Four-Unit Multifamily
New
For Sale
$600,000
Pending
224 Taylor Dr, Lexington, KY 40511
Four residential units include washer and dryer hookups, separate basement storage, and an additional basement area.
Property Size3,608 SF
Days on Market5
Property Features for 224 Taylor Dr
General Information
Standard status
Pending
Size
3,608 SF
Property subtype
Multifamily
Zoning
R-1C
Additional Details
Multifamily Units
4
Amenities
washer/dryer hookups
basement storage areas
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1952
Buildings
1
Listing Agency:
Schrader Commercial Properties, LLC
Listed By:
James Schrader · License #41930
(859) 288-5008
Source:
Kcrea.resimplifi
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 15 at 5:31AM
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 Schrader Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,608 SF and was built in 1952. Each unit includes washer and dryer hookups, while separate storage areas are located in the basement. The basement totals 1,800 SF and is identified as having potential for conversion into an additional apartment. The property sits on a corner lot and has long-term tenants in place.
Located at 224 Taylor Dr in Lexington, Kentucky, the property is zoned R-1C. Its four-unit configuration, basement storage, and existing tenant occupancy provide a clear residential income property profile.
Located at 224 Taylor Dr in Lexington, Kentucky, the property is zoned R-1C. Its four-unit configuration, basement storage, and existing tenant occupancy provide a clear residential income property profile.
Key Highlights
- Four‑unit multifamily property with 3,608 SF
- 1,800 SF basement with potential for an additional apartment
- Washer and dryer hookups in each unit
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
$30,783
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
5.13%
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%
$615,660
$615.7K
Cap Rate 7%
$439,757
$439.8K
Cap Rate 9%
$342,033
$342.0K
Market Conditions
NOI Build-Up for 3,608 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
$45.9K $12.72/SF
− Vacancy
−$1.9K −$0.53/SF
EGI
$44.0K $12.19/SF
− OpEx
−$13.2K −$3.66/SF
NOI
$30.8K $8.53/SF
Area
ZIP 40511
Vacancy
4.18%
Lease Rate
$12.72 /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%
$615,660
Cap Rate 7%
$439,757
Cap Rate 9%
$342,033
Alternative Uses
Best Use
Multifamily LT 5
$439.8K
$384.8K – $513.1K
NOI $30,783 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$390.3K
$341.5K – $455.3K
NOI $27,318 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$748.2K
$654.6K – $872.9K
NOI $52,371 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
559
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
Check the figures for this property
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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?
Quadplex - Four residential units include washer and dryer hookups, separate basement storage, and an additional basement area.
Where is this quadplex located?
The property is located at 224 Taylor Dr Lexington, KY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 3,608 SF; 1,800 SF basement with potential for an additional apartment; Washer and dryer hookups in each unit
