Two-Unit Duplex with Off-Street
For Sale
$110,000
507 E 7th Street, Lexington, KY 40505
Residential Income, Lexington, KY
Property Size696 SF
Lot Size0.09 Acres
Price / SF$158.05
Days on Market47
Property Features for 507 E 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Subdivision
Downtown
Elementary school
William Wells Brown
Middle school
Lexington Trad
High school
Frederick Douglass
Elementary school district
Fayette County - 1
Middle school district
Fayette County - 1
High school district
Fayette County - 1
Directions
From Winchester road, turn on to Seventh Street. Properties located on the right.
Standard status
Active
APN
14944500
Size
696 SF
Lot size
0.09 Acres
Utilities
Cooling system
Wall Unit(s)
Building Details
Year built
1929
Floors in Building
1
Number of units
2
Roof type
Metal
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Elizabeth L Herrington · License #245796
(859) 699-2655
Added: Aug 31
Changed: Oct 12
Last Checked: Oct 16 at 7:06PM
MLS# 26023789
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.
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Investment Insights
Based on property information with market context.
This 1929 duplex contains two separate residences within a single structure. Each unit includes one bedroom, one full bathroom, a kitchen, and a combined living area. The 696-square-foot property has tile flooring throughout, wall-unit cooling, and a metal roof.
Off-street parking is provided behind the building, with the driveway and parking area also serving 511 E. 7th Street. The duplex is offered together with that adjacent property, creating a two-property offering on a 0.091-acre parcel associated with 507 E. 7th Street in Lexington, Kentucky.
Off-street parking is provided behind the building, with the driveway and parking area also serving 511 E. 7th Street. The duplex is offered together with that adjacent property, creating a two-property offering on a 0.091-acre parcel associated with 507 E. 7th Street in Lexington, Kentucky.
Key Highlights
- Two‑unit duplex with one bedroom and one full bath per residence
- 696 square feet on a 0.091‑acre parcel
- Tile flooring throughout both living spaces
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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Current Use
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
Explore this area
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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two compact residences share one structure, with kitchens, full baths, tile flooring, and wall-unit cooling.
Where is this duplex located?
The property is located at 507 E 7th Street 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‑unit duplex with one bedroom and one full bath per residence; 696 square feet on a 0.091‑acre parcel; Tile flooring throughout both living spaces
