Historic Two-Unit
For Sale
$375,000
Pending
148 E Fourth Street, Lexington, KY 40508
Two occupied residences feature updated kitchens and baths, restored hardwood floors, and off-street parking.
Property Size2,578 SF
Days on Market145
Property Features for 148 E Fourth Street
General Information
Standard status
Pending
Size
2,578 SF
Property subtype
Duplex
Occupancy
100%
Site & Location
Neighborhood
Martin Luther King Neighborhood Association
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Amenities
tall ceilings
restored hardwood floors
updated kitchens and baths
off-street parking
Building Details
Year Built
1890
Buildings
1
Listing Agency:
RE/MAX Elite Lexington
(859) 245-1165
Listed By:
J Corey Griffo · License #214635
(502) 804-7067
Source:
Mdmitchellrealestate
Added: Jun 10
Changed: Oct 31
Last Checked: Oct 29 at 2:43PM
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 RE/MAX Elite Lexington
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1890, this 2,578-square-foot duplex contains two occupied apartments, each with two bedrooms and one bathroom. Interior features include high ceilings, restored hardwood flooring, and updated kitchens and baths. Off-street parking serves the property.
The building is on E Fourth Street in downtown Lexington, within walking distance of dining, entertainment, and local attractions. A neighboring duplex is also being offered for sale.
The building is on E Fourth Street in downtown Lexington, within walking distance of dining, entertainment, and local attractions. A neighboring duplex is also being offered for sale.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- 2,578 square feet; built in 1890
- Both apartments are occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,418
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$428,360
$428.4K
Cap Rate 7%
$305,971
$306.0K
Cap Rate 9%
$237,978
$238.0K
Market Conditions
NOI Build-Up for 2,578 SF
Gross rent
$32.2K $12.48/SF
− Vacancy
−$1.6K −$0.61/SF
EGI
$30.6K $11.87/SF
− OpEx
−$9.2K −$3.56/SF
NOI
$21.4K $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 Rate 5%
$428,360
Cap Rate 7%
$305,971
Cap Rate 9%
$237,978
Alternative Uses
Best Use
Multifamily LT 5
$306.0K
$267.7K – $357.0K
NOI $21,418 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$277.6K
$242.9K – $323.8K
NOI $19,430 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$537.1K
$470.0K – $626.6K
NOI $37,598 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences feature updated kitchens and baths, restored hardwood floors, and off-street parking.
Where is this duplex located?
The property is located at 148 E Fourth Street 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: Two apartments, each with 2 bedrooms and 1 bathroom; 2,578 square feet; built in 1890; Both apartments are occupied
