Six-Unit Townhouse-Style Apartment
For Sale
$577,000
Pending
1721 Hill Rise Dr, Lexington, KY 40504
The property includes five townhouse-style residences and one apartment on the lower level.
Property Size6,612 SF
Days on Market51
Property Features for 1721 Hill Rise Dr
General Information
Standard status
Pending
Size
6,612 SF
Property subtype
Multifamily
Zoning
R-3
Additional Details
Multifamily Units
6
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1977
Listing Agency:
Schrader Commercial Properties, LLC
Listed By:
James Schrader · License #KY 41930
(859) 288-5008
Source:
Kcrea.resimplifi
Added: Sep 11
Changed: Oct 26
Last Checked: Oct 30 at 10:29AM
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 Schrader Commercial Properties, LLC
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Investment Insights
Based on property information with market context.
This 6,612-square-foot apartment property contains five townhouse-style units along with a separate lower-level apartment, creating a six-unit configuration. The building was constructed in 1977 and occupies a corner lot at 1721 Hill Rise Dr in Lexington, Kentucky.
The property is zoned R-3. A majority of the current occupants have remained in place for an extended period, providing established tenancy within the existing multifamily setup.
The property is zoned R-3. A majority of the current occupants have remained in place for an extended period, providing established tenancy within the existing multifamily setup.
Key Highlights
- Six‑unit apartment property with five townhouse‑style units and one lower‑level apartment
- 6,612 SF building constructed in 1977
- R‑3 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,832
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$996,640
$996.6K
Cap Rate 7%
$711,886
$711.9K
Cap Rate 9%
$553,689
$553.7K
Market Conditions
NOI Build-Up for 6,612 SF
Gross rent
$96.8K $14.64/SF
− Vacancy
−$6.2K −$0.94/SF
EGI
$90.6K $13.70/SF
− OpEx
−$40.8K −$6.17/SF
NOI
$49.8K $7.54/SF
Area
Lexington, KY
Vacancy
6.40%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$996,640
Cap Rate 7%
$711,886
Cap Rate 9%
$553,689
Alternative Uses
Best Use
Apartment 5plus
$711.9K
$622.9K – $830.5K
NOI $49,832 @ 7.0% cap · market cap 8.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,432 @ 7.0% cap · market cap 16.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
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Business Placement
Demographics for 40504, KY
26,042
Population
13,175
Households
2
Avg Household Size
34
Median Age
32%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
4,200
Density / Sq Mi
$43,015
Median Household Income
$29,195
Median Earnings
$888
Median Rent
$209,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The property includes five townhouse-style residences and one apartment on the lower level.
Where is this apartment building located?
The property is located at 1721 Hill Rise Dr Lexington, KY.
What is the asking price?
The asking price for this property is $577,000.
What are key features of this property?
This property features: Six‑unit apartment property with five townhouse‑style units and one lower‑level apartment; 6,612 SF building constructed in 1977; R‑3 zoning
