Renovated Brick
For Sale
$260,000
Pending
180 Tartan Drive, Lexington, KY 40517
Residential Income, Lexington, KY
Property Size1,672 SF
Lot Size0.38 Acres
Days on Market52
Property Features for 180 Tartan Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Zoning description
R-2 - TWO-FAMILY RESIDENTIAL
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Laundry Room, Bathroom 1
Parking
4
Subdivision
Stoneybrook
Elementary school
Lansdowne
Middle school
Southern
High school
Tates Creek
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Take Nicholasville Rd south. Turn left on Reynolds Rd. Turn left on Lansdowne Dr. Turn right on Tartan Drive. Duplex is on the left.
Standard status
Pending
APN
24101410
Size
1,672 SF
Lot size
0.38 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Roof type
Shingle
Listing Agency:
Modern Real Estate, Inc
(859) 388-2000
Listed By:
Tim L Scott
(859) 338-4833
Added: Jul 9
Changed: Aug 21
Last Checked: Aug 29 at 11:06PM
MLS# 26017116
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.
Investment Insights
Based on property information with market context.
This renovated duplex contains 1,672 square feet arranged as two 836-square-foot residences. Each side currently has one bedroom and one bathroom, with laundry facilities, brick-veneer construction, a shingle roof, central electric air conditioning, and natural-gas forced-air heating. The property was built in 1965 and is fully rented.
The 0.383-acre parcel is located at 180 Tartan Drive in Lexington, Kentucky, within the 40517 ZIP code. R-2 zoning supports the property's duplex configuration, while cable service is available. The unit layouts were previously adjusted from two bedrooms to one bedroom per side and may be returned to a two-bedroom arrangement.
The 0.383-acre parcel is located at 180 Tartan Drive in Lexington, Kentucky, within the 40517 ZIP code. R-2 zoning supports the property's duplex configuration, while cable service is available. The unit layouts were previously adjusted from two bedrooms to one bedroom per side and may be returned to a two-bedroom arrangement.
Key Highlights
- Duplex with 1,672 square feet total, including 836 square feet per unit
- Both units are fully rented
- R‑2 zoning on a 0.383‑acre parcel
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
$14,265
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
5.49%
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%
$285,300
$285.3K
Cap Rate 7%
$203,786
$203.8K
Cap Rate 9%
$158,500
$158.5K
Market Conditions
NOI Build-Up for 1,672 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
$21.3K $12.72/SF
− Vacancy
−$889 −$0.53/SF
EGI
$20.4K $12.19/SF
− OpEx
−$6.1K −$3.66/SF
NOI
$14.3K $8.53/SF
Area
ZIP 40517
Vacancy
4.18%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$285,300
Cap Rate 7%
$203,786
Cap Rate 9%
$158,500
Alternative Uses
Best Use
Multifamily LT 5
$203.8K
$178.3K – $237.8K
NOI $14,265 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$182.4K
$159.6K – $212.8K
NOI $12,765 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$346.7K
$303.4K – $404.5K
NOI $24,269 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
856
Businesses Nearby
Explore this area
Business Placement
Demographics for 40517, KY
37,751
Population
18,306
Households
2.1
Avg Household Size
33
Median Age
41%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
6,089
Density / Sq Mi
$51,778
Median Household Income
$35,010
Median Earnings
$1,092
Median Rent
$196,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with central air, natural-gas forced-air heat, and R-2 zoning.
Where is this duplex located?
The property is located at 180 Tartan Drive Lexington, KY.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Duplex with 1,672 square feet total, including 836 square feet per unit; Both units are fully rented; R‑2 zoning on a 0.383‑acre parcel
