32-Unit Duplex
For Sale
$4,100,000
1102 Centre Pkwy, Lexington, KY 40517
Fully occupied residential income portfolio with individually metered utilities and durable, low-maintenance interior finishes.
Property Size29,566 SF
Price / SF$138.67
Days on Market59
Property Features for 1102 Centre Pkwy
General Information
Standard status
Active
Size
29,566 SF
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Units
Unit Mix
22 x 2BR, 6 x 3BR/1.5BA, 2 x 3BR/2BA, 2 x 4BR
Multifamily Units
32
Building Details
Buildings
16
Listing Agency:
SVN Stone Commercial Real Estate
Listed By:
Justin Ryder · License ##237780
(859) 447-3285
Source:
Kcrea.resimplifi
Added: Jul 30
Changed: Sep 19
Last Checked: Sep 26 at 3:46AM
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 SVN Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
This residential income portfolio includes 16 duplexes totaling 32 units, with 13 buildings positioned contiguously along Centre Parkway. The unit mix comprises 22 two-bedroom units, six three-bedroom/1.5-bath units, two three-bedroom/two-bath units, and two four-bedroom units. Built between 1968 and 1978, the properties are currently 100% occupied and carry R-2 zoning.
Property improvements include replacement windows, roofs installed 2 to 8 years ago, and HVAC systems with main-floor air handlers. Interiors use ceramic tile in kitchens, baths, and hallways, along with laminate flooring in living areas and bedrooms. Three units have undergone full renovations, supported by a renovate-on-turn operating practice. Electric, water, and sewer are individually metered at every unit, while residents handle their own utilities, lawncare, and snow removal. Sixteen units are leased to Section 8 voucher holders. The portfolio is offered free and clear of debt.
Property improvements include replacement windows, roofs installed 2 to 8 years ago, and HVAC systems with main-floor air handlers. Interiors use ceramic tile in kitchens, baths, and hallways, along with laminate flooring in living areas and bedrooms. Three units have undergone full renovations, supported by a renovate-on-turn operating practice. Electric, water, and sewer are individually metered at every unit, while residents handle their own utilities, lawncare, and snow removal. Sixteen units are leased to Section 8 voucher holders. The portfolio is offered free and clear of debt.
Key Highlights
- 16 duplexes comprising 32 units, with 13 buildings contiguous along Centre Parkway
- Unit mix includes 22 two‑bedroom units, six three‑bedroom/1.5‑bath units, two three‑bedroom/two‑bath units, and two four‑bedroom units
- 100% occupied residential portfolio with 16 units leased to Section 8 voucher holders
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
$252,252
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
6.15%
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%
$5,045,040
$5.0M
Cap Rate 7%
$3,603,600
$3.6M
Cap Rate 9%
$2,802,800
$2.8M
Market Conditions
NOI Build-Up for 29,566 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
$376.1K $12.72/SF
− Vacancy
−$15.7K −$0.53/SF
EGI
$360.4K $12.19/SF
− OpEx
−$108.1K −$3.66/SF
NOI
$252.3K $8.53/SF
Area
ZIP 40517
Vacancy
4.18%
Lease Rate
$12.72 /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%
$5,045,040
Cap Rate 7%
$3,603,600
Cap Rate 9%
$2,802,800
Alternative Uses
Best Use
Multifamily LT 5
$3.60M
$3.15M – $4.20M
NOI $252,252 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$3.22M
$2.82M – $3.76M
NOI $225,725 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$6.13M
$5.36M – $7.15M
NOI $429,156 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
32
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 40517, KY
37,751
Population
18,306
Households
2.1
Avg Household Size
33
Median Age
41%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
6,089
Density / Sq Mi
$51,778
Median Household Income
$35,010
Median Earnings
$1,092
Median Rent
$196,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied residential income portfolio with individually metered utilities and durable, low-maintenance interior finishes.
Where is this duplex located?
The property is located at 1102 Centre Pkwy Lexington, KY.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 16 duplexes comprising 32 units, with 13 buildings contiguous along Centre Parkway; Unit mix includes 22 two‑bedroom units, six three‑bedroom/1.5‑bath units, two three‑bedroom/two‑bath units, and two four‑bedroom units; 100% occupied residential portfolio with 16 units leased to Section 8 voucher holders
