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    Property profile & analytics

    230 Madison Ave Covington, KY 41011-1539

    • Commercial real estate
    • 89,500 SF
    • 0.58 lot acres
    OFF-MARKET
    Value Estimations
    $11,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0004304
    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

    • Kenton County Pre-Trial Service / State Government Office
    • Kenton County Master Commissioner / Attorney
    • Meridian Management Corporation / Property Management Company
    • Honorable Michelle M Keller / State Government Office
    • Juvenile Court / Courthouse

    Property Details for 230 Madison Ave

    Year built
    1998
    Lot size
    0.58 lot acres
    Property size
    89,500 SF
    Property type
    Commercial real estate
    APN
    054-14-02-002.02
    APU
    54140200202

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $15,440,000
      6.5%
      $14,250,000
      7%
      $13,235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,182,000
      Market price range: $3.02M - $10.2M
      AI Estimate
      $8,835,000
      Market price range: $2.42M - $8.84M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $7,100,000
      Current use
      RESTAURANT
      $11,775,000
      Change: +66% Conversion: Difficult
      OFFICE BUILDING
      $9,360,000
      Change: +32% Conversion: Easy
      RETAIL STORES
      $7,890,000
      Change: +11% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $7,300,000
      Change: +3% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $6,985,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Kenton
    State
    Kentucky
    Longitude
    -84.5109
    Latitude
    39.0885
    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
    $0.00
    $1,271,600
    $44,500,000
    $45,771,600
    -
    $1,271,600
    $44,500,000
    $45,771,600

    Comparable in this City

    • Value Estimation
      $37,000,000
      298,611 SF

      50 Rivercenter Blvd

      COMMERCIAL (GENERAL) • 298,611 SF
      50 Rivercenter Blvd, Covington, KY 41011-1683
      View Details
    • Value Estimation
      $695,000
      26,816 SF

      110 8th St, Unit 12

      COMMERCIAL (GENERAL) • 26,816 SF
      110 8th St, Covington, KY 41011
      View Details
    • Value Estimation
      $845,000
      34,100 SF

      1512 Russell St

      COMMERCIAL (GENERAL) • 34,100 SF
      1512 Russell St, Covington, KY 41011-3359
      View Details
    • Value Estimation
      $910,000
      36,000 SF

      1320 Russell St, Unit 24

      COMMERCIAL (GENERAL) • 36,000 SF
      1320 Russell St, Covington, KY 41011-3335
      View Details
    • Value Estimation
      $750,000
      29,365 SF

      1508-1516 Scott St

      COMMERCIAL (GENERAL) • 29,365 SF
      1508-1516 Scott St, Covington, KY 41011
      View Details
    • Value Estimation
      $5,640,000
      46,464 SF

      640 3rd St, Unit 50

      COMMERCIAL (GENERAL) • 46,464 SF
      640 3rd St, Covington, KY 41011-1204
      View Details

    Similar Nearby for Sale

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      Covington Commercial Land For Sale

      Development opportunity with skyline views in Covington, Kentucky.
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    • $1,000,000
      7,350 SF

      Versatile Property Near Downtown Covington

      Adaptable property with office, warehouse, and expansion potential.
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      View Details
    • Contact for pricing
      0.05 Acres

      Covington Land For Sale

      Vacant lot in Covington's Lewisburg Neighborhood, suitable for new construction.
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    • $33,000

      Residential Lot with City Views

      Vacant lot with panoramic Cincinnati and Covington views.
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      Residential Lot in Fort Wright

      Residential lot in a desirable, convenient Fort Wright location.
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    • $540,000
      1,784 SF

      Covington Multifamily Property with Garage

      Two-family property near Mainstrasse with garage and backyard.
      328 W 6Th St, Covington, KY 41011
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      38,144 SF

      Wright's Summit II Creative Office Space

      Modern Kenton County Creative Office Suites
      809 Smt Pkwy, Fort Wright, KY 41011
      View Details
    • $14 SF/Yr
      120,000 SF

      Lookout Corporate Center: Fort Wright Office Space

      Prime KY Office Space: Flexible Suites Available
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      View Details
    • $300 /Mo
      8,872 SF

      Furnished Office Space with Views

      Move-in ready office space with skyline and river views.
      50 E Rivercenter Blvd, Covington, KY 41011
      View Details
    • $15 SF/Yr
      1,980 SF

      Office Space in Covington, KY

      Office space available for lease in Covington, Kentucky.
      434 Scott St, Covington, KY 41011
      View Details
    • $19 SF/Yr
      58,878 SF

      Wright's Summit III Executive Suites

      Prestigious Office Space, Kenton County
      810 Smt Pkwy, Fort Wright, KY 41011
      View Details
    • Contact for pricing
      8,941 SF

      Premier Office Space in Covington

      Iconic RiverCenter complex offering unparalleled convenience and quality service.
      100 E Rivercenter Blvd, Covington, KY 41011
      View Details
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    230 Madison Ave
    Covington, KY 41011-1539
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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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