Two-Unit Duplex with Off-Street
For Sale
$110,000
507 E 7th St, Lexington, KY 40505
Two one-bedroom residences share a tiled interior, metal roof, and parking area with access serving the neighboring property.
Property Size696 SF
Price / SF$158.05
Days on Market60
Property Features for 507 E 7th St
General Information
Standard status
Active
Size
696 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
William Wells Brown Neighborhood Assoc
Additional Details
Asking Price
$220,000
Building Details
Year Built
1929
Buildings
2
Listing Agency:
Bluegrass Sotheby's International Realty
Listed By:
Elizabeth L Herrington · License #245796
(859) 699-2655
Source:
Centralkyhomesforsale
Added: Aug 30
Changed: Oct 25
Last Checked: Oct 26 at 4:42PM
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 Sotheby's International Realty
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Investment Insights
Based on property information with market context.
This duplex at 507 E. 7th Street contains two separate residences beneath one roof. Each unit includes one bedroom, one full bathroom, a kitchen, and a combined living area. Tile flooring extends throughout the property, and the building is topped with a metal roof. Constructed in 1929, the property provides a compact two-unit configuration with off-street parking.
The driveway and parking area behind 507 E. 7th Street also provide parking access for 511 E. 7th Street. The two properties are being offered together and are not currently available for separate purchase.
The driveway and parking area behind 507 E. 7th Street also provide parking access for 511 E. 7th Street. The two properties are being offered together and are not currently available for separate purchase.
Key Highlights
- Two separate residences under one roof
- Each unit has 1 bedroom, 1 full bath, kitchen, and combined living area
- Tile flooring throughout the duplex
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,782
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$115,640
$115.6K
Cap Rate 7%
$82,600
$82.6K
Cap Rate 9%
$64,244
$64.2K
Market Conditions
NOI Build-Up for 696 SF
Gross rent
$8.7K $12.48/SF
− Vacancy
−$426 −$0.61/SF
EGI
$8.3K $11.87/SF
− OpEx
−$2.5K −$3.56/SF
NOI
$5.8K $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%
$115,640
Cap Rate 7%
$82,600
Cap Rate 9%
$64,244
Alternative Uses
Best Use
Multifamily LT 5
$82.6K
$72.3K – $96.4K
NOI $5,782 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$74.9K
$65.6K – $87.4K
NOI $5,246 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$145.0K
$126.9K – $169.2K
NOI $10,151 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
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Business Placement
Demographics for 40505, KY
26,278
Population
12,026
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,285
Density / Sq Mi
$58,922
Median Household Income
$33,517
Median Earnings
$914
Median Rent
$166,300
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?
Duplex - Two one-bedroom residences share a tiled interior, metal roof, and parking area with access serving the neighboring property.
Where is this duplex located?
The property is located at 507 E 7th St Lexington, KY.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: Two separate residences under one roof; Each unit has 1 bedroom, 1 full bath, kitchen, and combined living area; Tile flooring throughout the duplex
