Stone-Facade 4-Unit Apartment
New
For Sale
$1,150,000
1409 Fontaine Road, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size5,670 SF
Lot Size0.22 Acres
Price / SF$202.82
Days on Market7
Property Features for 1409 Fontaine Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-3
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 5, Laundry Room, Bathroom 3, Bedroom 2
Parking
7
Subdivision
Chevy Chase
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
High Street to Fontaine Rd, Building on the Left.
Standard status
Active
APN
14093100
Size
5,670 SF
Lot size
0.22 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
electricity
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
shared laundry facilities
private storage rooms
Building Details
Year built
1940
Floors in Building
3
Number of units
4
Roof type
Membrane, Shingle
Buildings
1
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
Patrick Doyle
(859) 537-2945
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 28 at 1:06AM
MLS# 26029281
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.
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Investment Insights
Based on property information with market context.
This 1940 four-unit apartment building has 5,670 square feet above grade and an unfinished 1,890-square-foot basement. The mix includes three one-bedroom, one-bathroom apartments of approximately 1,150 square feet each and one two-bedroom, one-bathroom apartment of approximately 1,850 square feet. Hardwood flooring runs through the units; one apartment has a renovated kitchen and bathroom. Basement amenities include four individual storage rooms and shared laundry. The lot is zoned R-3.
Building updates include a shingle roof installed in 2020, a flat roof added in 2025, electrical improvements with five separate meters, PEX plumbing updates, and capped chimneys. Each residence has central HVAC. Exterior work includes rebuilt composite balconies, replacement upper-level stairs, and a resurfaced parking area with underground drainage directed away from the foundation.
All four apartments are leased, with lease expirations scheduled from April through June 2027. The three one-bedroom layouts have space that could accommodate a second bedroom.
Building updates include a shingle roof installed in 2020, a flat roof added in 2025, electrical improvements with five separate meters, PEX plumbing updates, and capped chimneys. Each residence has central HVAC. Exterior work includes rebuilt composite balconies, replacement upper-level stairs, and a resurfaced parking area with underground drainage directed away from the foundation.
All four apartments are leased, with lease expirations scheduled from April through June 2027. The three one-bedroom layouts have space that could accommodate a second bedroom.
Key Highlights
- Four units: three 1BR/1BA apartments of approximately 1,150 SF each and one 2BR/1BA apartment of approximately 1,850 SF
- 5,670 SF above grade plus an unfinished 1,890 SF basement
- All four units leased; lease expirations range from April through June 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,106
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$942,120
$942.1K
Cap Rate 7%
$672,943
$672.9K
Cap Rate 9%
$523,400
$523.4K
Market Conditions
NOI Build-Up for 5,670 SF
Gross rent
$70.8K $12.48/SF
− Vacancy
−$3.5K −$0.61/SF
EGI
$67.3K $11.87/SF
− OpEx
−$20.2K −$3.56/SF
NOI
$47.1K $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%
$942,120
Cap Rate 7%
$672,943
Cap Rate 9%
$523,400
Alternative Uses
Best Use
Multifamily LT 5
$672.9K
$588.8K – $785.1K
NOI $47,106 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$610.5K
$534.2K – $712.2K
NOI $42,733 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,693 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four leased residences have separate central HVAC systems, with shared laundry and private basement storage.
Where is this quadplex located?
The property is located at 1409 Fontaine Road Lexington, KY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four units: three 1BR/1BA apartments of approximately 1,150 SF each and one 2BR/1BA apartment of approximately 1,850 SF; 5,670 SF above grade plus an unfinished 1,890 SF basement; All four units leased; lease expirations range from April through June 2027
