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Property profile & analytics
OFF-MARKET
Estimated value
$1,425,000
Retail space
400 3rd St Covington, KY 41011-1306
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US34-2372327
Property summary
AI-generated overview
This exceptional Covington, KY industrial property offers a rare opportunity for businesses seeking flexible warehouse or flex space. The single-story building, constructed in 1974, totals 17,872 square feet and sits on a 0.98-acre lot. Currently, 11,372 square feet is immediately available, divisible to a minimum of 11,372 square feet, with a maximum contiguous space of 17,872 square feet. The property features a 16-foot ceiling height, enhancing storage and operational efficiency. Loading and unloading are facilitated by one loading dock and three drive-in doors. Ample parking is provided with 30 spaces. The building is zoned AUC and boasts an advantageous location offering seamless access to downtown Cincinnati and Covington, KY. Its proximity to three key bridges within a one-mile radius ensures exceptional routing and accessibility, making it ideal for last-mile delivery services or on-demand businesses. The property comprises two suites in total. This is a unique opportunity to secure a well-located, functional industrial space with excellent connectivity to major transportation arteries.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Total area
17,768 SF
Lot
0.41 ac (18,018 SF)
APN
040-34-04-001.00
UPID
US34-2372327
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Theatre House (Bike/Boat/Book/etc) Store
-
3D Corrugated - Boxes & Packaging Supply Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.23M
Blend (final)
Blend
$1.43M
Owner & transaction history
400 West Third LLC · 8 yrs held
400 West Third LLC
since 2017
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.3M
+49.3%
Office building
$1.9M
+18.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,565,000
Current use
RESTAURANT
$2,340,000
Change: +49% · Conversion: Easy
OFFICE BUILDING
$1,860,000
Change: +19% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,450,000
Change: -7% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,410,000
Change: -10% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,385,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$1.43M
Range $1.28M – $1.57M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$80 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$11,322
Tax year 2023
Assessed value
$850,000
Assessed 2023
Previous assessed
$850,000
+0.0% YoY
Effective rate
1.33%
On assessed value
Assessed land
$490,000
Assessed improvement
$360,000
Land market value
$490,000
Improvement market value
$360,000
Total market value
$850,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Heating
NONE
Total area
17,768 SF
Lot
0.41 ac (18,018 SF)
APN
040-34-04-001.00
UPID
US34-2372327
Jurisdiction
KENTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.6M
RESTAURANT
Est. value
$2.3M
OFFICE BUILDING
Est. value
$1.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.4M
RETAIL STORES Current
RESTAURANT
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Lot
0.41 ac
Current owner
From public records · entity-resolved
400 West Third LLC
Entity
Mailing address
2333 ANDERSON RD, CRESCENT SPRINGS, KY 41017-1955
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 13, 2018
—
400 West Third LLC
—
Deed
related
$680,000 · Heritage Bk
Aug 18, 2017
$850,000
400 West Third LLC
Schlarman Lori A
Trustees Deed
related
—
Oct 18, 2006
$790,000
Rwg Properties LLC
Gaukel,richard W & Tamara
Grant Deed
—
Sep 18, 2006
$790,000
Richard W Gaukel
Hartman June E
Grant Deed
—
—
—
Rwg Properties LLC
—
Deed Of Trust
related
$700,000 · Bank Of Kentucky
—
—
400 West Third LLC
—
Deed Of Trust
related
$680,000 · Heritage Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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