Triplex with Three
For Sale
$682,500
1205 1207 1209 Reva Ridge Way, Lexington, KY 40517
MULTI_FAMILY - Lexington, KY
Property Size3,564 SF
Lot Size0.14 Acres
Price / SF$191.50
Days on Market158
Property Features for 1205 1207 1209 Reva Ridge Way
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
5
Full bathrooms
3
Half bathrooms
3
Rooms
Bathroom 6, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 6, Bathroom 5, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 5
Subdivision
Millcreek
Elementary school
Millcreek
Middle school
Tates Creek
High school
Tates Creek
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Armstrong Mill, Right on Appian Way, left on Reva Ridge Way
Standard status
Active
APN
10022180
Size
3,564 SF
Lot size
0.14 Acres
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Electric
Building Details
Year built
1984
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
Diana C Brooker · License #214045
(502) 316-5233
Added: Mar 18
Changed: Aug 4
Last Checked: Aug 22 at 8:06PM
MLS# 26005285
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 triplex features three units at 1205, 1207, and 1209 Reva Ridge Way. Each unit has a similar layout with approximately 1,188 SF, two bedrooms, and 1.5 baths. The home was built in 1984, with a composition roof, electric cooling, and heating provided by a heat pump and electric systems.
The property sits on a 0.137-acre lot and is positioned for convenient access to shopping, dining, and major roadways.
With three comparable units, the building is set up to support consistent day-to-day operations under a unified property configuration.
The property sits on a 0.137-acre lot and is positioned for convenient access to shopping, dining, and major roadways.
With three comparable units, the building is set up to support consistent day-to-day operations under a unified property configuration.
Key Highlights
- Three units at 1205, 1207, and 1209 Reva Ridge Way
- Approx. 1,188 SF per unit with two bedrooms and 1.5 baths
- Built in 1984 with a composition roof
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
$30,407
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
4.46%
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%
$608,140
$608.1K
Cap Rate 7%
$434,386
$434.4K
Cap Rate 9%
$337,856
$337.9K
Market Conditions
NOI Build-Up for 3,564 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
$45.3K $12.72/SF
− Vacancy
−$1.9K −$0.53/SF
EGI
$43.4K $12.19/SF
− OpEx
−$13.0K −$3.66/SF
NOI
$30.4K $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%
$608,140
Cap Rate 7%
$434,386
Cap Rate 9%
$337,856
Alternative Uses
Best Use
Multifamily LT 5
$434.4K
$380.1K – $506.8K
NOI $30,407 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$388.7K
$340.1K – $453.5K
NOI $27,210 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$739.0K
$646.7K – $862.2K
NOI $51,732 @ 7.0% cap · market cap 7.58%
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
341
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit triplex built in 1984, with two-bedroom, 1.5-bath layouts in each unit and electric heating and cooling.
Where is this triplex located?
The property is located at 1205 1207 1209 Reva Ridge Way Lexington, KY.
What is the asking price?
The asking price for this property is $682,500.
What are key features of this property?
This property features: Three units at 1205, 1207, and 1209 Reva Ridge Way; Approx. 1,188 SF per unit with two bedrooms and 1.5 baths; Built in 1984 with a composition roof
