Updated Duplex with Attached
New
For Sale
$410,000
1999 Fair Oaks Drive, Lexington, KY 40504
Residential Income, Lexington, KY
Property Size3,068 SF
Lot Size0.25 Acres
Price / SF$133.64
Days on Market4
Property Features for 1999 Fair Oaks Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Zoning description
R-2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bathroom 4, Bedroom 3, Laundry Room, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1
Subdivision
Gardenside
Elementary school
Lane Allen
Middle school
Beaumont
High school
Lafayette
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Alexandria Drive to Roanoke, Roanoke will run into Fair Oaks. Can also take Della Drive to Port Royal to Fair Oaks.
Standard status
Active
APN
15229100
Size
3,068 SF
Lot size
0.25 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air, Electric
Amenities
patios
laundry areas
Building Details
Year built
1964
Floors in Building
1
Number of units
2
Roof type
Shingle
Listing Agency:
Weesner Properties, Inc.
(859) 621-4221
Listed By:
Casey R Weesner
(859) 621-4222
Added: Oct 6
Changed: Oct 8
Last Checked: Oct 9 at 12:06PM
MLS# 26027803
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 R-2-zoned duplex contains 3,068 square feet across two residences on a 0.2502-acre lot. Each unit has two upstairs bedrooms and a full bath, plus finished lower-level rooms that are not conforming bedrooms. Both residences have an attached single-car garage, dedicated laundry area, and kitchen that opens to the family room.
Interior and exterior improvements include hardwood flooring, tile walk-in showers, replacement windows, new roof shingles, and concrete patios. The left residence has a picture window facing greenspace and mature trees. One side is vacant; the tenant in the other pays $2,000 per month.
Interior and exterior improvements include hardwood flooring, tile walk-in showers, replacement windows, new roof shingles, and concrete patios. The left residence has a picture window facing greenspace and mature trees. One side is vacant; the tenant in the other pays $2,000 per month.
Key Highlights
- Two‑unit duplex with 3,068 square feet on a 0.2502‑acre lot
- Each residence has two upstairs bedrooms and a full bath
- Finished lower‑level rooms are 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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the other is occupied by a rent-paying tenant.
Where is this duplex located?
The property is located at 1999 Fair Oaks Drive 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: Two‑unit duplex with 3,068 square feet on a 0.2502‑acre lot; Each residence has two upstairs bedrooms and a full bath; Finished lower‑level rooms are not conforming bedrooms
