Residential Income Property with
For Sale
$450,000
Pending
513 Hannon Way, Lexington, KY 40509
The two-bedroom, two-bathroom condominium includes a sunroom and an outdoor area for grilling.
Property Size1,896 SF
Days on Market29
Property Features for 513 Hannon Way
General Information
Standard status
Pending
Size
1,896 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Walnut Hill Club
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
outdoor space
sunroom
Building Details
Year Built
2013
Listing Agency:
Keller Williams Bluegrass Realty
Listed By:
The Prather Team - Michael Prather
(859) 379-8285
Source:
Centralkyhomefinder
Added: Sep 30
Changed: Oct 25
Last Checked: Oct 28 at 8:28AM
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 Keller Williams Bluegrass Realty
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Investment Insights
Based on property information with market context.
This 1,896-square-foot condominium has two bedrooms and two bathrooms, along with a sunroom and outdoor space. The interior has been freshly painted, and the property was built in 2013.
Located at 513 Hannon Way in Lexington, Kentucky, the outdoor area accommodates grilling and gatherings.
Located at 513 Hannon Way in Lexington, Kentucky, the outdoor area accommodates grilling and gatherings.
Key Highlights
- 1,896‑square‑foot condominium with two bedrooms and two bathrooms
- Sunroom plus outdoor space for grilling and gatherings
- Freshly painted interior
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,043
Cap Rate
3.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$280,860
$280.9K
Cap Rate 7%
$200,614
$200.6K
Cap Rate 9%
$156,033
$156.0K
Market Conditions
NOI Build-Up for 1,896 SF
Gross rent
$26.8K $14.16/SF
− Vacancy
−$1.3K −$0.69/SF
EGI
$25.5K $13.47/SF
− OpEx
−$11.5K −$6.06/SF
NOI
$14.0K $7.41/SF
Area
ZIP 40509
Vacancy
4.90%
Lease Rate
$14.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$280,860
Cap Rate 7%
$200,614
Cap Rate 9%
$156,033
Alternative Uses
Best Use
Apartment 5plus
$200.6K
$175.5K – $234.1K
NOI $14,043 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$395.0K
$345.7K – $460.9K
NOI $27,652 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
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Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The two-bedroom, two-bathroom condominium includes a sunroom and an outdoor area for grilling.
Where is this residential income property located?
The property is located at 513 Hannon Way Lexington, KY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,896‑square‑foot condominium with two bedrooms and two bathrooms; Sunroom plus outdoor space for grilling and gatherings; Freshly painted interior
