Multifamily Property with Wrap-Around
For Sale
$375,000
145 N Ashland Ave, Lexington, KY 40502
1907 home with two kitchens and a flexible multi-unit layout near downtown Lexington.
Property Size2,091 SF
Price / SF$179.34
Days on Market28
Property Features for 145 N Ashland Ave
General Information
Standard status
Active
Size
2,091 SF
Property subtype
Multi-Family
Amenities
wrap-around porch
hardwood floors
wood doors
wood trim
tiled fireplaces
Building Details
Year Built
1907
Tenancy
Multi
Listing Agency:
The Agency
Listed By:
Jeana Taylor
(859) 276-4811
Source:
Centralkyhomefinder
Added: Aug 6
Changed: Sep 2
Last Checked: Sep 1 at 7:50PM
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 The Agency
Investment Insights
Based on property information with market context.
Built in 1907, this 2,091-square-foot multifamily property retains substantial period character while offering a flexible layout. The home includes three bedrooms, two baths, an upstairs kitchen, and a downstairs kitchen. Refinished hardwood floors, original wood trim, tiled fireplaces, and a wrap-around porch provide a strong foundation for continued rental use, duplex conversion, or restoration as a single-family residence.
The property is located on N. Ashland Ave near downtown Lexington, National Ave, Ashland-Henry Clay's home, parks, schools, and local shops and restaurants. Its current multi-unit configuration gives the next owner several supported paths for maintaining or reworking the existing residential arrangement.
The property is located on N. Ashland Ave near downtown Lexington, National Ave, Ashland-Henry Clay's home, parks, schools, and local shops and restaurants. Its current multi-unit configuration gives the next owner several supported paths for maintaining or reworking the existing residential arrangement.
Key Highlights
- 2,091‑square‑foot multifamily property built in 1907
- Current multi‑unit layout with three bedrooms and two baths
- Two kitchens: one upstairs and one downstairs
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
$15,759
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
4.20%
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%
$315,180
$315.2K
Cap Rate 7%
$225,129
$225.1K
Cap Rate 9%
$175,100
$175.1K
Market Conditions
NOI Build-Up for 2,091 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
$30.6K $14.64/SF
− Vacancy
−$2.0K −$0.94/SF
EGI
$28.7K $13.70/SF
− OpEx
−$12.9K −$6.17/SF
NOI
$15.8K $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%
$315,180
Cap Rate 7%
$225,129
Cap Rate 9%
$175,100
Alternative Uses
Best Use
Apartment 5plus
$225.1K
$197.0K – $262.7K
NOI $15,759 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$435.7K
$381.2K – $508.3K
NOI $30,496 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,990
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - 1907 home with two kitchens and a flexible multi-unit layout near downtown Lexington.
Where is this multifamily property located?
The property is located at 145 N Ashland Ave Lexington, KY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,091‑square‑foot multifamily property built in 1907; Current multi‑unit layout with three bedrooms and two baths; Two kitchens: one upstairs and one downstairs
