Six-Unit Multifamily
For Sale
$600,000
Pending
1650 Meadowthorpe Ave, Lexington, KY 40511
Business Opportunity, Lexington, KY
Property Size5,143 SF
Lot Size0.28 Acres
Days on Market24
Property Features for 1650 Meadowthorpe Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential
Subdivision
Meadowthorpe
Standard status
Pending
Size
5,143 SF
Lot size
0.28 Acres
Building Details
Year built
1951
Floors in Building
3
Listing Agency:
Schrader Commercial Properties Llc
Listed By:
James Schrader · License #41930
(859) 288-5008
Added: Sep 14
Changed: Oct 1
Last Checked: Oct 7 at 3:06PM
MLS# 11979300
Copyright © 2026 My State MLS. 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 5,143-square-foot multifamily building contains six units on a 0.28-acre corner lot. Constructed in 1951, the property has long-term tenants and is positioned in Lexington’s Meadowthorpe neighborhood.
The property is located at 1650 Meadowthorpe Ave in Lexington, Kentucky, with convenient access to New Circle and a stated distance of 10 miles from I-64. Its established residential configuration and corner-lot setting provide a clearly defined multifamily asset for review.
The property is located at 1650 Meadowthorpe Ave in Lexington, Kentucky, with convenient access to New Circle and a stated distance of 10 miles from I-64. Its established residential configuration and corner-lot setting provide a clearly defined multifamily asset for review.
Key Highlights
- 5,143 SF multifamily building with 6 units
- 0.28‑acre corner lot in Meadowthorpe
- Long‑term tenants in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,940
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,800
$778.8K
Cap Rate 7%
$556,286
$556.3K
Cap Rate 9%
$432,667
$432.7K
Market Conditions
NOI Build-Up for 5,143 SF
Gross rent
$74.1K $14.40/SF
− Vacancy
−$3.3K −$0.63/SF
EGI
$70.8K $13.77/SF
− OpEx
−$31.9K −$6.19/SF
NOI
$38.9K $7.57/SF
Area
ZIP 40511
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,800
Cap Rate 7%
$556,286
Cap Rate 9%
$432,667
Alternative Uses
Best Use
Apartment 5plus
$556.3K
$486.8K – $649.0K
NOI $38,940 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.2K – $1.24M
NOI $74,652 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 40511, KY
36,146
Population
14,963
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
89%
High-School Grad
86.0 sq mi
ZIP Area
420
Density / Sq Mi
$77,476
Median Household Income
$43,416
Median Earnings
$1,159
Median Rent
$233,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Corner-lot multifamily property with long-term tenants and access to New Circle.
Where is this apartment building located?
The property is located at 1650 Meadowthorpe Ave Lexington, KY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 5,143 SF multifamily building with 6 units; 0.28‑acre corner lot in Meadowthorpe; Long‑term tenants in place
