Occupied Duplex
For Sale
$445,000
270 Sherman Avenue, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size2,160 SF
Lot Size0.16 Acres
Price / SF$206.02
Days on Market55
Property Features for 270 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 6, Bedroom 4, Laundry Room, Bedroom 2
Parking
6
Subdivision
Kenwick
Elementary school
Ashland
Middle school
Morton
High school
Henry Clay
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
Richmond Rd. towards downtown, right onto Sherman, house down on right
Standard status
Active
APN
45407700
Size
2,160 SF
Lot size
0.16 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Electric
Building Details
Year built
1920
Number of units
2
Roof type
Shingle
Listing Agency:
The Brokerage
(859) 983-7365
Listed By:
Tyler I Back
(859) 983-2717
Added: Sep 4
Changed: Oct 13
Last Checked: Oct 28 at 5:06AM
MLS# 26024385
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.
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Investment Insights
Based on property information with market context.
This 1920-built duplex contains 2160 square feet across two residential units. Both units are leased and occupied, with tenants responsible for all utilities. The property includes six bedrooms, two bathrooms, and a laundry room, along with heat-pump heating, electric cooling, and a shingle roof.
Located at 270 Sherman Avenue in Lexington’s 40502 ZIP code, the property sits on a 0.16-acre lot in the Kenwick neighborhood. Its setting provides access to the University of Kentucky, downtown Lexington, Chevy Chase, and nearby shopping, dining, and entertainment. Current leases extend through 2/28/2027 and 1/31/2027.
Located at 270 Sherman Avenue in Lexington’s 40502 ZIP code, the property sits on a 0.16-acre lot in the Kenwick neighborhood. Its setting provides access to the University of Kentucky, downtown Lexington, Chevy Chase, and nearby shopping, dining, and entertainment. Current leases extend through 2/28/2027 and 1/31/2027.
Key Highlights
- Two‑unit duplex with both residences leased and occupied
- 2160 square feet on a 0.16‑acre lot
- Six bedrooms, two bathrooms, and a laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,945
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,900
$358.9K
Cap Rate 7%
$256,357
$256.4K
Cap Rate 9%
$199,389
$199.4K
Market Conditions
NOI Build-Up for 2,160 SF
Gross rent
$27.0K $12.48/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$25.6K $11.87/SF
− OpEx
−$7.7K −$3.56/SF
NOI
$17.9K $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 Rate 5%
$358,900
Cap Rate 7%
$256,357
Cap Rate 9%
$199,389
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.3K – $299.1K
NOI $17,945 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$232.6K
$203.5K – $271.3K
NOI $16,279 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$450.0K
$393.8K – $525.0K
NOI $31,502 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with separate living spaces and tenant-paid utilities in Lexington’s Kenwick neighborhood.
Where is this duplex located?
The property is located at 270 Sherman Avenue Lexington, KY.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences leased and occupied; 2160 square feet on a 0.16‑acre lot; Six bedrooms, two bathrooms, and a laundry room
