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The Byrd Building 1 W Southern Ave 12 Unit Apartment Building $1,418,077 CAD ($118,173 CAD/Unit) 6.88% Cap Rate Covington, KY 41015
Investment Highlights
- Corner mixed-use asset at Ritte's Corner, the historic commercial heart of Latonia
- In-place occupancy of 91.7% as of September 3, 2026
- Twelve-unit assemblage totaling 10,252 SF of gross building area (9,630 SF of unit area on the current rent roll) across adjoining storefronts
- Recent capital already invested: flooring, HVAC, plumbing, electrical, and bathroom updates visible in renovated interiors.
Executive Summary
The property has been well maintained, with the roof, plumbing, and electrical systems reported to be in good condition, helping reduce the need for major immediate capital expenditures. The two storefronts are occupied by long-term tenants, providing additional stability and diversification beyond the residential units.
With 10 residential units plus 2 commercial spaces, this property offers investors the opportunity to acquire an established income-producing asset with multiple avenues for increasing value. The property is well suited for an investor looking for current cash flow, a long-term hold, or additional upside through professional management and rental optimization.
With 10 residential units plus 2 commercial spaces, this property offers investors the opportunity to acquire an established income-producing asset with multiple avenues for increasing value. The property is well suited for an investor looking for current cash flow, a long-term hold, or additional upside through professional management and rental optimization.
Property Facts
| Price | $1,418,077 CAD | Property Subtype | Apartment |
| Price Per Unit | $118,173 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.88% | Lot Size | 0.09 AC |
| Sale Condition | 1031 Exchange | Building Size | 10,252 SF |
| Gross Rent Multiplier | 7.68 | Average Occupancy | 92% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1908 |
| Zoning | Historic Mixed Use - Historic Mixed Use | ||
| Price | $1,418,077 CAD |
| Price Per Unit | $118,173 CAD |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.68 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 10,252 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built | 1908 |
| Zoning | Historic Mixed Use - Historic Mixed Use |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 056-14-10-009.00 | Improvements Assessment | $384,035 CAD |
| Land Assessment | $43,437 CAD | Total Assessment | $427,471 CAD |
Property Taxes
Parcel Number
056-14-10-009.00
Land Assessment
$43,437 CAD
Improvements Assessment
$384,035 CAD
Total Assessment
$427,471 CAD
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Neumann Brothers
The Byrd Building | 1 W Southern Ave
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