Corner-Lot Duplex
New
For Sale
$205,000
2131 Santa Anita Drive, Lexington, KY 40516
Residential, Lexington, KY
Property Size1,134 SF
Lot Size0.10 Acres
Price / SF$180.78
Days on Market6
Property Features for 2131 Santa Anita Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Laundry Room, Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Driveway, Off Street
Window features
Blinds, Screens
Interior features
Eat-in Kitchen, Ceiling Fan(s)
Fencing
Privacy
Appliances
Disposal, Dishwasher, Refrigerator, Range
Subdivision
North Point
Lot features
Landscaped, Few Trees
Elementary school
Deep Springs
Middle school
Bryan Station
High school
Bryan Station
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Bryan Station Rd. Outbound, left into North Point Subdivision
Standard status
Active
APN
19340640
Size
1,134 SF
Lot size
0.10 Acres
Taxes and HOA fees
HOA Fee
$100 Annually
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1996
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Napier Realtors
(859) 355-5310
Listed By:
Robin Gregory Mccarty · License #251821
(859) 621-6310
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 27 at 1:06PM
MLS# 26026332
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 1996 duplex property contains 1134 square feet on a 0.098-acre corner lot. The interior includes an eat-in kitchen with stainless-steel appliances, a bright living room, bedrooms with closet space, ceiling fans, and a laundry room. Vinyl siding, carpet and vinyl flooring, forced-air natural gas heat, and electric cooling are among the recorded improvements.
Outdoor features include landscaped grounds, a privacy-fenced rear area, and an additional fenced front-side yard. Parking is provided by a driveway and off-street spaces. The property is served by public water and public sewer, with a shingle roof and disposal, dishwasher, refrigerator, and range included.
Outdoor features include landscaped grounds, a privacy-fenced rear area, and an additional fenced front-side yard. Parking is provided by a driveway and off-street spaces. The property is served by public water and public sewer, with a shingle roof and disposal, dishwasher, refrigerator, and range included.
Key Highlights
- Corner‑lot duplex property with 1134 square feet of interior space
- 0.098‑acre lot with landscaped grounds and multiple fenced outdoor areas
- Eat‑in kitchen with stainless‑steel appliances
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
$9,421
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
4.60%
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%
$188,420
$188.4K
Cap Rate 7%
$134,586
$134.6K
Cap Rate 9%
$104,678
$104.7K
Market Conditions
NOI Build-Up for 1,134 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
$14.2K $12.48/SF
− Vacancy
−$693 −$0.61/SF
EGI
$13.5K $11.87/SF
− OpEx
−$4.0K −$3.56/SF
NOI
$9.4K $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 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%
$188,420
Cap Rate 7%
$134,586
Cap Rate 9%
$104,678
Alternative Uses
Best Use
Multifamily LT 5
$134.6K
$117.8K – $157.0K
NOI $9,421 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$122.1K
$106.8K – $142.5K
NOI $8,547 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$236.3K
$206.7K – $275.7K
NOI $16,539 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Explore this area
Business Placement
Demographics for 40516, KY
2,795
Population
1,131
Households
2.5
Avg Household Size
42
Median Age
38%
College-Educated
94%
High-School Grad
30.7 sq mi
ZIP Area
91
Density / Sq Mi
$85,655
Median Household Income
$45,278
Median Earnings
$1,166
Median Rent
$249,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Contemporary duplex property with fenced outdoor areas, landscaped grounds, and an eat-in kitchen with stainless-steel appliances.
Where is this duplex located?
The property is located at 2131 Santa Anita Drive Lexington, KY.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Corner‑lot duplex property with 1134 square feet of interior space; 0.098‑acre lot with landscaped grounds and multiple fenced outdoor areas; Eat‑in kitchen with stainless‑steel appliances
