Duplex with Value-Add
For Sale
$295,000
121 Lakeview Drive, Nicholasville, KY 40356
Residential, Nicholasville, KY
Property Size1,960 SF
Lot Size0.19 Acres
Price / SF$150.51
Days on Market11
Property Features for 121 Lakeview Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Kitchen, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 3
Parking features
Driveway
Subdivision
Lakewood
Elementary school
Jessamine Early
Middle school
East Jessamine Middle School
High school
East Jess HS
Elementary school district
Jessamine County - 9
Middle school district
Jessamine County - 9
High school district
Jessamine County - 9
Directions
From Lexington, take US-27 South into Nicholasville. Turn right onto Lakeview Drive. Property will be on Lakeview Drive.
Standard status
Active
APN
058-30-01-014.00
Size
1,960 SF
Lot size
0.19 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1992
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
M Scott Peace · License #240444
(512) 921-2794
Added: Sep 1
Changed: Sep 10
Last Checked: Sep 11 at 9:06PM
MLS# 26024132
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 duplex contains 1,960 square feet of residential space on a 0.1907-acre lot. One unit is described as move-in ready, while the other requires work, creating differing conditions within the property. The layout includes four bedrooms and four bathrooms, along with kitchen areas and residential living space.
Built in 1992, the property features vinyl siding, laminate flooring, forced-air heat, central air conditioning, and driveway parking. Public water and public sewer serve the property. Located at 121 Lakeview Drive in Nicholasville, Kentucky, the duplex offers a two-unit configuration with an existing unit ready for occupancy and a second unit requiring renovation.
Built in 1992, the property features vinyl siding, laminate flooring, forced-air heat, central air conditioning, and driveway parking. Public water and public sewer serve the property. Located at 121 Lakeview Drive in Nicholasville, Kentucky, the duplex offers a two-unit configuration with an existing unit ready for occupancy and a second unit requiring renovation.
Key Highlights
- Two‑unit duplex at 121 Lakeview Drive, Nicholasville, KY 40356
- 1,960 square feet on a 0.1907‑acre lot
- One side is move‑in ready; the other requires work
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
$16,722
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
5.67%
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%
$334,440
$334.4K
Cap Rate 7%
$238,886
$238.9K
Cap Rate 9%
$185,800
$185.8K
Market Conditions
NOI Build-Up for 1,960 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
$24.9K $12.72/SF
− Vacancy
−$1.0K −$0.53/SF
EGI
$23.9K $12.19/SF
− OpEx
−$7.2K −$3.66/SF
NOI
$16.7K $8.53/SF
Area
Jessamine County, KY
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%
$334,440
Cap Rate 7%
$238,886
Cap Rate 9%
$185,800
Alternative Uses
Best Use
Multifamily LT 5
$238.9K
$209.0K – $278.7K
NOI $16,722 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$213.8K
$187.1K – $249.4K
NOI $14,964 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$496.7K
$434.7K – $579.5K
NOI $34,772 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 40356, KY
44,381
Population
17,934
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
90%
High-School Grad
139.5 sq mi
ZIP Area
318
Density / Sq Mi
$75,264
Median Household Income
$41,427
Median Earnings
$1,020
Median Rent
$246,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-unit residential property with one move-in-ready side and a second side requiring renovation.
Where is this duplex located?
The property is located at 121 Lakeview Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit duplex at 121 Lakeview Drive, Nicholasville, KY 40356; 1,960 square feet on a 0.1907‑acre lot; One side is move‑in ready; the other requires work
