32-Unit Duplex
1102 Centre Pkwy, Lexington, KY 40517
For Sale
$4,100,000
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 Market104
Property Features for 1102 Centre Pkwy
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Building Details
Buildings
Listing Agency:
SVN Stone Commercial Real Estate
Listed By:
Justin Ryder · License KY #237780
(859) 447-3285
Source:
Kcrea.resimplifi
Added: Jul 30
Changed: Nov 6
Last Checked: Nov 10 at 5:09AM
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
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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 / Yr
$252,252
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
32
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
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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
$196,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Lexington, KY
Properties on Market for Duplexes in Lexington
Vacancy Rate% for Multifamily in South region
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
