Two-Unit
For Sale
$375,000
234-236 Simba Way, Lexington, KY 40509
Both three-bedroom residences are leased and include off-street parking, with no HOA.
Property Size2,576 SF
Price / SF$145.57
Days on Market14
Property Features for 234-236 Simba Way
General Information
Standard status
Active
Size
2,576 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1999
Listing Agency:
Keller Williams Bluegrass Realty
(859) 260-1444
Listed By:
Cheyenne McBride · License #270306
(859) 509-8915
Source:
Mdmitchellrealestate
Added: Oct 18
Changed: Oct 29
Last Checked: Oct 29 at 2:51PM
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 Keller Williams Bluegrass Realty
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Investment Insights
Based on property information with market context.
This 1999 duplex contains two 3-bedroom, 2-bath units totaling 2,576 square feet. Both residences are currently leased, and each has off-street parking. Unit 234 was renovated within the last two years; the other unit is occupied under a current lease. The property has no HOA.
The duplex is in southeast Lexington, just off Richmond Road and New Circle. Jacobson Park, Richmond Woods Centre, grocery stores, and dining are minutes away, with an easy drive to the University of Kentucky and downtown.
The duplex is in southeast Lexington, just off Richmond Road and New Circle. Jacobson Park, Richmond Woods Centre, grocery stores, and dining are minutes away, with an easy drive to the University of Kentucky and downtown.
Key Highlights
- Two 3‑bedroom, 2‑bath units totaling 2,576 square feet
- Both units currently rented
- Off‑street parking for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,455
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$429,100
$429.1K
Cap Rate 7%
$306,500
$306.5K
Cap Rate 9%
$238,389
$238.4K
Market Conditions
NOI Build-Up for 2,576 SF
Gross rent
$32.1K $12.48/SF
− Vacancy
−$1.5K −$0.58/SF
EGI
$30.7K $11.90/SF
− OpEx
−$9.2K −$3.57/SF
NOI
$21.5K $8.33/SF
Area
ZIP 40509
Vacancy
4.66%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$429,100
Cap Rate 7%
$306,500
Cap Rate 9%
$238,389
Alternative Uses
Best Use
Multifamily LT 5
$306.5K
$268.2K – $357.6K
NOI $21,455 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.0K
NOI $19,079 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$536.7K
$469.6K – $626.2K
NOI $37,569 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both three-bedroom residences are leased and include off-street parking, with no HOA.
Where is this duplex located?
The property is located at 234-236 Simba Way Lexington, KY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units totaling 2,576 square feet; Both units currently rented; Off‑street parking for each unit
