Updated Quadplex with Garage
For Sale
$625,000
509 W 3rd St, Lexington, KY 40508
Fully leased four-unit property with separately metered electrical and private outdoor space.
Property Size3,585 SF
Price / SF$174.34
Days on Market72
Property Features for 509 W 3rd St
General Information
Standard status
Active
Size
3,585 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
in-unit washer/dryer
private fenced backyard
community firepit
on-site garage parking
Building Details
Year Built
1920
Year Renovated
2021
Listing Agency:
Bluegrass Sotheby's International Realty
Listed By:
Susan Kennedy · License #202808
(859) 396-6996
Source:
Meliarealty
Added: Aug 6
Changed: Oct 10
Last Checked: Oct 15 at 12:11AM
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 3,585-square-foot quadplex was built in 1920 and is currently fully leased. The property retains period character through vaulted ceilings, hardwood flooring, and original-style window moldings, while major systems have been updated with high-efficiency heating and cooling and separately metered electrical completed in 2021. Each unit includes an in-unit washer and dryer.
Residents have access to a private fenced backyard with a community firepit. On-site garage parking is provided, with additional parking available. The property is in downtown Lexington’s Jefferson Corridor, within a short distance of the University of Kentucky, Rupp Arena, Transylvania University, and nearby dining and entertainment venues.
Residents have access to a private fenced backyard with a community firepit. On-site garage parking is provided, with additional parking available. The property is in downtown Lexington’s Jefferson Corridor, within a short distance of the University of Kentucky, Rupp Arena, Transylvania University, and nearby dining and entertainment venues.
Key Highlights
- 3,585 SF quadplex built in 1920
- Fully leased four‑unit property
- High‑efficiency heating and cooling systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,784
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$595,680
$595.7K
Cap Rate 7%
$425,486
$425.5K
Cap Rate 9%
$330,933
$330.9K
Market Conditions
NOI Build-Up for 3,585 SF
Gross rent
$44.7K $12.48/SF
− Vacancy
−$2.2K −$0.61/SF
EGI
$42.5K $11.87/SF
− OpEx
−$12.8K −$3.56/SF
NOI
$29.8K $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%
$595,680
Cap Rate 7%
$425,486
Cap Rate 9%
$330,933
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.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,447
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
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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?
Quadplex - Fully leased four-unit property with separately metered electrical and private outdoor space.
Where is this quadplex located?
The property is located at 509 W 3rd St 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: 3,585 SF quadplex built in 1920; Fully leased four‑unit property; High‑efficiency heating and cooling systems
