Two-Unit Duplex with
For Sale
$285,000
415-417 Oak St, Lexington, KY 40508
Tenant-occupied property offers flexible month-to-month lease arrangements and convenient on-site storage.
Property Size1,316 SF
Price / SF$216.57
Days on Market50
Property Features for 415-417 Oak St
General Information
Standard status
Active
Size
1,316 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
storage unit
Building Details
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
Allied Realty
(606) 677-0059
Listed By:
Susy Esquivel
Source:
Centralkyhomefinder
Added: Jul 11
Changed: Aug 28
Last Checked: Aug 25 at 6:00AM
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 Allied Realty
Investment Insights
Based on property information with market context.
Located at 415-417 Oak St in Lexington, this duplex contains 1,316 SF and was built in 1977. The building is divided into two residential units, each configured with 2 bedrooms and 1 full bath. A separate storage unit on the property conveys with the sale.
Both units are occupied under month-to-month leases, providing an existing rental setup with flexible lease terms. The property is situated near shopping, schools, restaurants, and major roadways, adding convenience for residents and supporting everyday access to surrounding services.
Both units are occupied under month-to-month leases, providing an existing rental setup with flexible lease terms. The property is situated near shopping, schools, restaurants, and major roadways, adding convenience for residents and supporting everyday access to surrounding services.
Key Highlights
- Two‑unit duplex with 1,316 SF of property size
- Each unit includes 2 bedrooms and 1 full bath
- Both tenants are on month‑to‑month leases
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
$10,933
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
3.84%
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%
$218,660
$218.7K
Cap Rate 7%
$156,186
$156.2K
Cap Rate 9%
$121,478
$121.5K
Market Conditions
NOI Build-Up for 1,316 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
$16.4K $12.48/SF
− Vacancy
−$805 −$0.61/SF
EGI
$15.6K $11.87/SF
− OpEx
−$4.7K −$3.56/SF
NOI
$10.9K $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%
$218,660
Cap Rate 7%
$156,186
Cap Rate 9%
$121,478
Alternative Uses
Best Use
Multifamily LT 5
$156.2K
$136.7K – $182.2K
NOI $10,933 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$141.7K
$124.0K – $165.3K
NOI $9,918 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$274.2K
$239.9K – $319.9K
NOI $19,193 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
529
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 - Tenant-occupied property offers flexible month-to-month lease arrangements and convenient on-site storage.
Where is this duplex located?
The property is located at 415-417 Oak St Lexington, KY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,316 SF of property size; Each unit includes 2 bedrooms and 1 full bath; Both tenants are on month‑to‑month leases
