Financial
Distress signals
Property profile

421 Madison Ave Covington, KY 41011

FOR LEASE
Office buildings
Property ID
US34-2356692
9,270 SF 0.13 ac lot
Last sale Mar 2022 · $853,000
Entity Owned Owner of record is a legal entity (LLC / corporation). 4-yr Hold Held for 4 years. ~ Est. High Equity Modeled equity is high. Estimate, not a fact.
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Property summary

AI-generated overview

The Morgan Building is a three-story commercial structure constructed in 1904, totaling approximately 9,000 square feet, and is located within an opportunity zone. The property includes 10 surface parking spaces, with an additional 10 spaces available on an adjacent parcel. Each floor is separately metered for utilities and provides secured keyed access, and the building is configured to accommodate separate tenant use. The floor plans vary by level and include private offices, reception areas, conference rooms, and kitchenettes.

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Mortgages

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2023

What does the county charge?
$11k
Tax billed · 2023
Assessed value$853k
Assessed land$85k
Assessed improvement$769k
Effective rate1.33%

Value estimate

· Sep 2026
$770k
$693k – $847k
AI approach$775k
Submarket $/SF estimate$910k
NOI build-up
Gross scheduled income$180k
Vacancy & credit loss−$24k
Operating expenses−$39k
NOI · 733,837.50% cap applied$117k

Realmo valuation models over county records and 3 qualifying comparable sales.

Recently sold

What actually traded nearby?
$105/SF
ZIP average, outlier-cleaned · 32 recorded sales of this use type
Observed band · Q1–Q3$62 – $141
Qualifying comparables3

Cap rate analysis

How does the asset earn?
733,837.50%
$117k estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

No data for this section
What can be built here?

No zoning code is on file for this parcel. Coverage grows with every catalog release.

JurisdictionKENTON

Location intelligence

Which uses thrive at this corner?
Best fit: HVAC Service
Demand heat for this use is drawn on the map · LocInt grid
Demand index
HVAC Service13.2
Skin Care Clinic11.1
Dry Cleaner10.2

Location

421 Madison Ave Covington, KY 41011
County assessor Recorded deeds · 5 transfers 3 qualifying comp sales Zoning catalog · not on file

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 11 properties nearby
Recent sales nearby
6 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
521 Madison, Covington, KY 41011-1505 $220,000 Mar 2025 9,954 SF
405 Garrard, Covington, KY 41011-2511 $750,000 Sep 2022 5,698 SF
117 4th, Covington, KY 41011-1752 $788,000 Jun 2022 13,605 SF
412 Madison, Covington, KY 41011-1520 $1,225,000 Feb 2022 10,800 SF
1005 Madison, Covington, KY 41011-3113 $645,000 Oct 2021 6,938 SF
118 5th, Covington, KY 41011-1481 $780,000 Aug 2021 11,900 SF
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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