Brick Duplex with
For Sale
$725,000
Pending
110-112 S Hanover Ave, Lexington, KY 40502
Two residential units offer hardwood floors, original built-ins, separate living and dining rooms, and shared lower-level storage.
Property Size2,580 SF
Days on Market47
Property Features for 110-112 S Hanover Ave
General Information
Standard status
Pending
Size
2,580 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
hardwood floors
original built-ins
shared basement laundry
private brick courtyard
Building Details
Year Built
1920
Buildings
1
Construction
brick
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 608-7178
Listed By:
Jake Wiseman · License #220118
Source:
Centralkyhomesforsale
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bluegrass Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1920, this 2,580-square-foot brick duplex contains two residential units with a consistent period layout. Each unit includes hardwood flooring, original built-ins, separate living and dining rooms, two bedrooms, and one full bathroom. A common basement provides laundry facilities and additional storage, while the private brick courtyard adds shared outdoor space.
The property is located in Ashland Park at 110-112 S Hanover Ave in Lexington, Kentucky. Chevy Chase shops, local restaurants, parks, and other Ashland Park amenities are described as being within a short walk. The combination of two-unit configuration, substantial interior area, basement utility space, and courtyard creates a clearly defined residential income property profile.
The property is located in Ashland Park at 110-112 S Hanover Ave in Lexington, Kentucky. Chevy Chase shops, local restaurants, parks, and other Ashland Park amenities are described as being within a short walk. The combination of two-unit configuration, substantial interior area, basement utility space, and courtyard creates a clearly defined residential income property profile.
Key Highlights
- 2,580‑square‑foot brick duplex built in 1920
- Each unit has two bedrooms and one full bathroom
- Hardwood floors and original built‑ins in both units
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
$21,434
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
2.96%
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%
$428,680
$428.7K
Cap Rate 7%
$306,200
$306.2K
Cap Rate 9%
$238,156
$238.2K
Market Conditions
NOI Build-Up for 2,580 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
$32.2K $12.48/SF
− Vacancy
−$1.6K −$0.61/SF
EGI
$30.6K $11.87/SF
− OpEx
−$9.2K −$3.56/SF
NOI
$21.4K $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%
$428,680
Cap Rate 7%
$306,200
Cap Rate 9%
$238,156
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,434 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$277.8K
$243.1K – $324.1K
NOI $19,445 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$537.5K
$470.4K – $627.1K
NOI $37,628 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,713
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 - Two residential units offer hardwood floors, original built-ins, separate living and dining rooms, and shared lower-level storage.
Where is this duplex located?
The property is located at 110-112 S Hanover Ave Lexington, KY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 2,580‑square‑foot brick duplex built in 1920; Each unit has two bedrooms and one full bathroom; Hardwood floors and original built‑ins in both units
