Quadplex with Fenced
New
For Sale
$395,000
247 Kentucky Avenue, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size1,896 SF
Lot Size0.19 Acres
Price / SF$208.33
Days on Market5
Property Features for 247 Kentucky Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 2, Bedroom 1
Parking features
On Street
Subdivision
Uk Campus
Elementary school
Ashland
Middle school
Lexington Trad
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
From South Broadway, turn onto Maxwell Street. Right onto Kentucky Avenue. House will be on the right.
Standard status
Active
APN
13498300
Size
1,896 SF
Lot size
0.19 Acres
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s), Electric
Amenities
fenced yard
Building Details
Year built
1904
Roof type
Shingle
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
Mary K Francis · License #277119
(859) 797-2356
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 22 at 8:06AM
MLS# 26025974
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 tenant-occupied quadplex was built in 1904 and contains 1,896 square feet on a 0.19-acre lot. The interior includes four bedrooms, two bathrooms, a living room, kitchen, and laundry room. Heating is provided by natural gas and forced air, while cooling includes window units and electric service. The property has a shingle roof, a fenced rear yard, and a two-car garage.
Located near the University of Kentucky campus in Lexington, the property is zoned R-2. The current tenancy extends through the end of July 2027. The sale is offered as-is, with inspections welcome. Showings require 48 hours' notice, and Saturday showings are not available.
Located near the University of Kentucky campus in Lexington, the property is zoned R-2. The current tenancy extends through the end of July 2027. The sale is offered as-is, with inspections welcome. Showings require 48 hours' notice, and Saturday showings are not available.
Key Highlights
- Near the University of Kentucky campus
- 1,896‑square‑foot property on a 0.19‑acre lot
- Four bedrooms and two bathrooms
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
$15,752
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
3.99%
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%
$315,040
$315.0K
Cap Rate 7%
$225,029
$225.0K
Cap Rate 9%
$175,022
$175.0K
Market Conditions
NOI Build-Up for 1,896 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
$23.7K $12.48/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$22.5K $11.87/SF
− OpEx
−$6.8K −$3.56/SF
NOI
$15.8K $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%
$315,040
Cap Rate 7%
$225,029
Cap Rate 9%
$175,022
Alternative Uses
Best Use
Multifamily LT 5
$225.0K
$196.9K – $262.5K
NOI $15,752 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.2K
NOI $14,290 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$395.0K
$345.7K – $460.9K
NOI $27,652 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 40502, KY
26,080
Population
14,232
Households
1.8
Avg Household Size
40
Median Age
67%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
3,673
Density / Sq Mi
$73,939
Median Household Income
$46,197
Median Earnings
$1,068
Median Rent
$483,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Tenant-occupied property near the University of Kentucky with a garage, additional parking, and an active lease through July 2027.
Where is this quadplex located?
The property is located at 247 Kentucky Avenue Lexington, KY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Near the University of Kentucky campus; 1,896‑square‑foot property on a 0.19‑acre lot; Four bedrooms and two bathrooms
