Luxury Chevy Chase Multifamily
For Sale
$5,100,000
319 Duke Rd, Lexington, KY 40502
High-end 24-unit property in Lexington's desirable Chevy Chase neighborhood.
Property Size23,216 SF
Price / SF$219.68
Days on Market154
Property Features for 319 Duke Rd
General Information
Standard status
Active
Size
23,216 SF
Property subtype
Multifamily
Building Details
Year Built
2020
Listing Agency:
(859) 447-3285
Listed By:
Justin Ryder, CCIM
(859) 447-3285
Source:
Svn
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 6 at 3:27AM
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 Justin Ryder, CCIM
Investment Insights
Based on property information with market context.
This 23,216 square foot property, constructed in 2020, is located in Lexington’s Chevy Chase neighborhood, known for its walkability. Originally designed and certified for assisted living, the property is suitable for boutique apartments, medical housing, or other residential care uses. The building features 24 one-bedroom units ranging from 560 to 580 square feet, with street-facing, courtyard-facing, or corner views. Common areas include a lodge-style clubhouse with high-quality finishes, a resident lounge, and a main dining area with a full commercial kitchen. The basement level offers space for fitness and recreation. Residents can enjoy a large enclosed courtyard and garden area. The property also includes administrative offices and private meeting areas. Furniture, fixtures, and equipment are included, offering a turnkey operational setup. There are 24 parking spaces available, and the building is equipped with a generator, elevator, and sprinklers.
Key Highlights
- Built in 2020: Modern construction and systems with minimal deferred maintenance.
- 24 Units: Substantial scale suitable for various residential or care facility uses.
- Turnkey Operational Setup: FF&E included for immediate operation.
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
$174,971
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
3.43%
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%
$3,499,420
$3.5M
Cap Rate 7%
$2,499,586
$2.5M
Cap Rate 9%
$1,944,122
$1.9M
Market Conditions
NOI Build-Up for 23,216 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
$339.9K $14.64/SF
− Vacancy
−$21.8K −$0.94/SF
EGI
$318.1K $13.70/SF
− OpEx
−$143.2K −$6.17/SF
NOI
$175.0K $7.54/SF
Area
Lexington, KY
Vacancy
6.40%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$3,499,420
Cap Rate 7%
$2,499,586
Cap Rate 9%
$1,944,122
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,971 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.84M
$4.23M – $5.64M
NOI $338,590 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chevy Chase Gardens — 319 Duke Rd, Lexington, KY 40502
Frequently Asked Questions
What type of property is this?
Assisted living facility - High-end 24-unit property in Lexington's desirable Chevy Chase neighborhood.
Where is this assisted living facility located?
The property is located at 319 Duke Rd Lexington, KY.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: Built in 2020: Modern construction and systems with minimal deferred maintenance.; 24 Units: Substantial scale suitable for various residential or care facility uses.; Turnkey Operational Setup: FF&E included for immediate operation.
