap Rate 9%
$418,189
Alternative Uses
Best Use
Warehouse
$537.7K
$470.5K – $627.3K
NOI $37,637 @ 7.0% cap · market cap 7.17%
Second Best
Industrial
$483.3K
$422.9K – $563.9K
NOI $33,833 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,871 @ 7.0% cap · market cap 22.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 41015, KY
21,599
Population
9,135
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
25.4 sq mi
ZIP Area
850
Density / Sq Mi
$63,783
Median Household Income
$44,740
Median Earnings
$857
Median Rent
$176,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Extra Space Storage — 525 W 35th St, Covington, KY 41015
Frequently Asked Questions
What type of property is this?
Warehouse - 6,578 SF warehouse with 1 drive-in door.
Where is this warehouse located?
The property is located at 134 W 38th St Covington, KY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 6,578 sf total space; 16’ clear height; 60’ x 109’ dimensions
