Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1721 Madison Ave Covington, KY 41011-3330

    • Retail space
    • 6,600 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    $735,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0252288
    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

    • AUTOZONE 0709 / Auto Parts Store
    • AutoZone Auto Parts / Auto Parts Store

    Property Details for 1721 Madison Ave

    Year built
    1991
    Lot size
    0.57 lot acres
    Property size
    6,600 SF
    Property type
    Retail space
    APN
    055-14-09-001.03
    APU
    55140900103

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $784,000
      Market price range: $280k - $1.24M
      AI Estimate
      $755,000
      Market price range: $251k - $978k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $580,000
      Current use
      RESTAURANT
      $870,000
      Change: +49% Conversion: Easy
      OFFICE BUILDING
      $690,000
      Change: +19% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $540,000
      Change: -7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $525,000
      Change: -10% Conversion: Easy
      AUTO REPAIR, GARAGE
      $515,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Kenton
    State
    Kentucky
    Longitude
    -84.507
    Latitude
    39.0696
    CBSA code
    17140
    CBSA name
    CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,206
    $200,000
    $341,000
    $541,000
    -
    $200,000
    $341,000
    $541,000

    Comparable in this City

    • Value Estimation by Request
      4,481 SF

      1032 Prospect St, Unit 34

      RETAIL STORES (PERSONAL SERVICES) • 4,481 SF
      1032 Prospect St, Covington, KY 41011-3273
      View Details
    • Value Estimation by Request
      7,200 SF

      633 Main St, Unit 35

      RETAIL STORES (PERSONAL SERVICES) • 7,200 SF
      633 Main St, Covington, KY 41011-1331
      View Details
    • Value Estimation
      $1,425,000
      17,768 SF

      400 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 17,768 SF
      400 3rd St, Covington, KY 41011-1306
      View Details
    • Value Estimation by Request
      0.11 Acres

      501 Martin Luther King Jr Blvd

      RETAIL STORES (PERSONAL SERVICES) • 0.11 Acres
      501 Martin Luther King Jr Blvd, Covington, KY 41011
      View Details
    • Value Estimation by Request
      1,100 SF

      1348 Scott St

      RETAIL STORES (PERSONAL SERVICES) • 1,100 SF
      1348 Scott St, Covington, KY 41011-3457
      View Details
    • Value Estimation
      $1,065,000
      11,750 SF

      100 6th St, Unit 2

      RETAIL STORES (PERSONAL SERVICES) • 11,750 SF
      100 6th St, Covington, KY 41011-1410
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,118 SF

      Retail/Office Space in Kenton County

      4,118 SF grey shell retail/office space for sale.
      729 Scott St, Covington, KY 41011
      View Details
    • $540,000
      3,200 SF

      Covington Commercial Investment Opportunity

      Two-story commercial property with rental income and redevelopment potential.
      508 Madison Ave, Covington, KY 41011
      View Details
    • $525,000

      Historic Covington Multi-Family Property

      Historic multi-family property with commercial space in Covington, Kentucky.
      112 E 5Th St, Covington, KY 41011
      View Details
    • $799,000
      6,000 SF

      Historic Mixed-Use Building in Covington

      Charming, fully leased mixed-use property near Covington's attractions.
      138-142 W Pike St, Covington, KY 41011
      View Details
    • $699,000
      5,037 SF

      Historic Covington Landmark with Parking

      Historic 5,000 SF property with parking in Covington, KY.
      526 Greenup St, Covington, KY 41011
      View Details
    • Contact for pricing

      Mixed-Use Building in Covington Urban Core

      Three-story, 2,916 SF mixed-use building in desirable pedestrian corridor.
      607 Madison Ave, Covington, KY 41011
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,007 SF

      Retail Space in Covington, KY

      Ground-level retail space in a trendy, high-traffic area.
      333 Scott St, Covington, KY 41011
      View Details
    • $1,200 /Mo
      Pending

      Remodeled Salon/Studio Space in Covington

      Remodeled salon/studio in Covington's Lewisburg Historic District.
      717 W Pike St, Covington, KY 41011
      View Details
    • Contact for pricing
      22,080 SF

      Covington Warehouse with Secure Parking

      Warehouse space with drive-through and secure parking in Covington.
      1116 Russell St, Covington, KY 41011
      View Details
    • $750 /Mo
      11,900 SF

      Covington Office Space For Rent

      Office space for lease in historic Covington building.
      118 W 5Th St, Covington, KY 41011
      View Details
    • $16 SF/Yr
      11,900 SF

      Covington Office Space For Lease

      Professional office space in central Covington location with parking.
      118 W 5Th St, Covington, KY 41011
      View Details
    • Contact for pricing
      11,293 SF

      Office Space Near Downtown Cincinnati

      Office buildings with signage and conference room, near downtown.
      1881 Dixie Hwy, Ft Wright, KY 41011
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1721 Madison Ave
    Covington, KY 41011-3330
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!