Covington Warehouse with Flexible
For Sale
Contact for pricing
Pending
140 W 38th St, Covington, KY 41015
24,600 SF warehouse divisible into 18,000 and 6,600 SF.
Property Size24,600 SF
Days on Market750
Property Features for 140 W 38th St
General Information
Standard status
Pending
Size
24,600 SF
Property subtype
Industrial
Zoning
SI
Building Details
Buildings
1
Stories
1
Units
2
Listing Agency:
CURO | BRKG
Listed By:
Josh Niederhelman · License #KY 206691
(513) 999-2876
Source:
Crexi
Added: Aug 16, 2024
Changed: Aug 21
Last Checked: Aug 31 at 6:26PM
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 24,600 square foot warehouse offers flexible space, divisible into 18,000 and 6,600 square foot sections. The building features a 19-foot clear height. It includes one drive-in door measuring 20 feet wide by 16 feet tall, one measuring 12 feet by 12 feet, and another measuring 12 feet by 16 feet. There are also two platform docks. The column spacing is 34 feet by 20 feet, providing a clear span. Parking is available with 11 spaces. The property is heated by a gas unit.
Key Highlights
- Total square footage of 24,600, divisible into 18,000sf and 6,600sf.
- Benefit from a clear height of 19 feet.
- Three drive‑in doors: one 20’ wide x 16’ tall, one 12’ x 12’, and one 12’ x 16’.
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
$126,526
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
8.44%
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%
$2,530,520
$2.5M
Cap Rate 7%
$1,807,514
$1.8M
Cap Rate 9%
$1,405,844
$1.4M
Market Conditions
NOI Build-Up for 24,600 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
$191.9K $7.80/SF
− Vacancy
−$11.1K −$0.45/SF
EGI
$180.8K $7.35/SF
− OpEx
−$54.2K −$2.20/SF
NOI
$126.5K $5.14/SF
Area
Kenton County, KY
Vacancy
5.80%
Lease Rate
$7.80 /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%
$2,530,520
Cap Rate 7%
$1,807,514
Cap Rate 9%
$1,405,844
Alternative Uses
Best Use
Warehouse
$2.01M
$1.76M – $2.35M
NOI $140,754 @ 7.0% cap · market cap 9.38%
Second Best
Industrial
$1.81M
$1.58M – $2.11M
NOI $126,526 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$6.35M
$5.56M – $7.41M
NOI $444,548 @ 7.0% cap · market cap 29.64%
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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Frequently Asked Questions
What type of property is this?
Warehouse - 24,600 SF warehouse divisible into 18,000 and 6,600 SF.
Where is this warehouse located?
The property is located at 140 W 38th St Covington, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Total square footage of 24,600, divisible into 18,000sf and 6,600sf.; Benefit from a clear height of 19 feet.; Three drive‑in doors: one 20’ wide x 16’ tall, one 12’ x 12’, and one 12’ x 16’.
