Two-Unit Duplex with Rental
For Sale
$249,900
414 Morrison Avenue, Lexington, KY 40508
Residential Income, Lexington, KY
Property Size1,581 SF
Lot Size0.13 Acres
Price / SF$158.06
Days on Market48
Property Features for 414 Morrison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Zoning description
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Laundry Room, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Parking
6
Parking features
Open, On Street
Subdivision
Downtown
Elementary school
Harrison
Middle school
Lexington Trad
High school
Lafayette
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
From downtown Lexington, take North Broadway approximately one mile. Turn left onto Morrison Avenue. The property, including both 414 and 414 1/2 Morrison Avenue, will be on Morrison Avenue between North Broadway and Delcamp Drive.
Standard status
Active
APN
11564400
Size
1,581 SF
Lot size
0.13 Acres
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1958
Floors in Building
1
Number of units
2
Roof type
Shingle, Composition
Listing Agency:
Belmont Realty Group
Listed By:
Cole T Guthrie · License #261861
(859) 494-2336
Added: Aug 6
Changed: Sep 17
Last Checked: Sep 22 at 3:06PM
MLS# 26021218
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two residential units totaling 1,581 square feet on a 0.129-acre lot. Each side provides two bedrooms and one full bathroom, with central air conditioning and natural gas forced-air heat. The property was built in 1958 and includes open and on-street parking. Shingle and composition roofing are present across the building.
The two units are located at 414 and 414 1/2 Morrison Avenue in Lexington, with R-2 zoning. Both residences are currently occupied under month-to-month arrangements without leases. The 414 Morrison Avenue unit received updates in 2014, while the adjoining unit remains unimproved, creating a clear distinction in condition between the two sides. The configuration offers an existing two-unit rental property with separate residential spaces and established occupancy.
The two units are located at 414 and 414 1/2 Morrison Avenue in Lexington, with R-2 zoning. Both residences are currently occupied under month-to-month arrangements without leases. The 414 Morrison Avenue unit received updates in 2014, while the adjoining unit remains unimproved, creating a clear distinction in condition between the two sides. The configuration offers an existing two-unit rental property with separate residential spaces and established occupancy.
Key Highlights
- Two‑unit duplex totaling 1,581 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- R‑2 zoning on a 0.129‑acre lot
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
$13,135
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
5.26%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied month-to-month and offer two bedrooms, one full bathroom, central air, and separate living spaces.
Where is this duplex located?
The property is located at 414 Morrison Avenue 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; R‑2 zoning on a 0.129‑acre lot
