Duplex with Attached
For Sale
$410,000
Pending
1999 Fair Oaks Dr, Lexington, KY 40504
Two units offer finished lower levels, dedicated laundry areas, and flexible space for residential use.
Property Size3,068 SF
Days on Market23
Property Features for 1999 Fair Oaks Dr
General Information
Standard status
Pending
Size
3,068 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Neighborhood
The Lane Nghd Assoc
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$24,000
Amenities
hardwood floors
tile walk-in showers
replacement windows
concrete patios
picture window
greenspace views
laundry areas
Building Details
Year Built
1964
Buildings
1
Listing Agency:
Weesner Properties, Inc.
Listed By:
Casey R Weesner
(859) 621-4222
Source:
Centralkentuckyhouses
Added: Oct 6
Changed: Oct 25
Last Checked: Oct 26 at 4:46PM
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 Weesner Properties, Inc.
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Investment Insights
Based on property information with market context.
Built in 1964, this 3,068-square-foot duplex has two units, each with two upstairs bedrooms and a full bathroom. Finished lower levels add rooms suited to uses such as office, exercise, or guest space; these rooms are not conforming bedrooms. The interiors include open kitchen and family room layouts, hardwood flooring, tile walk-in showers, and replacement windows. Each side has an attached single-car garage, storage, and a dedicated laundry area. New shingles and concrete patios are additional property improvements.
The left unit is vacant, while the right unit is occupied. A picture window in the left unit faces greenspace and mature trees.
The left unit is vacant, while the right unit is occupied. A picture window in the left unit faces greenspace and mature trees.
Key Highlights
- 3,068‑square‑foot duplex built in 1964
- Two units, each with 2 upstairs bedrooms and 1 full bath
- Finished lower‑level rooms; not conforming bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,489
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,780
$509.8K
Cap Rate 7%
$364,129
$364.1K
Cap Rate 9%
$283,211
$283.2K
Market Conditions
NOI Build-Up for 3,068 SF
Gross rent
$38.3K $12.48/SF
− Vacancy
−$1.9K −$0.61/SF
EGI
$36.4K $11.87/SF
− OpEx
−$10.9K −$3.56/SF
NOI
$25.5K $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%
$509,780
Cap Rate 7%
$364,129
Cap Rate 9%
$283,211
Alternative Uses
Best Use
Multifamily LT 5
$364.1K
$318.6K – $424.8K
NOI $25,489 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$330.3K
$289.0K – $385.4K
NOI $23,123 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$639.2K
$559.3K – $745.8K
NOI $44,745 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
450
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?
Duplex - Two units offer finished lower levels, dedicated laundry areas, and flexible space for residential use.
Where is this duplex located?
The property is located at 1999 Fair Oaks Dr Lexington, KY.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 3,068‑square‑foot duplex built in 1964; Two units, each with 2 upstairs bedrooms and 1 full bath; Finished lower‑level rooms; not conforming bedrooms
