Covington Strip Center

Attractive Yield And Price/SF: The property offers an attractive in-place cap rate of 7.85%, delivering strong day-one yield for investors. Additionally, the offering price of $86.82 per square foot is below replacement cost.
Strong Potential Upside: With 3.5 years of weighted average lease term (WALT) remaining, the property provides stable and predictable cash flow in the near term while providing flexibility for meaningful upside potential. Several in-place leases are below current market rates, creating the opportunity for future rental increases of new leasing activity.
Long Operational Histories: The property offers strong tenant stability, highlighted by multiple businesses with long-standing operational histories at this location. City Limits Laundromats has successfully operated here for 12 years, Rent-A-Center for 26 years, and Papa John’s for 23 years.
Recent Extensions: Both national tenants, Family Dollar and Rent-A-Center, collectively occupying 58.6% of the rentable square footage, have recently exercised their five-year renewal options continuing their long operation histories at this location.
Fully Stabilized: The strip center is fully stabilized at 100% occupancy, offering investors immediate and uninterrupted cash flow from day one.
Triple Net Leases: The majority of the leases are structured as triple net (NNN), significantly reducing landlord responsibilities and operating expense exposure.
Major Local Redevelopment: The former Duro Bag manufacturing facility, a 200,000+ square foot industrial property spanning approximately 8 acres at 12th Street and Madison Avenue in Covington, KY, is slated for transformative mixed-use redevelopment.
Cincinnati MSA: The property is situated within the Cincinnati, OH MSA, an area experiencing positive population growth and boasting a dense population of over 250,000 within a 5-mile radius.

Navigation Menu

Key Information

Highlights

Photos

Location

Agents

Broker of Record

Kyle Matthews