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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1004 Greenup St Covington, KY 41011

    • Residential income homes
    • 36,356 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0384315
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 1004 Greenup St

    Property size
    36,356 SF
    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a portfolio of 33 single-family rental homes located in Covington, Newport, and Dayton, Kentucky. The portfolio boasts a total of 36,356 square feet, with an average unit size of approximately 1,650 square feet. Currently operating at 100% occupancy, the portfolio generates a Net Operating Income (NOI) of $296,438, representing a 7.96% capitalization rate. A pro-forma NOI of $298,352 projects an 8.01% capitalization rate. The asking price is $3,725,000, translating to $112,879 per unit and $102.46 per square foot. The properties are strategically located within an 11-mile radius, offering convenient access to major highways I-471, I-275, and I-71/75, providing excellent connectivity to Cincinnati, Ohio. These desirable locations benefit from strong rental demand driven by a competitive housing market and significant job growth in Northern Kentucky and Cincinnati. The portfolio is currently managed by a third-party property management company. Detailed financial information is available upon request. This represents a compelling investment opportunity for both seasoned investors and those seeking a strong entry into the Northern Kentucky market. The properties are zoned residential. The average current monthly rent per unit is $1,122 (as of 2024). Approximately 40% of single-family homes in Covington are occupied by renters. A larger portfolio encompassing 55 properties and 94 units is also available for purchase.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Kenton
    State
    Kentucky
    Longitude
    -84.5059918
    Latitude
    39.0810243

    Comparable in this City

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      Covington Multifamily Property with Garage

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      Covington Multifamily Investment Opportunity

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      Covington Multifamily Property on Double Lot

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      Charming Multifamily Home in Park Hills

      1924 home near downtown Cincinnati, flexible for owner or investor.
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      Covington Multifamily Investment Opportunity

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    • New
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      Renovated Triplex with Development Potential

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    Similar Nearby for Sale

    • New
      $540,000
      Pending

      Covington Multifamily Property with Garage

      Two-family property near Mainstrasse with garage and backyard.
      328 W 6Th St, Covington, KY 41011
      View Details
    • $395,000
      2,633 SF

      Covington Multifamily Investment Opportunity

      Cash-flowing 5-unit property in historic Madison Avenue location.
      1451 Madison Ave, Covington, KY 41011
      View Details
    • New
      $455,000
      Pending

      Covington Multifamily Property on Double Lot

      Well-maintained 5-unit property near Roebling Point with ample parking.
      1333 Scott St, Covington, KY 41011
      View Details
    • $365,000
      Pending

      Charming Multifamily Home in Park Hills

      1924 home near downtown Cincinnati, flexible for owner or investor.
      1057 Hamilton Rd, Park Hills, KY 41011
      View Details
    • $525,000
      5,060 SF

      Covington Multifamily Investment Opportunity

      Fully rented 6-unit property near I-75 with immediate cash flow.
      716 Lewis St, Covington, KY 41011
      View Details
    • New
      $690,000
      3,186 SF

      Renovated Triplex with Development Potential

      Renovated Covington triplex with expansion potential near riverfront redevelopment.
      501 Johnson St, Covington, KY 41011
      View Details

    Similar Nearby for Lease

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      Furnished Office Space with Views

      Move-in ready office space with skyline and river views.
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    • $15 SF/Yr
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      Office Space in Covington, KY

      Office space available for lease in Covington, Kentucky.
      434 Scott St, Covington, KY 41011
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    • $19 SF/Yr
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      Wright's Summit III Executive Suites

      Prestigious Office Space, Kenton County
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    • Contact for pricing
      8,941 SF

      Premier Office Space in Covington

      Iconic RiverCenter complex offering unparalleled convenience and quality service.
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      View Details
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    1004 Greenup St
    Covington, KY 41011
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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