Duplex with Updated
For Sale
$159,900
Pending
346 E Second St, Lexington, KY 40508
Fully leased duplex with two one-bedroom residences and recent improvements to one unit and the roof.
Property Size1,134 SF
Days on Market56
Property Features for 346 E Second St
General Information
Standard status
Pending
Size
1,134 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$19,380
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
M Scott Peace · License #240444
(512) 921-2794
Source:
Exprealty
Added: Aug 13
Changed: Sep 26
Last Checked: Oct 5 at 10:45PM
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 Lifstyl Real Estate
Investment Insights
Based on property information with market context.
This fully occupied duplex in downtown Lexington contains two separate residences, each arranged with a living room, kitchen, one bedroom, and one full bathroom. The property encompasses 1,134 square feet and is being offered as-is, with inspections welcome.
Unit 1 received flooring and kitchen upgrades in 2021, while the building’s roof was replaced in 2023. Existing tenants provide immediate occupancy across both units, and the property is located at 346 E Second St in Lexington, Kentucky.
Unit 1 received flooring and kitchen upgrades in 2021, while the building’s roof was replaced in 2023. Existing tenants provide immediate occupancy across both units, and the property is located at 346 E Second St in Lexington, Kentucky.
Key Highlights
- Two‑unit duplex totaling 1,134 square feet
- Both residences are currently occupied
- Each unit includes a living room, kitchen, 1 bedroom, and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,421
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$188,420
$188.4K
Cap Rate 7%
$134,586
$134.6K
Cap Rate 9%
$104,678
$104.7K
Market Conditions
NOI Build-Up for 1,134 SF
Gross rent
$14.2K $12.48/SF
− Vacancy
−$693 −$0.61/SF
EGI
$13.5K $11.87/SF
− OpEx
−$4.0K −$3.56/SF
NOI
$9.4K $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%
$188,420
Cap Rate 7%
$134,586
Cap Rate 9%
$104,678
Alternative Uses
Best Use
Multifamily LT 5
$134.6K
$117.8K – $157.0K
NOI $9,421 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$122.1K
$106.8K – $142.5K
NOI $8,547 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$236.3K
$206.7K – $275.7K
NOI $16,539 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,600
Businesses Nearby
Explore this area
Business Placement
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with two one-bedroom residences and recent improvements to one unit and the roof.
Where is this duplex located?
The property is located at 346 E Second St Lexington, KY.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,134 square feet; Both residences are currently occupied; Each unit includes a living room, kitchen, 1 bedroom, and 1 full bathroom
