Brick Duplex with Two-Bedroom
New
For Sale
$275,000
723-725 Terrace View Dr, Lexington, KY 40504
Residential Income, Lexington, KY
Property Size1,538 SF
Lot Size0.21 Acres
Price / SF$178.80
Days on Market3
Property Features for 723-725 Terrace View Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Subdivision
Westgate
Standard status
Active
APN
14496900
Size
1,538 SF
Lot size
0.21 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Building Details
Year built
1965
Floors in Building
1
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Schrader Commercial Properties Llc
Listed By:
(859) 288-5008
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 16 at 12:06AM
MLS# 11979379
Copyright © 2026 My State MLS. 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.
This 1,538-square-foot duplex includes two separate two-bedroom units within a brick building constructed in 1965. The property occupies a 0.21-acre corner lot and has an asphalt roof, electric heating, and forced-air systems. Long-term tenants are in place.
Located in Lexington’s 40504 postal area, the property sits just off Versailles Road. Its two-unit configuration and established occupancy provide a straightforward residential income format, while the individual unit layout supports separate household living within one building.
Located in Lexington’s 40504 postal area, the property sits just off Versailles Road. Its two-unit configuration and established occupancy provide a straightforward residential income format, while the individual unit layout supports separate household living within one building.
Key Highlights
- Two 2‑bedroom units in a 1,538 SF duplex
- 0.21‑acre corner lot
- Brick construction with an asphalt roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,778
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$255,560
$255.6K
Cap Rate 7%
$182,543
$182.5K
Cap Rate 9%
$141,978
$142.0K
Market Conditions
NOI Build-Up for 1,538 SF
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.
Gross rent
$19.2K $12.48/SF
− Vacancy
−$941 −$0.61/SF
EGI
$18.3K $11.87/SF
− OpEx
−$5.5K −$3.56/SF
NOI
$12.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$255,560
Cap Rate 7%
$182,543
Cap Rate 9%
$141,978
Alternative Uses
Best Use
Multifamily LT 5
$182.5K
$159.7K – $213.0K
NOI $12,778 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$165.6K
$144.9K – $193.2K
NOI $11,591 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$320.4K
$280.4K – $373.9K
NOI $22,431 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 40504, KY
26,042
Population
13,175
Households
2
Avg Household Size
34
Median Age
32%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
4,200
Density / Sq Mi
$43,015
Median Household Income
$29,195
Median Earnings
$888
Median Rent
$209,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property on a corner lot with long-term tenants and convenient access to Versailles Road.
Where is this duplex located?
The property is located at 723-725 Terrace View Dr Lexington, KY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two 2‑bedroom units in a 1,538 SF duplex; 0.21‑acre corner lot; Brick construction with an asphalt roof
