Historic Four-Unit Duplex
For Sale
$725,000
148 - 152 E Fourth Street, Lexington, KY 40508
Residential Income, Lexington, KY
Property Size4,900 SF
Lot Size0.29 Acres
Price / SF$147.96
Days on Market58
Property Features for 148 - 152 E Fourth Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 8, Laundry Room
Parking
6
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
Active
APN
38293280 & 38293270
Size
4,900 SF
Lot size
0.29 Acres
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1890
Floors in Building
2
Number of units
4
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
J Corey Griffo · License #70549
(502) 804-7067
Added: Jul 1
Changed: Aug 26
Last Checked: Aug 27 at 2:06AM
MLS# 26015659
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.
This 4,900-square-foot residential income property comprises two neighboring historic duplexes built in 1890. The four residences are each configured with 2 bedrooms and 1 bathroom, and the buildings retain tall ceilings and restored hardwood floors alongside updated kitchens and bathrooms. Central air and heat pump heating serve the property, which also includes a shared off-street parking lot.
All four residences are occupied, and the buildings have received Historic Preservation Awards. The 0.292-acre property is located on E Fourth Street in downtown Lexington, near restaurants, entertainment, shopping, and local attractions. Its four-unit configuration supports continued rental operation or an owner-occupant arrangement, subject to applicable requirements.
All four residences are occupied, and the buildings have received Historic Preservation Awards. The 0.292-acre property is located on E Fourth Street in downtown Lexington, near restaurants, entertainment, shopping, and local attractions. Its four-unit configuration supports continued rental operation or an owner-occupant arrangement, subject to applicable requirements.
Key Highlights
- Two neighboring duplexes with four total 2‑bedroom, 1‑bath residences
- 4,900 square feet on 0.292 acres
- Built in 1890 with restored historic character
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
$40,709
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
5.62%
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%
$814,180
$814.2K
Cap Rate 7%
$581,557
$581.6K
Cap Rate 9%
$452,322
$452.3K
Market Conditions
NOI Build-Up for 4,900 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
$61.2K $12.48/SF
− Vacancy
−$3.0K −$0.61/SF
EGI
$58.2K $11.87/SF
− OpEx
−$17.4K −$3.56/SF
NOI
$40.7K $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%
$814,180
Cap Rate 7%
$581,557
Cap Rate 9%
$452,322
Alternative Uses
Best Use
Multifamily LT 5
$581.6K
$508.9K – $678.5K
NOI $40,709 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$527.6K
$461.6K – $615.5K
NOI $36,930 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$1.02M
$893.3K – $1.19M
NOI $71,463 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two restored neighboring buildings provide four occupied residences with updated interiors and shared off-street parking.
Where is this quadplex located?
The property is located at 148 - 152 E Fourth Street Lexington, KY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two neighboring duplexes with four total 2‑bedroom, 1‑bath residences; 4,900 square feet on 0.292 acres; Built in 1890 with restored historic character
