Restored 19th-Century
For Sale
$400,000
148 E Fourth Street, Lexington, KY 40508
MULTI_FAMILY - Lexington, KY
Property Size2,578 SF
Lot Size0.12 Acres
Price / SF$155.16
Days on Market53
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 1, Laundry Room, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 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
Active
APN
38293270
Size
2,578 SF
Lot size
0.12 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s), Electric
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: Jul 20
Last Checked: Aug 1 at 12:06PM
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.
This restored 19th-century duplex offers two spacious 2-bedroom, 1-bath units. The property has tall ceilings and restored hardwood floors, along with updated kitchens and baths. Off-street parking is included, and the duplex is fully occupied.
Located in the heart of downtown Lexington, the property is described as being just steps from downtown dining, entertainment, and local attractions.
In addition to the duplex at 148 E Fourth Street, a neighboring sister duplex is also being offered for sale, creating the possibility to acquire a side-by-side portfolio.
Located in the heart of downtown Lexington, the property is described as being just steps from downtown dining, entertainment, and local attractions.
In addition to the duplex at 148 E Fourth Street, a neighboring sister duplex is also being offered for sale, creating the possibility to acquire a side-by-side portfolio.
Key Highlights
- 19th‑century duplex built in 1890 in downtown Lexington
- Fully occupied duplex with two 2‑bedroom, 1‑bath units
- Restored hardwood floors and tall ceilings
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.2k | $12.48 |
| − Vacancy | −$1.6k | −$0.61 |
| EGI | $30.6k | $11.87 |
| − OpEx | −$9.2k | −$3.56 |
| NOI | $21.4k | $8.31 |
2,578 SF · lease $12.48/SF/yr · vacancy 4.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$306.0K
$267.7K – $357.0K
NOI $21,418 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$277.6K
$242.9K – $323.8K
NOI $19,430 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$537.1K
$470.0K – $626.6K
NOI $37,598 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 restored duplex with two 2-bedroom, 1-bath units, updated kitchens and baths, 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 $400,000.
What are key features of this property?
This property features: 19th‑century duplex built in 1890 in downtown Lexington; Fully occupied duplex with two 2‑bedroom, 1‑bath units; Restored hardwood floors and tall ceilings
