Six-Unit Apartment
For Sale
$577,000
Pending
1721 Hill Rise Dr, Lexington, KY 40504
Business Opportunity, Lexington, KY
Property Size6,612 SF
Lot Size0.21 Acres
Days on Market48
Property Features for 1721 Hill Rise Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential
Subdivision
Versailles
Standard status
Pending
APN
11273025
Size
6,612 SF
Lot size
0.21 Acres
Building Details
Year built
1977
Floors in Building
2
Architectural style
Other
Listing Agency:
Schrader Commercial Properties Llc
Listed By:
James Schrader · License #KY 41930
(859) 288-5008
Added: Sep 14
Changed: Oct 13
Last Checked: Oct 31 at 3:06PM
MLS# 11979372
Copyright © 2026 My State MLS. 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.
Built in 1977, this 6,612-square-foot apartment property contains five townhouse-style residences and one apartment on the lower level. The six-unit configuration sits on a 0.21-acre corner lot at 1721 Hill Rise Dr in Lexington, Kentucky.
Long-term tenants occupy the property.
Long-term tenants occupy the property.
Key Highlights
- Six units: five townhouse‑style residences and one lower‑level apartment
- 6,612 square feet of building area
- 0.21‑acre corner lot at 1721 Hill Rise Dr, Lexington, KY 40504
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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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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?
Apartment building - The property combines townhouse-style residences with a separate lower-level apartment.
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 units: five townhouse‑style residences and one lower‑level apartment; 6,612 square feet of building area; 0.21‑acre corner lot at 1721 Hill Rise Dr, Lexington, KY 40504
