Separately Metered
1999-2001 Spring Station Drive, Lexington, KY 40505
For Sale
$260,000
Each residence has laundry hookups, a private utility room, and a small yard.
Property Size1,483 SF
Price / SF$175.32
Days on Market62
Property Features for 1999-2001 Spring Station Drive
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Units
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Amenities
utility room with laundry hook ups
small yard
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
ERA Select Real Estate
(859) 285-2970
Listed By:
Lindsay Barsotti · License KY #222144
(859) 351-6446
Source:
Bluegrasspropertiesgroup
Added: Sep 10
Changed: Nov 8
Last Checked: Nov 9 at 8:14PM
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 ERA Select Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1965, this 1,483-square-foot duplex contains two residences, each with two bedrooms, one bathroom, a living area, and a kitchen. Both units have a dedicated utility room with laundry hookups and access to a small yard. Utilities are separately metered, and tenants are responsible for their utility costs.
One unit is currently occupied by a tenant, while the other is available for owner occupancy. The property is zoned R-1D.
One unit is currently occupied by a tenant, while the other is available for owner occupancy. The property is zoned R-1D.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- 1,483 square feet; built in 1965
- Separate utility meters; tenants pay utility costs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,321
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$246,420
$246.4K
Cap Rate 7%
$176,014
$176.0K
Cap Rate 9%
$136,900
$136.9K
Market Conditions
NOI Build-Up for 1,483 SF
Gross rent
$18.5K $12.48/SF
− Vacancy
−$907 −$0.61/SF
EGI
$17.6K $11.87/SF
− OpEx
−$5.3K −$3.56/SF
NOI
$12.3K $8.31/SF
Area
Lexington, KY
Vacancy
4.90%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$246,420
Cap Rate 7%
$176,014
Cap Rate 9%
$136,900
Alternative Uses
Best Use
Multifamily LT 5
$176.0K
$154.0K – $205.4K
NOI $12,321 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$159.7K
$139.7K – $186.3K
NOI $11,177 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$309.0K
$270.4K – $360.5K
NOI $21,629 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 40505, KY
26,278
Population
12,026
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,285
Density / Sq Mi
$58,922
Median Household Income
$33,517
Median Earnings
$914
Median Rent
$166,300
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Lexington, KY
Properties on Market for Duplexes in Lexington
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has laundry hookups, a private utility room, and a small yard.
Where is this duplex located?
The property is located at 1999-2001 Spring Station 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: Two residences, each with 2 bedrooms and 1 bathroom; 1,483 square feet; built in 1965; Separate utility meters; tenants pay utility costs
