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    421 Jefferson St Covington, IN 47932

    • Retail space
    • 8,000 SF
    • 0.40 lot acres
    For Sale
    View listing
    $825,000
    Value Estimation
    Last Sale
    May 25, 2021
    Location Intelligence
    Property ID
    US31-1857459
    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

    • Dollar General / Dollar Store / Convenience Store
    • FedEx OnSite / Mailing Service
    • Western Union / Money Transfer Service

    Property Details for 421 Jefferson St

    Year built
    1999
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.40 lot acres
    Property size
    8,000 SF
    Property type
    Retail space
    APN
    23-06-35-224-024.000-016
    APU
    230635224024000016

    Description

    This exceptional investment opportunity presents a net-leased Dollar General store located at 421 Jefferson St, Covington, IN 47932. The property boasts 8,000 square feet on a 0.408-acre lot, built in 1999, and features a single-story building with commercial zoning. Currently operating at 100% occupancy, the property offers a strong net operating income (NOI) of $66,000, resulting in an 8.00% cap rate. The lease, a triple-net (NNN) agreement with Dollar General, has a remaining term of approximately 4.1 years, extending to December 31, 2028, with a 5-year option including a 10% rent increase. The asking price is $825,000, translating to $103.12 per square foot. This prime retail location is situated in Covington's town center, benefiting from high foot traffic and its position as the only Dollar General store in the immediate area. Its proximity to US Hwy 136 and an Interstate 74 interchange enhances accessibility and visibility. The property's strong tenant, Dollar General, a Fortune 150 company with a strong BBB credit rating, provides significant investment security. The property's location within a thriving downtown neighborhood, near other retail establishments, banks, restaurants, and the Fountain County courthouse, further solidifies its value and potential for long-term growth. The property's Parcel Number (APN) is 23-06-35-224-024.000-016.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Fountain
    State
    Indiana
    Longitude
    -87.3961
    Latitude
    40.1389

    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
    $9,145
    $35,000
    $372,900
    $407,900
    -
    $35,000
    $372,900
    $407,900

    Comparable in this City

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      147 Stringtown Rd

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      1050 1650th N

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      305 Washington St

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      316 Liberty St

      RETAIL STORES (PERSONAL SERVICES) • 4,290 SF
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    Similar Nearby for Sale

    • $825,000
      8,000 SF

      Net Leased Dollar General, IN

      High-yield, single-tenant retail investment.
      421 Jefferson St, Covington, IN 47932
      View Details
    • $825,000
      8,000 SF

      NNN Leased Dollar General Store

      Long-term NNN leased Dollar General in downtown Covington, Indiana.
      421 Jefferson St, Covington, IN 47932
      View Details
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    Covington, IN 47932
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    Realmo Value Estimation

    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.

    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.

    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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