Brick Ranch
For Sale
$199,999
3560 Honey Jay Ct, Lexington, KY 40517
Leased four-bedroom residence with a garage and basement in Lexington.
Property Size836 SF
Price / SF$239.23
Days on Market49
Property Features for 3560 Honey Jay Ct
General Information
Standard status
Active
Size
836 SF
Property subtype
Multi-Family
Additional Details
Average Monthly Rent
$1,500
Multifamily Units
1
Building Details
Year Built
1976
Construction
brick ranch
Listing Agency:
Napier Realtors
(606) 677-0059
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Jul 15
Changed: Aug 30
Last Checked: Sep 1 at 6:09PM
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 Napier Realtors
Investment Insights
Based on property information with market context.
This 836-square-foot half-duplex at 3560 Honey Jay Ct features a brick ranch design with four bedrooms, a garage, and a basement. Built in 1976, the residence is currently leased, providing an existing rental arrangement for the next owner.
The property is located in Lexington, Kentucky, within the 40517 ZIP code. The adjoining duplex unit at 3556 Honey Jay is separately listed and associated with this property, allowing both units to be considered together.
The property is located in Lexington, Kentucky, within the 40517 ZIP code. The adjoining duplex unit at 3556 Honey Jay is separately listed and associated with this property, allowing both units to be considered together.
Key Highlights
- 836‑square‑foot brick ranch half‑duplex
- Four‑bedroom layout with basement
- Attached garage
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
$6,383
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
3.19%
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%
$127,660
$127.7K
Cap Rate 7%
$91,186
$91.2K
Cap Rate 9%
$70,922
$70.9K
Market Conditions
NOI Build-Up for 836 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
$12.1K $14.52/SF
− Vacancy
−$534 −$0.64/SF
EGI
$11.6K $13.88/SF
− OpEx
−$5.2K −$6.25/SF
NOI
$6.4K $7.63/SF
Area
ZIP 40517
Vacancy
4.40%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$127,660
Cap Rate 7%
$91,186
Cap Rate 9%
$70,922
Alternative Uses
Best Use
Apartment 5plus
$91.2K
$79.8K – $106.4K
NOI $6,383 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$173.4K
$151.7K – $202.3K
NOI $12,135 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 40517, KY
37,751
Population
18,306
Households
2.1
Avg Household Size
33
Median Age
41%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
6,089
Density / Sq Mi
$51,778
Median Household Income
$35,010
Median Earnings
$1,092
Median Rent
$196,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Leased four-bedroom residence with a garage and basement in Lexington.
Where is this multifamily property located?
The property is located at 3560 Honey Jay Ct Lexington, KY.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: 836‑square‑foot brick ranch half‑duplex; Four‑bedroom layout with basement; Attached garage
