Luxury Chevy Chase Multifamily
For Sale
$3,950,000
319 Duke Rd, Lexington, KY 40502
High-end 24-unit property in Lexington's desirable Chevy Chase neighborhood.
Property Size23,216 SF
Price / SF$170.14
Days on Market215
Property Features for 319 Duke Rd
General Information
Standard status
Active
Size
23,216 SF
Property subtype
Multifamily
Building Details
Building Size
23,216 SF
Year Built
2020
Listing Agency:
SVN | Stone Commercial Real Estate
Listed By:
Justin Ryder, CCIM · License #KY #237780
(859) 447-3285
Source:
Svn
Added: Mar 6
Changed: Oct 7
Last Checked: Oct 7 at 10:35AM
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 SVN | Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
This 23,216 square foot property, constructed in 2020, is located in Lexington’s Chevy Chase neighborhood, known for its walkability. Originally designed and certified for assisted living, the property is suitable for boutique apartments, medical housing, or other residential care uses. The building features 24 one-bedroom units ranging from 560 to 580 square feet, with street-facing, courtyard-facing, or corner views. Common areas include a lodge-style clubhouse with high-quality finishes, a resident lounge, and a main dining area with a full commercial kitchen. The basement level offers space for fitness and recreation. Residents can enjoy a large enclosed courtyard and garden area. The property also includes administrative offices and private meeting areas. Furniture, fixtures, and equipment are included, offering a turnkey operational setup. There are 24 parking spaces available, and the building is equipped with a generator, elevator, and sprinklers.
Key Highlights
- Built in 2020: Modern construction and systems with minimal deferred maintenance.
- 24 Units: Substantial scale suitable for various residential or care facility uses.
- Turnkey Operational Setup: FF&E included for immediate operation.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,971
Cap Rate
4.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,499,420
$3.5M
Cap Rate 7%
$2,499,586
$2.5M
Cap Rate 9%
$1,944,122
$1.9M
Market Conditions
NOI Build-Up for 23,216 SF
Gross rent
$339.9K $14.64/SF
− Vacancy
−$21.8K −$0.94/SF
EGI
$318.1K $13.70/SF
− OpEx
−$143.2K −$6.17/SF
NOI
$175.0K $7.54/SF
Area
Lexington, KY
Vacancy
6.40%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,499,420
Cap Rate 7%
$2,499,586
Cap Rate 9%
$1,944,122
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,971 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.84M
$4.23M – $5.64M
NOI $338,590 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Under-served
Demand for This Use
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
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Market
Vacancy Rate% for Multifamily in South region
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Similar Off Market Nearby
- Chevy Chase Gardens — 319 Duke Rd, Lexington, KY 40502
Frequently Asked Questions
What type of property is this?
Assisted living facility - High-end 24-unit property in Lexington's desirable Chevy Chase neighborhood.
Where is this assisted living facility located?
The property is located at 319 Duke Rd Lexington, KY.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Built in 2020: Modern construction and systems with minimal deferred maintenance.; 24 Units: Substantial scale suitable for various residential or care facility uses.; Turnkey Operational Setup: FF&E included for immediate operation.
