Fully Occupied
For Sale
$159,900
Pending
346 E 2nd St, Lexington, KY 40508
Residential Income, Lexington, KY
Property Size1,134 SF
Lot Size0.06 Acres
Days on Market56
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
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 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
Pending
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
Changed: Sep 24
Last Checked: Oct 7 at 1:06PM
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 is fully occupied and is being sold as-is, with inspections welcome. Unit #1 received flooring and kitchen updates in 2021, while the building was fitted with a new shingle roof in 2023. Electric heat and window-unit cooling serve the property, which was built in 1959.
The duplex occupies 0.064 acres at 346 E 2nd St in Lexington, KY 40508. R-3 zoning applies to the property. The two-unit layout, existing occupancy, and documented improvements provide a clear physical profile for an investor evaluating a residential income asset.
The duplex occupies 0.064 acres at 346 E 2nd St in Lexington, KY 40508. R-3 zoning applies to the property. The two-unit layout, existing occupancy, and documented improvements provide a clear physical profile for an investor evaluating a residential income asset.
Key Highlights
- Fully occupied duplex at 346 E 2nd St, Lexington, KY 40508
- 1,134 square feet on 0.064 acres
- Each unit includes 1 bedroom and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,421
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
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
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 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 5.89%
Second Best
Apartment 5plus
$122.1K
$106.8K – $142.5K
NOI $8,547 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$236.3K
$206.7K – $275.7K
NOI $16,539 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate living areas, kitchens, bedrooms, and full bathrooms within an established rental property.
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 $159,900.
What are key features of this property?
This property features: Fully occupied duplex at 346 E 2nd St, Lexington, KY 40508; 1,134 square feet on 0.064 acres; Each unit includes 1 bedroom and 1 full bathroom
