Two-Unit Duplex with Mixed
For Sale
$249,900
414 Morrison Ave, Lexington, KY 40508
Each residence offers two bedrooms and one full bathroom, with both units occupied on a month-to-month basis.
Property Size1,581 SF
Price / SF$158.06
Days on Market63
Property Features for 414 Morrison Ave
General Information
Standard status
Active
Size
1,581 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$15,000
Average Monthly Rent
$625
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Belmont Realty Group
Listed By:
Cole T Guthrie · License #261861
(859) 494-2336
Source:
Sellkentucky
Added: Aug 13
Changed: Sep 13
Last Checked: Oct 13 at 1:55AM
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 Belmont Realty Group
Investment Insights
Based on property information with market context.
This duplex includes two residential units totaling 1,581 square feet. Each side provides two bedrooms and one full bathroom, creating a consistent layout across the property. The unit at 414 Morrison Avenue was updated in 2014, while the 414½ Morrison Avenue unit has not been updated.
Both residences are currently occupied under month-to-month arrangements. The property is located near downtown Lexington, Kentucky, and presents two distinct unit conditions within the same duplex asset.
Both residences are currently occupied under month-to-month arrangements. The property is located near downtown Lexington, Kentucky, and presents two distinct unit conditions within the same duplex asset.
Key Highlights
- Two‑unit duplex totaling 1,581 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- 414 Morrison Avenue unit updated in 2014
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,135
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$262,700
$262.7K
Cap Rate 7%
$187,643
$187.6K
Cap Rate 9%
$145,944
$145.9K
Market Conditions
NOI Build-Up for 1,581 SF
Gross rent
$19.7K $12.48/SF
− Vacancy
−$967 −$0.61/SF
EGI
$18.8K $11.87/SF
− OpEx
−$5.6K −$3.56/SF
NOI
$13.1K $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%
$262,700
Cap Rate 7%
$187,643
Cap Rate 9%
$145,944
Alternative Uses
Best Use
Multifamily LT 5
$187.6K
$164.2K – $218.9K
NOI $13,135 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$170.2K
$148.9K – $198.6K
NOI $11,915 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$329.4K
$288.2K – $384.3K
NOI $23,058 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
782
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers two bedrooms and one full bathroom, with both units occupied on a month-to-month basis.
Where is this duplex located?
The property is located at 414 Morrison Ave Lexington, KY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,581 square feet; Each unit includes 2 bedrooms and 1 full bathroom; 414 Morrison Avenue unit updated in 2014
