Duplex with Detached
For Sale
$199,900
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$148.74
Days on Market151
Property Features for 1318 Highland Park Dr
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
large backyard
Building Details
Tenancy
Single
Listing Agency:
Lifstyl Real Estate
(512) 921-2794
Listed By:
M Scott Peace · License #240444
(512) 921-2794
Source:
Exprealty
Added: Mar 26
Changed: Aug 20
Last Checked: Aug 23 at 6:07AM
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 = 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
$11,166
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
5.59%
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%
$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
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
$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 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%
$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 5.59%
Second Best
Apartment 5plus
$144.7K
$126.6K – $168.8K
NOI $10,129 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$280.0K
$245.0K – $326.7K
NOI $19,601 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $199,900.
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
