Duplex Property with Detached
For Sale
$375,000
310 Hanover Court, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size1,901 SF
Lot Size0.12 Acres
Price / SF$197.26
Days on Market71
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
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Parking
4
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
1,901 SF
Lot size
0.12 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1930
Floors in Building
2
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: Sep 12
Last Checked: Sep 16 at 9:06AM
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 1,901-square-foot duplex property is currently operating as a single-family residence and is offered strictly as-is. Built in 1930, the home includes updated vinyl windows, a newer roof, and a newer water heater. Natural-gas heating serves the property, while covered parking adds functional convenience.
A detached large garage with a dedicated workbench area provides substantial storage and workspace beyond the main residence. The property occupies 0.123 acres and is zoned R-2. Located at 310 Hanover Court in Lexington, it is positioned minutes from downtown and near the Kenwick area’s local amenities.
A detached large garage with a dedicated workbench area provides substantial storage and workspace beyond the main residence. The property occupies 0.123 acres and is zoned R-2. Located at 310 Hanover Court in Lexington, it is positioned minutes from downtown and near the Kenwick area’s local amenities.
Key Highlights
- 1,901 square feet on a 0.123‑acre lot
- R‑2 zoning supports the duplex property classification
- Detached large garage with dedicated workbench area
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
$15,793
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
4.21%
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%
$315,860
$315.9K
Cap Rate 7%
$225,614
$225.6K
Cap Rate 9%
$175,478
$175.5K
Market Conditions
NOI Build-Up for 1,901 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
$23.7K $12.48/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$22.6K $11.87/SF
− OpEx
−$6.8K −$3.56/SF
NOI
$15.8K $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%
$315,860
Cap Rate 7%
$225,614
Cap Rate 9%
$175,478
Alternative Uses
Best Use
Multifamily LT 5
$225.6K
$197.4K – $263.2K
NOI $15,793 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$204.7K
$179.1K – $238.8K
NOI $14,327 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$396.1K
$346.6K – $462.1K
NOI $27,725 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
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
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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?
Duplex - R-2-zoned property with updated vinyl windows, covered parking, and a flexible single-family configuration.
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 $375,000.
What are key features of this property?
This property features: 1,901 square feet on a 0.123‑acre lot; R‑2 zoning supports the duplex property classification; Detached large garage with dedicated workbench area
