Renovated Fourplex Income
For Sale
$799,000
Pending
1041-1043 Cross Keys Road, Lexington, KY 40504
MULTI_FAMILY - Lexington, KY
Property Size7,056 SF
Lot Size0.59 Acres
Days on Market49
Property Features for 1041-1043 Cross Keys Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-3
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bedroom 9, Bathroom 4, Bathroom 5, Bathroom 8, Bathroom 6, Bathroom 7, Bedroom 11, Bedroom 10, Bedroom 13, Bedroom 4, Bedroom 7, Bedroom 2, Bedroom 16, Bedroom 14, Bedroom 6, Bedroom 8, Bedroom 12, Bedroom 5, Bathroom 1, Laundry Room, Bedroom 15, Bedroom 1, Bathroom 2, Bathroom 3
Parking features
Covered
Subdivision
Gardenside
Elementary school
Lane Allen
Middle school
Beaumont
High school
Lafayette
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Parkers Mill, Right on Cross Keys, Quadplex on the left.
Standard status
Pending
APN
16102500
Size
7,056 SF
Lot size
0.59 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Building Details
Year built
1963
Number of units
8
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Marcus D Hammond · License #219704
(859) 321-9955
Added: Jun 19
Changed: Jul 24
Last Checked: Aug 6 at 7:06PM
MLS# 26014338
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two fully renovated four-plex buildings sold together only, with a total of eight units. All units are currently occupied by long-term tenants with an exceptional payment history. Interiors feature hardwood floors throughout, updated kitchens, and marble window sills. Each unit includes central HVAC, garage parking, and washer/dryer hookups.
The seller completed a comprehensive renovation in 2015, including a full electrical rewire, new plumbing fixtures, all new appliances, and central air added to all units. Rents are currently below market.
Located near James Lane Allen Elementary, Wolf Run Park, Kroger, and Gardenside Shopping Center, the property is situated on Cross Keys Road in the 40504 area of Lexington, Kentucky.
The seller completed a comprehensive renovation in 2015, including a full electrical rewire, new plumbing fixtures, all new appliances, and central air added to all units. Rents are currently below market.
Located near James Lane Allen Elementary, Wolf Run Park, Kroger, and Gardenside Shopping Center, the property is situated on Cross Keys Road in the 40504 area of Lexington, Kentucky.
Key Highlights
- Two fully renovated four‑plexes sold together only at 1041 & 1043 Cross Keys Road, 8 total units
- Each apartment is 882 SF; total building area for both four‑plexes is 7,056 SF
- Renovations since 2015 include full electrical rewire, new plumbing fixtures, all new appliances, and central air added to all units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,621
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,172,420
$1.2M
Cap Rate 7%
$837,443
$837.4K
Cap Rate 9%
$651,344
$651.3K
Market Conditions
NOI Build-Up for 7,056 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$88.1K $12.48/SF
− Vacancy
−$4.3K −$0.61/SF
EGI
$83.7K $11.87/SF
− OpEx
−$25.1K −$3.56/SF
NOI
$58.6K $8.31/SF
Area
Lexington, KY
Vacancy
4.90%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,172,420
Cap Rate 7%
$837,443
Cap Rate 9%
$651,344
Alternative Uses
Best Use
Multifamily LT 5
$837.4K
$732.8K – $977.0K
NOI $58,621 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$759.7K
$664.7K – $886.3K
NOI $53,179 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,907 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 40504, KY
26,042
Population
13,175
Households
2
Avg Household Size
34
Median Age
32%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
4,200
Density / Sq Mi
$43,015
Median Household Income
$29,195
Median Earnings
$888
Median Rent
$209,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two fully renovated four-plex buildings sold together, offering eight long-term occupied units with central HVAC.
Where is this apartment building located?
The property is located at 1041-1043 Cross Keys Road Lexington, KY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two fully renovated four‑plexes sold together only at 1041 & 1043 Cross Keys Road, 8 total units; Each apartment is 882 SF; total building area for both four‑plexes is 7,056 SF; Renovations since 2015 include full electrical rewire, new plumbing fixtures, all new appliances, and central air added to all units
