4-Unit Multifamily
New
For Sale
$600,000
Pending
224 Taylor Dr, Lexington, KY 40511
Residential Income, Lexington, KY
Property Size3,608 SF
Lot Size0.36 Acres
Days on Market2
Property Features for 224 Taylor Dr
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning description
Residential
Subdivision
Meadowthorpe
Standard status
Pending
Size
3,608 SF
Lot size
0.36 Acres
Amenities
washer/dryer hookups
separate storage areas in the basement
Building Details
Year built
1952
Floors in Building
2
Architectural style
Other
Listing Agency:
Schrader Commercial Properties Llc
Listed By:
(859) 288-5008
Added: Sep 14
Last Checked: Sep 15 at 11:06PM
MLS# 11979306
Copyright © 2026 My State MLS. 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.
Built in 1952, this 3,608-square-foot multifamily property contains four residential units on a 0.36-acre corner lot in Meadowthorpe. Each apartment includes washer/dryer hookups, while separate storage areas are located in the basement. The property has long-term tenants in place.
The basement adds 1,800 square feet of space and may be converted into an additional apartment. Located in Lexington, the property is identified by the address 224 Taylor Dr, Lexington, KY 40511.
The basement adds 1,800 square feet of space and may be converted into an additional apartment. Located in Lexington, the property is identified by the address 224 Taylor Dr, Lexington, KY 40511.
Key Highlights
- Four‑unit multifamily building totaling 3,608 square feet
- 1,800‑square‑foot basement with potential for conversion to an additional apartment
- Each unit has washer/dryer hookups
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
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?
Quadplex - Four apartments offer washer/dryer hookups, private basement storage, and placement on a corner lot in Meadowthorpe.
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 building totaling 3,608 square feet; 1,800‑square‑foot basement with potential for conversion to an additional apartment; Each unit has washer/dryer hookups
