Duplex with Detached
For Sale
$189,900
1318 Highland Park Dr, Lexington, KY 40505
Two-unit property with unfinished basement space, a detached garage, backyard, and off-street parking.
Property Size1,344 SF
Price / SF$141.29
Days on Market61
Property Features for 1318 Highland Park Dr
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
large backyard
Building Details
Year Built
1944
Tenancy
Single
Listing Agency:
Lifstyl Real Estate
Listed By:
M Scott Peace · License #240444
(859) 475-0919
Source:
Meliarealty
Added: Aug 8
Changed: Sep 10
Last Checked: Oct 5 at 11:37PM
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 Lifstyl Real Estate
Investment Insights
Based on property information with market context.
This duplex at 1318 Highland Park Dr includes 1,344 sq ft of living area and an additional 846 sq ft of unfinished basement space. The lower apartment contains 2 bedrooms and 1 bath within 894 sq ft, while the upper apartment provides 1 bedroom and 1 bath across 450 sq ft. A detached garage, sizable backyard, and off-street parking add functional improvements to the property.
The lower unit is leased through March 2027. The upper unit is vacant, providing immediate occupancy flexibility for an owner or future resident. The property is located in Lexington, KY.
The lower unit is leased through March 2027. The upper unit is vacant, providing immediate occupancy flexibility for an owner or future resident. The property is located in Lexington, KY.
Key Highlights
- 1,344 sq ft of living space plus 846 sq ft of unfinished basement space
- Lower unit offers 2 bedrooms, 1 bath, and 894 sq ft
- Upper unit includes 1 bedroom, 1 bath, and 450 sq ft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,166
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$223,320
$223.3K
Cap Rate 7%
$159,514
$159.5K
Cap Rate 9%
$124,067
$124.1K
Market Conditions
NOI Build-Up for 1,344 SF
Gross rent
$16.8K $12.48/SF
− Vacancy
−$822 −$0.61/SF
EGI
$16.0K $11.87/SF
− OpEx
−$4.8K −$3.56/SF
NOI
$11.2K $8.31/SF
Area
Lexington, KY
Vacancy
4.90%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$223,320
Cap Rate 7%
$159,514
Cap Rate 9%
$124,067
Alternative Uses
Best Use
Multifamily LT 5
$159.5K
$139.6K – $186.1K
NOI $11,166 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$144.7K
$126.6K – $168.8K
NOI $10,129 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$280.0K
$245.0K – $326.7K
NOI $19,601 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Demographics for 40505, KY
26,278
Population
12,026
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,285
Density / Sq Mi
$58,922
Median Household Income
$33,517
Median Earnings
$914
Median Rent
$166,300
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 property with unfinished basement space, a detached garage, backyard, and off-street parking.
Where is this duplex located?
The property is located at 1318 Highland Park Dr Lexington, KY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 1,344 sq ft of living space plus 846 sq ft of unfinished basement space; Lower unit offers 2 bedrooms, 1 bath, and 894 sq ft; Upper unit includes 1 bedroom, 1 bath, and 450 sq ft
