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Property profile & analytics
OFF-MARKET
Estimated value
$1,165,000
Office buildings
412 Madison Ave 422 Covington, KY 41011-1520
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US34-0214793
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1923
Total area
10,800 SF
Lot
0.39 ac (17,100 SF)
APN
054-23-04-026.00
UPID
US34-0214793
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
-
Madison Debt Consolidation Financial Advisor
-
Berger James Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.04M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.53M
Blend (final)
Blend
$1.17M
Owner & transaction history
The Milburn Group 3 LLC · 4 yrs held
The Milburn Group 3 LLC
since 2022
Last sale
$1.2M
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.4M
+25.8%
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
$1,105,000
ML approach
$1,040,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,130,000
Current use
RESTAURANT
$1,420,000
Change: +26% · Conversion: Moderate
RETAIL STORES
$950,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$1.17M
Range $1.05M – $1.28M · ±10% · vs last sale $1.23M (Feb 1 2022)
Last sale anchor
$1.23M
Feb 1 2022
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
$108 / 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
$16,317
Tax year 2023
Assessed value
$1,225,000
Assessed 2023
Previous assessed
$942,000
+30.0% YoY
Effective rate
1.33%
On assessed value
Assessed land
$266,500
Assessed improvement
$958,500
Land market value
$266,500
Improvement market value
$958,500
Total market value
$1,225,000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1923
Heating
NONE
Total area
10,800 SF
Lot
0.39 ac (17,100 SF)
APN
054-23-04-026.00
UPID
US34-0214793
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
OFFICE BUILDING Current
Est. value
$1.1M
RESTAURANT
Est. value
$1.4M
RETAIL STORES
Est. value
$950,000
OFFICE BUILDING Current
RESTAURANT
RETAIL STORES
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
Year built
1923
Heating
NONE
Lot
0.39 ac
Current owner
From public records · entity-resolved
The Milburn Group 3 LLC
Entity
Mailing address
3113 CAROL LEE DR, ERLANGER, KY 41018-2247
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 1, 2022
$1,225,000
The Milburn Group 3 LLC
Berger Family Real Estate LLC
Warranty Deed
$980,000 · Republic Bank & Trust Co
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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