Turn-Key Four-Plex Income
For Sale
$625,000
509 W 3rd Street, Lexington, KY 40508
MULTI_FAMILY - Lexington, KY
Property Size3,585 SF
Lot Size0.18 Acres
Price / SF$174.34
Days on Market110
Property Features for 509 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 4, Bedroom 5, Bathroom 1
Parking
5
Parking features
Covered
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
Newtown Pike to Third Street. Property is on the left.
Standard status
Active
APN
14751975
Size
3,585 SF
Lot size
0.18 Acres
Utilities
Heating system
Electric (Heating), Natural Gas
Cooling system
Electric
Building Details
Year built
1920
Floors in Building
2
Number of units
1
Roof type
Composition, Flat
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Susan Kennedy · License #202808
(859) 396-6996
Added: Apr 14
Changed: Jul 21
Last Checked: Aug 1 at 12:06PM
MLS# 26007853
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.
Turn-key four-plex income property currently fully leased. The building includes in-unit washer and dryer, vaulted ceilings, hardwood floors, and classic window moldings. Recent system improvements feature high-efficiency heating and cooling, along with updated electrical that is separately metered and completed in 2021, offering flexibility for potential individual unit sale. Residents also have access to a private fenced backyard with a community firepit. On-site garage parking is available, with additional parking provided.
Located at 509 W 3rd Street in Lexington, Kentucky, the property sits in the Jefferson Corridor and is surrounded by recently completed high-end developments. The listing notes it is within a short distance of the University of Kentucky, Rupp Arena, Transylvania University, and nearby dining and entertainment destinations.
The property is presented as a low-maintenance, income-generating asset with annual rental income reported as over $55,000.
Located at 509 W 3rd Street in Lexington, Kentucky, the property sits in the Jefferson Corridor and is surrounded by recently completed high-end developments. The listing notes it is within a short distance of the University of Kentucky, Rupp Arena, Transylvania University, and nearby dining and entertainment destinations.
The property is presented as a low-maintenance, income-generating asset with annual rental income reported as over $55,000.
Key Highlights
- Four‑plex income property with current full occupancy and over $55,000 in annual rental income
- Major system upgrades include high‑efficiency heating and cooling plus updated, separately metered electrical completed in 2021
- Year built 1920 with preserved original features including vaulted ceilings, hardwood floors, and classic window moldings
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.7k | $12.48 |
| − Vacancy | −$2.2k | −$0.61 |
| EGI | $42.5k | $11.87 |
| − OpEx | −$12.8k | −$3.56 |
| NOI | $29.8k | $8.31 |
3,585 SF · lease $12.48/SF/yr · vacancy 4.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$425.5K
$372.3K – $496.4K
NOI $29,784 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$386.0K
$337.7K – $450.3K
NOI $27,019 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$746.9K
$653.6K – $871.4K
NOI $52,285 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
666
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?
Quadplex - Fully leased four-plex with updated heating and cooling, separately metered electrical, and in-unit washer/dryer in each unit.
Where is this quadplex located?
The property is located at 509 W 3rd Street Lexington, KY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four‑plex income property with current full occupancy and over $55,000 in annual rental income; Major system upgrades include high‑efficiency heating and cooling plus updated, separately metered electrical completed in 2021; Year built 1920 with preserved original features including vaulted ceilings, hardwood floors, and classic window moldings
