Duplex with Two Private
For Sale
$459,000
270 Sherman Avenue, Lexington, KY 40502
MULTI_FAMILY - Lexington, KY
Property Size2,160 SF
Lot Size0.16 Acres
Price / SF$212.50
Days on Market39
Property Features for 270 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Laundry Room, Bedroom 5, Bedroom 4, Bedroom 6, Bedroom 2, Bedroom 3
Parking
6
Subdivision
Kenwick
Elementary school
Ashland
Middle school
Morton
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Richmond Rd. towards downtown, right onto Sherman, house down on right
Standard status
Active
APN
45407700
Size
2,160 SF
Lot size
0.16 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Electric
Building Details
Year built
1920
Number of units
2
Roof type
Shingle
Listing Agency:
The Brokerage
(859) 983-7365
Listed By:
Tyler I Back · License #218460
(859) 983-2717
Added: Jul 23
Changed: Aug 7
Last Checked: Aug 30 at 1:06AM
MLS# 26019619
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 duplex offers two separate units, each with its own private living space. The configuration supports a variety of living-and-rental arrangements, making it a practical fit for investors and owner-occupants alike.
The property is located in Lexington, KY, and is described as being just minutes from the University of Kentucky, downtown Lexington, Chevy Chase, and local shopping and dining.
With a listed total size of 2,160 square feet on a 0.16-acre lot, this is a residential income property for consideration by qualified buyers seeking a duplex in the Lexington market.
The property is located in Lexington, KY, and is described as being just minutes from the University of Kentucky, downtown Lexington, Chevy Chase, and local shopping and dining.
With a listed total size of 2,160 square feet on a 0.16-acre lot, this is a residential income property for consideration by qualified buyers seeking a duplex in the Lexington market.
Key Highlights
- Duplex at 270 Sherman Avenue in Lexington
- Built in 1920
- Heat pump heating and electric cooling
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
$17,945
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
3.91%
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%
$358,900
$358.9K
Cap Rate 7%
$256,357
$256.4K
Cap Rate 9%
$199,389
$199.4K
Market Conditions
NOI Build-Up for 2,160 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
$27.0K $12.48/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$25.6K $11.87/SF
− OpEx
−$7.7K −$3.56/SF
NOI
$17.9K $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%
$358,900
Cap Rate 7%
$256,357
Cap Rate 9%
$199,389
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.3K – $299.1K
NOI $17,945 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$232.6K
$203.5K – $271.3K
NOI $16,279 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$450.0K
$393.8K – $525.0K
NOI $31,502 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 40502, KY
26,080
Population
14,232
Households
1.8
Avg Household Size
40
Median Age
67%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
3,673
Density / Sq Mi
$73,939
Median Household Income
$46,197
Median Earnings
$1,068
Median Rent
$483,600
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 - Versatile duplex featuring two separate units, each with its own private living space in Lexington, KY.
Where is this duplex located?
The property is located at 270 Sherman Avenue Lexington, KY.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Duplex at 270 Sherman Avenue in Lexington; Built in 1920; Heat pump heating and electric cooling
