4-Unit Quadplex with Covered
For Sale
$792,000
1515 Fontaine Road, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size3,654 SF
Lot Size0.22 Acres
Price / SF$216.75
Days on Market88
Property Features for 1515 Fontaine Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 3, Bedroom 1, Laundry Room, Bedroom 2, Bathroom 3, Bathroom 2, Bathroom 1
Parking
10
Subdivision
Chevy Chase
Elementary school
Cassidy
Middle school
Morton
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Richmond Road to Fontaine
Standard status
Active
APN
15188850
Size
3,654 SF
Lot size
0.22 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air, Zoned
Cooling system
Zoned, Central Air, Electric, Ceiling Fan(s)
Amenities
front porch
basement with washer/dryer hookups
lockable storage unit
Building Details
Year built
1935
Number of units
4
Roof type
Tile, Composition, Flat, Membrane
Listing Agency:
Berkshire Hathaway de Movellan Properties
(859) 266-0451
Listed By:
Suzanne H Elliott · License #183643
(859) 806-6234
Added: Jul 21
Changed: Oct 13
Last Checked: Oct 16 at 7:06PM
MLS# 26028270
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.
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Investment Insights
Based on property information with market context.
This 4-unit quadplex contains 3,654 square feet, with each residence arranged around a living room, dining room, kitchen, one bedroom, and a full bath. Hardwood floors and large windows are found throughout the units, which also have individual front porches. A full basement provides washer and dryer hookups and a lockable storage area for each residence. The property was built in 1935 and is zoned R-3.
Updates completed since 2001 include kitchen cabinetry, dishwashers, lighting, HVAC, electrical and plumbing work. The membrane roof was installed in 2009. Heating is natural gas and forced air; cooling includes central air. Each unit has a covered parking space in the rear of the property.
Updates completed since 2001 include kitchen cabinetry, dishwashers, lighting, HVAC, electrical and plumbing work. The membrane roof was installed in 2009. Heating is natural gas and forced air; cooling includes central air. Each unit has a covered parking space in the rear of the property.
Key Highlights
- Four units, each with a living room, dining room, kitchen, one bedroom, and full bath
- 3,654 square feet on a 0.215‑acre lot
- One covered parking space assigned to each unit
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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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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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 one bedroom, one full bath, a basement storage unit, and a dedicated covered parking space.
Where is this quadplex located?
The property is located at 1515 Fontaine Road 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, one bedroom, and full bath; 3,654 square feet on a 0.215‑acre lot; One covered parking space assigned to each unit
