12-Unit Apartment
New
For Sale
$874,900
1801 & 1805 Gerald Dr, Lexington, KY 40511
Two buildings feature separately metered apartments with updated electrical systems and HVAC.
Property Size10,368 SF
Price / SF$84.38
Days on Market4
Property Features for 1801 & 1805 Gerald Dr
General Information
Standard status
Active
Size
10,368 SF
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Building Details
Year Built
1976
Buildings
2
Listing Agency:
RE/MAX Laketime Realty
Listed By:
The Catalyst Group · License #220577
(859) 363-6001
Source:
Catalystsold
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 16 at 9:03AM
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 Laketime Realty
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Investment Insights
Based on property information with market context.
At 1801 and 1805 Gerald Drive, this apartment property consists of two buildings with six units apiece. The combined 10,368-square-foot asset contains 12 apartments, each configured with two bedrooms and one bathroom, for a total of 24 bedrooms and 12 bathrooms. The buildings date to 1976. Units are individually metered, and the electrical systems and HVAC have been updated.
Key Highlights
- Two apartment buildings, with six units in each
- 12 units totaling 10,368 square feet
- Each apartment has 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,502
Cap Rate
8.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,570,040
$1.6M
Cap Rate 7%
$1,121,457
$1.1M
Cap Rate 9%
$872,244
$872.2K
Market Conditions
NOI Build-Up for 10,368 SF
Gross rent
$149.3K $14.40/SF
− Vacancy
−$6.6K −$0.63/SF
EGI
$142.7K $13.77/SF
− OpEx
−$64.2K −$6.19/SF
NOI
$78.5K $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 Rate 5%
$1,570,040
Cap Rate 7%
$1,121,457
Cap Rate 9%
$872,244
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$981.3K – $1.31M
NOI $78,502 @ 7.0% cap · market cap 8.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,494 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
103
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
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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 - Two buildings feature separately metered apartments with updated electrical systems and HVAC.
Where is this apartment building located?
The property is located at 1801 & 1805 Gerald Dr Lexington, KY.
What is the asking price?
The asking price for this property is $874,900.
What are key features of this property?
This property features: Two apartment buildings, with six units in each; 12 units totaling 10,368 square feet; Each apartment has 2 bedrooms and 1 bathroom
