1923 Denver St - Apartments FOR SALE


Covington, KY 41014
$4,350,000 USD
859-306-0617
1923 Denver St, Covington, KY for Sale
$4,350,000 USD
Apartments - FOR SALE
1/13
null | 8.52% Cap Rate

1923 Denver St
Covington, KY 41014


HIGHLIGHTS

  • All 22 properties are within +/- 11 miles of one another.
  • The typical property size boasts an average living space of 2,450 SF
  • The average current monthly rent per unit is $849.4 as of 2024.
  • Stabilized Year One Proforma Cap Rate projected at 9.85%.
  • The entire portfolio is currently managed by a third party property management service.

OVERVIEW

We are pleased to present an exceptional investment opportunity comprising a diverse collection of 22 multifamily properties located in the thriving communities of Covington, Newport, and Dayton, Kentucky. This portfolio includes 11 duplexes, 7 triplexes, 2 four-plexes, and 2 five-plexes. These multifamily properties offer an investor immediate cash flow in a growing Midwest market. Situated in prime locations with excellent connectivity to Cincinnati, OH, via major highways such as I-471, I-275, and I-71/75, these properties present robust potential for immediate income and long-term appreciation. Covington boasts a vibrant downtown, diverse dining options, and a burgeoning arts scene, while Newport is known for its entertainment and historic charm. Dayton offers a quiet, suburban feel with strong community spirit and proximity to urban conveniences. The Northern Kentucky area is experiencing strong rent growth due to increasing demand for quality rental properties and a competitive housing market. The multifamily units in this portfolio benefit from their proximity to significant job growth areas in both Northern Kentucky and Cincinnati. Major employers in logistics, manufacturing, healthcare, and technology are driving economic expansion and increasing demand for housing. The region is home to burgeoning business districts, industrial parks, and the Cincinnati/Northern Kentucky International Airport, a major logistics hub, with Cincinnati providing ample employment opportunities in finance, education, and professional services. This collection of 22 multifamily properties offers stable rental income with reduced vacancy risk, value-add opportunities through renovations and strategic property management, and significant upside potential. Detailed financial information, including current rental incomes, occupancy rates, and expenses, is available upon request. Whether you are an experienced investor looking to expand your holdings or seeking a solid entry into the market, this portfolio represents a rare opportunity to acquire a substantial real est

FOR SALE DETAILS

PRICE

$4,350,000 USD

PRICE/SF

$120 USD /SF

# OF UNITS

61

PRICE/UNIT

$71,311

CAP RATE

8.52%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

NKY Multifamily Portfolio For Sale

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1999

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

Residential

APN/PARCEL ID

055-32-11-012.00

ASK ABOUT THIS PROPERTY

Justin RyderSVN | Stone Commercial Real EstateMore Info
859-306-0617

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Justin RyderSVN | Stone Commercial Real EstateMore Info
859-306-0617

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.