Renovated 8-Unit Apartment
For Sale
$899,900
388 Redding Rd, Lexington, KY 40517
Fully occupied multifamily property with recent exterior and electrical improvements, plus updated interiors in select units.
Property Size7,300 SF
Price / SF$123.27
Days on Market116
Property Features for 388 Redding Rd
General Information
Standard status
Active
Size
7,300 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Year Built
1978
Listing Agency:
Bluegrass Property Exchange
Listed By:
Iris Todd · License #217832
(859) 396-3267
Source:
Centralkentuckyhouses
Added: Jun 24
Changed: Oct 15
Last Checked: Oct 16 at 8:58AM
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 Bluegrass Property Exchange
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Investment Insights
Based on property information with market context.
This 8-unit apartment property at 388 Redding Rd in Lexington, KY contains approximately 7,300 square feet and is fully occupied. Capital work has addressed several major building components, including the roof, gutters, windows, siding, and breaker panels. Interior improvements have also been completed in several apartments, while additional units may offer room for future updating.
All eight apartments are leased on a month-to-month basis, providing flexible lease administration. Five residents are long-term occupants who have indicated an interest in remaining at the property. The combination of current occupancy, recent capital improvements, and varied unit condition provides a clear operating profile for an apartment buyer evaluating the asset.
All eight apartments are leased on a month-to-month basis, providing flexible lease administration. Five residents are long-term occupants who have indicated an interest in remaining at the property. The combination of current occupancy, recent capital improvements, and varied unit condition provides a clear operating profile for an apartment buyer evaluating the asset.
Key Highlights
- 8‑unit apartment building with approximately 7,300 square feet
- 100% occupied with all 8 tenants on month‑to‑month leases
- Recent roof, gutters, windows, siding, and breaker panel improvements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,733
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,114,660
$1.1M
Cap Rate 7%
$796,186
$796.2K
Cap Rate 9%
$619,256
$619.3K
Market Conditions
NOI Build-Up for 7,300 SF
Gross rent
$106.0K $14.52/SF
− Vacancy
−$4.7K −$0.64/SF
EGI
$101.3K $13.88/SF
− OpEx
−$45.6K −$6.25/SF
NOI
$55.7K $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 Rate 5%
$1,114,660
Cap Rate 7%
$796,186
Cap Rate 9%
$619,256
Alternative Uses
Best Use
Apartment 5plus
$796.2K
$696.7K – $928.9K
NOI $55,733 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.77M
NOI $105,961 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with recent exterior and electrical improvements, plus updated interiors in select units.
Where is this apartment building located?
The property is located at 388 Redding Rd Lexington, KY.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 8‑unit apartment building with approximately 7,300 square feet; 100% occupied with all 8 tenants on month‑to‑month leases; Recent roof, gutters, windows, siding, and breaker panel improvements
