Brick Duplex With
For Sale
$725,000
Pending
110-112 S Hanover Avenue, Lexington, KY 40502
MULTI_FAMILY - Lexington, KY
Property Size2,580 SF
Lot Size0.10 Acres
Days on Market16
Property Features for 110-112 S Hanover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 4, Laundry Room, Bedroom 2, Bedroom 3, Bathroom 2
Subdivision
Ashland Park
Elementary school
Cassidy
Middle school
Morton
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
East Main Street southeast as it becomes Richmond Road, then turn right onto South Hanover Avenue.
Standard status
Pending
APN
12101700
Size
2,580 SF
Lot size
0.10 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
shared basement with laundry and storage
private brick courtyard
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Jake Wiseman · License #220118
(859) 608-7178
Added: Jul 22
Changed: Jul 27
Last Checked: Aug 6 at 8:06PM
MLS# 26019486
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.
Built in 1920, this 2,580-square-foot brick duplex contains two residential units, each with two bedrooms, one full bathroom, separate living and dining rooms, hardwood floors, and original built-ins. Shared lower-level space provides laundry and additional storage, while a private brick courtyard adds outdoor space. The property occupies 0.096 acres and has a shingle roof, natural gas heating, and central air conditioning.
Located at 110-112 S Hanover Avenue in Lexington’s Ashland Park area, the duplex is within walking distance of Chevy Chase shops, local restaurants, parks, and other neighborhood amenities. Its two-unit layout supports multifamily ownership, including an owner-occupancy arrangement with an additional unit.
Located at 110-112 S Hanover Avenue in Lexington’s Ashland Park area, the duplex is within walking distance of Chevy Chase shops, local restaurants, parks, and other neighborhood amenities. Its two-unit layout supports multifamily ownership, including an owner-occupancy arrangement with an additional unit.
Key Highlights
- 2,580 SF brick duplex built in 1920
- Two units, each with 2 bedrooms and 1 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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 units feature hardwood floors, original built-ins, and shared basement laundry and storage.
Where is this duplex located?
The property is located at 110-112 S Hanover Avenue 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 SF brick duplex built in 1920; Two units, each with 2 bedrooms and 1 full bathroom; Hardwood floors and original built‑ins in both units
