Duplex with Updated
For Sale
$169,900
346 E 2nd St, Lexington, KY 40508
MULTI_FAMILY - Lexington, KY
Property Size1,134 SF
Lot Size0.06 Acres
Price / SF$149.82
Days on Market11
Property Features for 346 E 2nd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
Subdivision
Downtown
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
From downtown Lexington, take E Main Street to Midland Avenue. Turn left onto E 2nd Street. Continue on E 2nd Street to 346 E 2nd Street. Property will be on your right.
Standard status
Active
APN
15009500
Size
1,134 SF
Lot size
0.06 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1959
Roof type
Shingle
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
M Scott Peace · License #240444
(512) 921-2794
Added: Aug 13
Last Checked: Aug 23 at 6:06AM
MLS# 26021986
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 1,134-square-foot duplex contains two residential units, each arranged with a living room, kitchen, one bedroom, and one full bathroom. The property was built in 1959 and sits on a 0.064-acre lot. Unit 1 received flooring and kitchen improvements in 2021, while the building received a new shingle roof in 2023.
Located in downtown Lexington, the property is fully occupied with tenants in place. R-3 zoning supports its multifamily classification, and electric heating with window-unit cooling serves the apartments. The property is offered as-is, with inspections welcome.
Located in downtown Lexington, the property is fully occupied with tenants in place. R-3 zoning supports its multifamily classification, and electric heating with window-unit cooling serves the apartments. The property is offered as-is, with inspections welcome.
Key Highlights
- Two‑unit property with 1,134 square feet of building area
- Each unit includes one bedroom and one full bathroom
- Unit 1 updated in 2021 with flooring and kitchen improvements
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
$9,421
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
5.55%
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%
$188,420
$188.4K
Cap Rate 7%
$134,586
$134.6K
Cap Rate 9%
$104,678
$104.7K
Market Conditions
NOI Build-Up for 1,134 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
$14.2K $12.48/SF
− Vacancy
−$693 −$0.61/SF
EGI
$13.5K $11.87/SF
− OpEx
−$4.0K −$3.56/SF
NOI
$9.4K $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%
$188,420
Cap Rate 7%
$134,586
Cap Rate 9%
$104,678
Alternative Uses
Best Use
Multifamily LT 5
$134.6K
$117.8K – $157.0K
NOI $9,421 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$122.1K
$106.8K – $142.5K
NOI $8,547 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$236.3K
$206.7K – $275.7K
NOI $16,539 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,600
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 - Two residential units each include a living room, kitchen, bedroom, and full bathroom.
Where is this duplex located?
The property is located at 346 E 2nd St Lexington, KY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two‑unit property with 1,134 square feet of building area; Each unit includes one bedroom and one full bathroom; Unit 1 updated in 2021 with flooring and kitchen improvements
