4-Unit Apartment
New
For Sale
$792,000
1515 Fontaine Rd, Lexington, KY 40502
Each residence has a private front porch, while the basement provides laundry hookups and lockable storage for every unit.
Property Size3,654 SF
Price / SF$216.75
Days on Market4
Property Features for 1515 Fontaine Rd
General Information
Standard status
Active
Size
3,654 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R-3
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Parking per Unit
1
Amenities
front porch
basement with washer/dryer hookups
lockable storage unit
Building Details
Year Built
1935
Buildings
1
Listing Agency:
Berkshire Hathaway de Movellan Properties
Listed By:
Suzanne H Elliott · License #183643
(859) 806-6234
Source:
Centralkyhomesforsale
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 15 at 2:29AM
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 Berkshire Hathaway de Movellan Properties
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Investment Insights
Based on property information with market context.
Built in 1935, this 3,654-square-foot quadplex contains four residences, each arranged with a living room, dining room, kitchen, bedroom, and full bath. Hardwood floors, large windows, and an individual front porch serve each unit. The full basement includes washer and dryer hookups and a lockable storage area for every residence. Four covered parking spaces are located in the backyard, one per unit.
Improvements completed since 2001 include kitchen cabinet replacements, dishwashers, lighting, HVAC, and electrical and plumbing updates. The building received a membrane roof in 2009. The property is zoned R-3 and is being sold as-is; inspections are welcome. Its location is described as walkable to schools, shopping, restaurants, and the University of Kentucky.
Improvements completed since 2001 include kitchen cabinet replacements, dishwashers, lighting, HVAC, and electrical and plumbing updates. The building received a membrane roof in 2009. The property is zoned R-3 and is being sold as-is; inspections are welcome. Its location is described as walkable to schools, shopping, restaurants, and the University of Kentucky.
Key Highlights
- Four units, each with a living room, dining room, kitchen, bedroom, and full bath
- 3,654‑square‑foot building constructed in 1935
- One covered parking space in the backyard for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,357
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$607,140
$607.1K
Cap Rate 7%
$433,671
$433.7K
Cap Rate 9%
$337,300
$337.3K
Market Conditions
NOI Build-Up for 3,654 SF
Gross rent
$45.6K $12.48/SF
− Vacancy
−$2.2K −$0.61/SF
EGI
$43.4K $11.87/SF
− OpEx
−$13.0K −$3.56/SF
NOI
$30.4K $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%
$607,140
Cap Rate 7%
$433,671
Cap Rate 9%
$337,300
Alternative Uses
Best Use
Multifamily LT 5
$433.7K
$379.5K – $506.0K
NOI $30,357 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$393.4K
$344.2K – $459.0K
NOI $27,539 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$761.3K
$666.1K – $888.2K
NOI $53,291 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has a private front porch, while the basement provides laundry hookups and lockable storage for every unit.
Where is this quadplex located?
The property is located at 1515 Fontaine Rd Lexington, KY.
What is the asking price?
The asking price for this property is $792,000.
What are key features of this property?
This property features: Four units, each with a living room, dining room, kitchen, bedroom, and full bath; 3,654‑square‑foot building constructed in 1935; One covered parking space in the backyard for each residence
