Duplex Conversion Property with
For Sale
$325,000
310 Hanover Court, Lexington, KY 40502
Residential Income, Lexington, KY
Property Size1,901 SF
Lot Size0.12 Acres
Price / SF$170.96
Days on Market99
Property Features for 310 Hanover Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Parking
4
Parking features
Covered
Subdivision
Kenwick
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
Take Richmond Road inbound toward downtown. Turn left onto S. Ashland Avenue, right onto Hanover Court, and the property will be on your right.
Standard status
Active
APN
14363600
Size
1,901 SF
Lot size
0.12 Acres
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Jake Wiseman · License #220118
(859) 608-7178
Added: Jul 8
Changed: Oct 12
Last Checked: Oct 14 at 6:06AM
MLS# 26016654
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.
Located at 310 Hanover Court in Lexington, this 1930 residential property contains 1,901 square feet on 0.123 acres and is currently arranged as a single-family residence. The layout retains the footprint of its original duplex configuration, creating a documented option to restore a two-unit arrangement or maintain a single residence. The property is offered strictly as-is and includes three bedrooms, two bathrooms, natural-gas heating, window-unit cooling, and covered parking.
A detached oversized garage adds substantial utility, with a dedicated workbench area suitable for projects, storage, or studio use. Improvements include a newer roof, newer water heater, and updated vinyl windows. The property is zoned R-2 and sits in the Kenwick area, minutes from downtown Lexington and local neighborhood destinations.
A detached oversized garage adds substantial utility, with a dedicated workbench area suitable for projects, storage, or studio use. Improvements include a newer roof, newer water heater, and updated vinyl windows. The property is zoned R-2 and sits in the Kenwick area, minutes from downtown Lexington and local neighborhood destinations.
Key Highlights
- 1,901‑square‑foot residential property on 0.123 acres
- Original duplex footprint with potential to restore a two‑unit configuration
- Detached oversized garage with dedicated workbench area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,793
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,860
$315.9K
Cap Rate 7%
$225,614
$225.6K
Cap Rate 9%
$175,478
$175.5K
Market Conditions
NOI Build-Up for 1,901 SF
Gross rent
$23.7K $12.48/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$22.6K $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 Rate 5%
$315,860
Cap Rate 7%
$225,614
Cap Rate 9%
$175,478
Alternative Uses
Best Use
Multifamily LT 5
$225.6K
$197.4K – $263.2K
NOI $15,793 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$204.7K
$179.1K – $238.8K
NOI $14,327 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$396.1K
$346.6K – $462.1K
NOI $27,725 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
963
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
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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?
Duplex - Existing improvements include updated vinyl windows, a newer roof, and a newer water heater.
Where is this duplex located?
The property is located at 310 Hanover Court Lexington, KY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,901‑square‑foot residential property on 0.123 acres; Original duplex footprint with potential to restore a two‑unit configuration; Detached oversized garage with dedicated workbench area
