Historic Duplex with Original
New
For Sale
$380,000
145 N Ashland Avenue, Lexington, KY 40502
MULTI_FAMILY - Cape Cod - Lexington, KY
Property Size2,091 SF
Lot Size0.20 Acres
Price / SF$181.73
Days on Market3
Property Features for 145 N Ashland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
On Street, Off Street
Interior features
Entrance Foyer
Fencing
Privacy
Fireplace
1
Basement
Walk-Out Access, Crawl Space, Partial, Unfinished
Appliances
Refrigerator, Range
Subdivision
Bell Court
Lot features
Many Trees
Elementary school
Ashland
Middle school
Lexington Trad
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Main St to left on N. Ashland Ave. Home is on the left and has a shared driveway or marked street parking in front.
Standard status
Active
APN
14741600
Size
2,091 SF
Lot size
0.20 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
wrap-around porch
Building Details
Year built
1907
Floors in Building
2
Flooring type
Vinyl, Hardwood
Building materials
Wood Siding
Roof type
Shingle
Architectural style
Cape Cod
Listing Agency:
The Agency
(859) 285-0614
Listed By:
Jeana Taylor
(859) 421-1039
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 1:06PM
MLS# 26021854
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.
Investment Insights
Based on property information with market context.
Built in 1907, this 2,091-square-foot Cape Cod property is currently arranged as multiple units and includes three bedrooms, two bathrooms, an upstairs kitchen, and a downstairs kitchen. Original wood trim, tiled fireplaces, refinished hardwood floors, wood doors, and a wrap-around porch define the home’s character. The property also features a basement, forced-air heating, window-unit cooling, public water and sewer, and both on-street and off-street parking.
Situated at 145 N Ashland Avenue in Lexington, the property is near downtown Lexington, National Avenue, Ashland-Henry Clay’s home, parks, schools, local shops, and restaurants. The 0.201-acre parcel is enclosed with privacy fencing and offers a configuration that can remain income-producing, be used as a duplex, or be adapted back to a single-family residence.
Situated at 145 N Ashland Avenue in Lexington, the property is near downtown Lexington, National Avenue, Ashland-Henry Clay’s home, parks, schools, local shops, and restaurants. The 0.201-acre parcel is enclosed with privacy fencing and offers a configuration that can remain income-producing, be used as a duplex, or be adapted back to a single-family residence.
Key Highlights
- 2,091‑square‑foot Cape Cod property built in 1907
- Currently arranged as multiple units with 3 bedrooms and 2 bathrooms
- Upstairs and downstairs kitchens support the existing multi‑unit layout
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
$17,372
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
4.57%
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%
$347,440
$347.4K
Cap Rate 7%
$248,171
$248.2K
Cap Rate 9%
$193,022
$193.0K
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
$26.1K $12.48/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$24.8K $11.87/SF
− OpEx
−$7.4K −$3.56/SF
NOI
$17.4K $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%
$347,440
Cap Rate 7%
$248,171
Cap Rate 9%
$193,022
Alternative Uses
Best Use
Multifamily LT 5
$248.2K
$217.2K – $289.5K
NOI $17,372 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$225.1K
$197.0K – $262.7K
NOI $15,759 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$435.7K
$381.2K – $508.3K
NOI $30,496 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Cape Cod property with two kitchens and a flexible multi-unit configuration.
Where is this duplex located?
The property is located at 145 N Ashland Avenue Lexington, KY.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2,091‑square‑foot Cape Cod property built in 1907; Currently arranged as multiple units with 3 bedrooms and 2 bathrooms; Upstairs and downstairs kitchens support the existing multi‑unit layout
