Restored Duplex with
For Sale
$375,000
Pending
148 E Fourth Street, Lexington, KY 40508
Residential Income, Lexington, KY
Property Size2,578 SF
Lot Size0.12 Acres
Days on Market99
Property Features for 148 E Fourth Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 1
Parking
5
Parking features
Open
Subdivision
Downtown
Elementary school
William Wells Brown
Middle school
Lexington Trad
High school
Frederick Douglass
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Main Street to Limestone, north on Limestone, right on 4th street, up the hill, Access to Parking is from shared driveway on left side of Yellow Duplex (152 E 4th).
Standard status
Pending
APN
38293270
Size
2,578 SF
Lot size
0.12 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Amenities
tall ceilings
restored hardwood floors
updated kitchens and baths
off-street parking
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
J Corey Griffo · License #70549
(502) 804-7067
Added: Jun 10
Changed: Sep 15
Last Checked: Sep 16 at 10:06AM
MLS# 26013380
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 1890, this 2,578-square-foot duplex contains two 2-bedroom, 1-bath residences. The property retains original architectural character, including tall ceilings and restored hardwood floors, while updated kitchens and bathrooms provide modern functionality. Central air, electric heating, ceiling fans, a shingle roof, and open off-street parking are included. The 0.117-acre property is fully occupied and located in downtown Lexington, placing dining, entertainment, and local attractions nearby. A neighboring sister duplex is also being offered for sale, creating an opportunity to evaluate the two properties together as a side-by-side portfolio.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a duplex configuration
- 2,578 square feet on a 0.117‑acre lot
- Built in 1890 with restored hardwood floors and tall ceilings
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
$21,418
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
5.71%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied residential property with two renovated units, original architectural details, and convenient access to downtown amenities.
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 2‑bedroom, 1‑bath units in a duplex configuration; 2,578 square feet on a 0.117‑acre lot; Built in 1890 with restored hardwood floors and tall ceilings
