Historic Duplex
For Sale
$749,000
148 - 152 E Fourth Street, Lexington, KY 40508
MULTI_FAMILY - Lexington, KY
Property Size4,900 SF
Lot Size0.29 Acres
Price / SF$152.86
Days on Market32
Property Features for 148 - 152 E Fourth Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bathroom 1, Bedroom 4, Laundry Room, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 4, Bedroom 3
Parking
6
Subdivision
Downtown
Elementary school
William Wells Brown
Middle school
Lexington Trad
High school
Frederick Douglass
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Main Street to Limestone, north on Limestone, right on 4th street, up the hill, Access to Parking is from shared driveway on left side of Yellow Duplex (152 E 4th).
Standard status
Active
APN
38293280 & 38293270
Size
4,900 SF
Lot size
0.29 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1890
Floors in Building
2
Number of units
4
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
J Corey Griffo · License #70549
(502) 804-7067
Added: Jul 1
Changed: Jul 21
Last Checked: Aug 1 at 8:06AM
MLS# 26015659
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 turnkey portfolio includes two neighboring historic duplexes, both fully occupied. Together, the buildings offer four 2-bedroom, 1-bath residences with tall ceilings, restored hardwood floors, and updated kitchens and baths. The properties also feature convenient off-street parking, including a shared off-street parking lot serving both buildings.
The duplexes are located in downtown Lexington, Kentucky, at 148–152 E Fourth Street within Fayette County. The offering is positioned for rental continuity with the benefit of maintained, restored historic character.
The package provides a consolidated ownership of adjacent income units with a shared parking arrangement, making it well-suited for buyers seeking a stabilized, income-producing multifamily asset.
The duplexes are located in downtown Lexington, Kentucky, at 148–152 E Fourth Street within Fayette County. The offering is positioned for rental continuity with the benefit of maintained, restored historic character.
The package provides a consolidated ownership of adjacent income units with a shared parking arrangement, making it well-suited for buyers seeking a stabilized, income-producing multifamily asset.
Key Highlights
- Portfolio of two neighboring historic duplexes in downtown Lexington, both fully occupied
- Total of four residences: four 2‑bedroom, 1‑bath units across the two buildings
- Built in 1890 and restored while preserving historic character
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.2k | $12.48 |
| − Vacancy | −$3.0k | −$0.61 |
| EGI | $58.2k | $11.87 |
| − OpEx | −$17.4k | −$3.56 |
| NOI | $40.7k | $8.31 |
4,900 SF · lease $12.48/SF/yr · vacancy 4.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$581.6K
$508.9K – $678.5K
NOI $40,709 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$527.6K
$461.6K – $615.5K
NOI $36,930 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$1.02M
$893.3K – $1.19M
NOI $71,463 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
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?
Duplex - Turnkey portfolio of two fully occupied adjacent duplexes offering four total 2-bedroom, 1-bath residences.
Where is this duplex located?
The property is located at 148 - 152 E Fourth Street Lexington, KY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Portfolio of two neighboring historic duplexes in downtown Lexington, both fully occupied; Total of four residences: four 2‑bedroom, 1‑bath units across the two buildings; Built in 1890 and restored while preserving historic character
