6-Unit Apartment
New
For Sale
$600,000
1650 Meadowthorpe Ave, Lexington, KY 40511
Corner-lot multifamily property with long-term tenants and convenient access to New Circle.
Property Size5,143 SF
Price / SF$116.66
Days on Market5
Property Features for 1650 Meadowthorpe Ave
General Information
Standard status
Active
Size
5,143 SF
Property subtype
Multifamily
Zoning
R-1C
Additional Details
Highway Access
Yes
Multifamily Units
6
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1951
Buildings
1
Listing Agency:
Schrader Commercial Properties, LLC
Listed By:
James Schrader · License #41930
(859) 288-5008
Source:
Kcrea.resimplifi
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 15 at 5:13AM
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 Schrader Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This 5,143 SF apartment building contains 6 units and was built in 1951. The property occupies a corner lot and has long-term tenants in place, supporting an established multifamily configuration. Zoning is R-1C.
Located at 1650 Meadowthorpe Ave in Lexington, the property is convenient to New Circle and approximately 10 miles from I-64. The asset is positioned within the Meadowthorpe neighborhood and offers a straightforward apartment-building profile for multifamily ownership.
Located at 1650 Meadowthorpe Ave in Lexington, the property is convenient to New Circle and approximately 10 miles from I-64. The asset is positioned within the Meadowthorpe neighborhood and offers a straightforward apartment-building profile for multifamily ownership.
Key Highlights
- 6‑unit multifamily building
- 5,143 SF property built in 1951
- R‑1C zoning
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
$38,940
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
6.49%
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%
$778,800
$778.8K
Cap Rate 7%
$556,286
$556.3K
Cap Rate 9%
$432,667
$432.7K
Market Conditions
NOI Build-Up for 5,143 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
$74.1K $14.40/SF
− Vacancy
−$3.3K −$0.63/SF
EGI
$70.8K $13.77/SF
− OpEx
−$31.9K −$6.19/SF
NOI
$38.9K $7.57/SF
Area
ZIP 40511
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$778,800
Cap Rate 7%
$556,286
Cap Rate 9%
$432,667
Alternative Uses
Best Use
Apartment 5plus
$556.3K
$486.8K – $649.0K
NOI $38,940 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.2K – $1.24M
NOI $74,652 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 40511, KY
36,146
Population
14,963
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
89%
High-School Grad
86.0 sq mi
ZIP Area
420
Density / Sq Mi
$77,476
Median Household Income
$43,416
Median Earnings
$1,159
Median Rent
$233,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner-lot multifamily property with long-term tenants and convenient access to New Circle.
Where is this apartment building located?
The property is located at 1650 Meadowthorpe Ave Lexington, KY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 6‑unit multifamily building; 5,143 SF property built in 1951; R‑1C zoning
