Residential Income Duplex
For Sale
$400,000
310 Hanover Court, Lexington, KY 40502
MULTI_FAMILY - Lexington, KY
Property Size2,545 SF
Lot Size0.12 Acres
Price / SF$157.17
Days on Market24
Property Features for 310 Hanover Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Parking features
Covered
Subdivision
Kenwick
Elementary school
Ashland
Middle school
Lexington Trad
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Take Richmond Road inbound toward downtown. Turn left onto S. Ashland Avenue, right onto Hanover Court, and the property will be on your right.
Standard status
Active
APN
14363600
Size
2,545 SF
Lot size
0.12 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1930
Number of units
2
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Jake Wiseman · License #220118
(859) 608-7178
Added: Jul 8
Changed: Jul 17
Last Checked: Jul 31 at 12:06AM
MLS# 26016654
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 residential income property at 310 Hanover Court is currently functioning as a large single-family residence, but it previously operated as a duplex and retains an adaptable footprint that could be converted back to a multi-unit layout. The home is offered strictly as-is, with interior updates needed to complete your intended use.
The exterior includes a detached garage with a workbench/storage room. Reported improvements include a newer roof, newer water heater, and updated vinyl windows already in place. The property sits on a 0.123-acre lot in Lexington, Kentucky, within Fayette County, zoned R-2.
Overall, the asset is best suited for buyers seeking a renovation or reconfiguration project, with the core structural components and select exterior elements already updated.
The exterior includes a detached garage with a workbench/storage room. Reported improvements include a newer roof, newer water heater, and updated vinyl windows already in place. The property sits on a 0.123-acre lot in Lexington, Kentucky, within Fayette County, zoned R-2.
Overall, the asset is best suited for buyers seeking a renovation or reconfiguration project, with the core structural components and select exterior elements already updated.
Key Highlights
- Large single‑family residence with adaptable layout; previously a duplex and can be converted back to a multi‑unit layout.
- Newer roof and newer water heater.
- Updated vinyl windows already in place.
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 | $31.8k | $12.48 |
| − Vacancy | −$1.6k | −$0.61 |
| EGI | $30.2k | $11.87 |
| − OpEx | −$9.1k | −$3.56 |
| NOI | $21.1k | $8.31 |
2,545 SF · lease $12.48/SF/yr · vacancy 4.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.3K – $352.4K
NOI $21,144 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$274.0K
$239.8K – $319.7K
NOI $19,181 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$530.2K
$464.0K – $618.6K
NOI $37,117 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
963
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 - Residential income property in Lexington, offered as-is, with a detached garage and recent roof, water heater, and vinyl windows.
Where is this duplex located?
The property is located at 310 Hanover Court Lexington, KY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Large single‑family residence with adaptable layout; previously a duplex and can be converted back to a multi‑unit layout.; Newer roof and newer water heater.; Updated vinyl windows already in place.
