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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    502 Scott St Covington, KY 41011-1530

    • Commercial real estate
    • 64,471 SF
    • 1.72 lot acres
    OFF-MARKET
    Value Estimations
    $7,990,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0400030
    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 Public Library - Covington Branch / Public Library
    • DER Construction / General Contractor

    Property Details for 502 Scott St

    Year built
    1976
    Lot size
    1.72 lot acres
    Property size
    64,471 SF
    Property type
    Commercial real estate
    APN
    054-23-12-001.00
    APU
    54231200100

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,120,000
      6.5%
      $10,265,000
      7%
      $9,535,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,334,000
      Market price range: $2.17M - $7.33M
      AI Estimate
      $6,364,000
      Market price range: $1.74M - $6.36M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,115,000
      Current use
      RESTAURANT
      $8,485,000
      Change: +66% Conversion: Difficult
      OFFICE BUILDING
      $6,745,000
      Change: +32% Conversion: Easy
      RETAIL STORES
      $5,685,000
      Change: +11% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $5,260,000
      Change: +3% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $5,030,000
      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
    -84.5085
    Latitude
    39.0855
    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
    $802,500
    $12,500,000
    $13,302,500
    -
    $802,500
    $12,500,000
    $13,302,500

    Comparable in this City

    • Value Estimation
      $4,030,000
      118,910 SF

      1717 Dixie Hwy

      COMMERCIAL (GENERAL) • 118,910 SF
      1717 Dixie Hwy, Ft Wright, KY 41011-2766
      View Details
    • Value Estimation
      $2,065,000
      60,630 SF

      20 18th St

      COMMERCIAL (GENERAL) • 60,630 SF
      20 18th St, Covington, KY 41011-3329
      View Details
    • Value Estimation
      $3,895,000
      31,448 SF

      16 9th St, Unit 32

      COMMERCIAL (GENERAL) • 31,448 SF
      16 9th St, Covington, KY 41011-2320
      View Details
    • Value Estimation
      $12,295,000
      99,210 SF

      10100 Rivercenter Blvd

      COMMERCIAL (GENERAL) • 99,210 SF
      10100 Rivercenter Blvd, Covington, KY 41011-1555
      View Details
    • Value Estimation
      $7,705,000
      111,020 SF

      1200 Hwy Ave

      COMMERCIAL (GENERAL) • 111,020 SF
      1200 Hwy Ave, Covington, KY 41011-1082
      View Details
    • Value Estimation
      $18,325,000
      147,895 SF

      300 Madison Ave

      COMMERCIAL (GENERAL) • 147,895 SF
      300 Madison Ave, Covington, KY 41011-1552
      View Details

    Similar Nearby for Sale

    • $300,000

      Covington Mixed-Use Commercial Building

      7,500 sq ft, Move-In Ready, Prime Location
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      Historic Church in Covington's Downtown

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    • $375,000
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      Remodeled Covington Duplex Near Cincinnati

      Completely remodeled duplex in Covington, suitable for long or short-term rental.
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      View Details
    • $74,500
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      Covington Land: Triple Lot Opportunity

      Three flat lots for urban dream home or multi-family complex.
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      0.07 Acres

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    Similar Nearby for Lease

    • $17 SF/Yr
      3,300 SF

      Renovated Urban Office Space

      3300 SF Covington office space with parking.
      722 Scott St Unit, 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
    • $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
    • $14 SF/Yr
      120,000 SF

      Lookout Corporate Center: Fort Wright Office Space

      Prime KY Office Space: Flexible Suites Available
      1717 Dixie Hwy, Fort Wright, KY 41011
      View Details
    • $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
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    502 Scott St
    Covington, KY 41011-1530
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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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