Historic Two-Unit
For Sale
$350,000
Pending
152 E Fourth Street, Lexington, KY 40508
Both residences feature restored hardwood floors, updated kitchens and baths, tall ceilings, and off-street parking.
Property Size2,322 SF
Days on Market145
Property Features for 152 E Fourth Street
General Information
Standard status
Pending
Size
2,322 SF
Property subtype
Duplex
Occupancy
100%
Site & Location
Neighborhood
Martin Luther King Neighborhood Association
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Listing Agency:
RE/MAX Elite Lexington
(859) 245-1165
Listed By:
J Corey Griffo · License #214635
(502) 804-7067
Source:
Mdmitchellrealestate
Added: Jun 10
Changed: Oct 29
Last Checked: Oct 29 at 2:39PM
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 RE/MAX Elite Lexington
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Investment Insights
Based on property information with market context.
Built in 1890, this duplex contains two occupied residences, each with two bedrooms and one bathroom. Restoration retained historic character while adding updated kitchens and baths; the interiors also feature tall ceilings and restored hardwood floors. Off-street parking serves the property, which received a Historic Preservation Award.
The building is near downtown Lexington restaurants, entertainment, and local attractions. A neighboring duplex at 148 E Fourth Street is also available for purchase.
The building is near downtown Lexington restaurants, entertainment, and local attractions. A neighboring duplex at 148 E Fourth Street is also available for purchase.
Key Highlights
- Two occupied units, each with 2 bedrooms and 1 bathroom
- Built in 1890 and recognized with a Historic Preservation Award
- Restored hardwood floors, tall ceilings, updated kitchens and baths, and off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,291
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,820
$385.8K
Cap Rate 7%
$275,586
$275.6K
Cap Rate 9%
$214,344
$214.3K
Market Conditions
NOI Build-Up for 2,322 SF
Gross rent
$29.0K $12.48/SF
− Vacancy
−$1.4K −$0.61/SF
EGI
$27.6K $11.87/SF
− OpEx
−$8.3K −$3.56/SF
NOI
$19.3K $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%
$385,820
Cap Rate 7%
$275,586
Cap Rate 9%
$214,344
Alternative Uses
Best Use
Multifamily LT 5
$275.6K
$241.1K – $321.5K
NOI $19,291 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$250.0K
$218.8K – $291.7K
NOI $17,500 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$483.8K
$423.3K – $564.4K
NOI $33,865 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences feature restored hardwood floors, updated kitchens and baths, tall ceilings, and off-street parking.
Where is this duplex located?
The property is located at 152 E Fourth Street Lexington, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two occupied units, each with 2 bedrooms and 1 bathroom; Built in 1890 and recognized with a Historic Preservation Award; Restored hardwood floors, tall ceilings, updated kitchens and baths, and off‑street parking
