1801 Gerald Drive 1801 and 1805, Lexington, KY 40511

$1,045,000
Property Type: Residential Income Bedrooms: 24 Baths: 12 Square Footage: 10,368 Lot Size (sq. ft.): 23,087 Status: Active
Current Price: $1,045,000 List Date: 4/23/2026 Last Modified: 6/04/2026

Description

**PLEASE DO NOT go on property without prior arrangements. DO NOT disturb tenants.** Well-maintained 12-unit multifamily property comprising two side-by-side 6-plex buildings, offering immediate, stable income with long-term tenants and historically low turnover. This asset is ideal for investors seeking reliable returns from day one, with additional upside through future rent increases. Each unit features just south of 900 sq ft with spacious 2-bedroom, 1-bath layouts. Units are individually metered and all-electric, with tenants responsible for all utilities, helping keep operating expenses low and predictable. Although not currently utilized by the seller, as they have been capped off and covered, the units do feature stackable washer and dryer hookups for convenient in-unit laundry—further enhancing future rent potential and overall marketability. Common area and in-unit sprinkler system, adding an extra layer of safety and long-term value. Situated on large, hard-to-find lots, the property offers more than ample, on site paved parking, a significant advantage for multifamily in this area. Rents are currently below market, providing a clear opportunity for increased income over time. Units are well maintained by long-term ownership, including new windows in the last 2-3 years, with no major capital improvements currently anticipated per Seller. Updated hvac, updated electrical service, new lower kitchen cabinets, countertops and sink within the last 4 years in addition to new vanities. Conveniently located with easy access to I-75, New Circle Road, and downtown Lexington, this is a strong addition to any investment portfolio.

Supplements: ********

More Information MLS# 26008778

Listing Information

Comp Sale YN: No Property Sub Type: Apartment

Address

Unit Number: 1801 and 1805 Directions: New Circle, Russell Cave outbound. Left on Winburn. Parcel Number: 16556500 and 17147784 County: Fayette Street Number: 1801 Street Name: Gerald Street Suffix: Drive State: KY Zip Code: 40511

Contract

Start Showing Date: 2026-04-22 Listing Agreement: Exclusive Right To Sell Occupant Type: Tenant Office Exclusive YN: No List Price/Acre: 1971698.11 List Price/SqFt: 100.79 Current Price: $1,045,000 Original List Price: 1095000 Status: Active Listing Contract Date: 2026-04-22 List Price: $1,045,000

Tax & Legal

High School: Bryan Station Tax Rate: 1.2638 Zoning: Other Zoning Description: R-4 High Density Residential

Association/Community

Number Of Buildings: 2 Number Of Units Total: 12

Interior

Living Area: 10368 Living Area Source: Public Records Bathrooms Half: 0 Bedrooms Total: 24 Bathrooms Total: 12 Bathrooms Full: 12

Building

Stories Total: 3 Accessibility Features YN: No Year Built: 1976

Lot

Lot Size Acres: 0.53 Lot Size Square Feet: 23086.8 Lot Size Dimensions: Buyer to verify. Measurements taken from PVA.

Utilities

Cooling YN: Yes Heating YN: Yes Cable Available: 1 Electricity Connected: 1 Phone Available: 1 Sewer Connected: 1 Water Connected: 1

Remarks

Public Remarks: **PLEASE DO NOT go on property without prior arrangements. DO NOT disturb tenants.** Well-maintained 12-unit multifamily property comprising two side-by-side 6-plex buildings, offering immediate, stable income with long-term tenants and historically low turnover. This asset is ideal for investors seeking reliable returns from day one, with additional upside through future rent increases. Each unit features just south of 900 sq ft with spacious 2-bedroom, 1-bath layouts. Units are individually metered and all-electric, with tenants responsible for all utilities, helping keep operating expenses low and predictable. Although not currently utilized by the seller, as they have been capped off and covered, the units do feature stackable washer and dryer hookups for convenient in-unit laundry—further enhancing future rent potential and overall marketability. Common area and in-unit sprinkler system, adding an extra layer of safety and long-term value. Situated on large, hard-to-find lots, the property offers more than ample, on site paved parking, a significant advantage for multifamily in this area. Rents are currently below market, providing a clear opportunity for increased income over time. Units are well maintained by long-term ownership, including new windows in the last 2-3 years, with no major capital improvements currently anticipated per Seller. Updated hvac, updated electrical service, new lower kitchen cabinets, countertops and sink within the last 4 years in addition to new vanities. Conveniently located with easy access to I-75, New Circle Road, and downtown Lexington, this is a strong addition to any investment portfolio.

Cooling

Central Air: 1 Electric: 1

Heating

Electric: 1 Heat Pump: 1

Laundry Features

Electric Dryer Hookup: 1 Washer Hookup: 1

Listing Terms

1031 Exchange: 1 Cash: 1 Conventional: 1

Parking Features

On Site: 1 Paved: 1

Possession

Subject To Tenant Rights: 1 Other: 1 See Remarks: 1

Roof

Shingle: 1

Security Features

Fire Sprinkler System: 1

Special Listing Conditions

Standard: 1

Structure Type

Multi Family: 1

Income and Expenses

Vacancy Allowance Rate: 5

Showing Requirements

Call Listing Agent: 1 Listing Agent Must Accompany: 1 No Sign: 1

Showing Information

Showing Instructions: Please do not go onto the property without prior arrangements. Do not disturb tenants.

Status Change Information

Price Change Timestamp: 2026-06-04T02:50:04Z Status Change Timestamp: 2026-04-23

Tax Legal

MLS Area Major: 001 - Fayette County NW Subdivision Name: Winburn Estates High School District: Fayette County - 1

Property Features

Utilities: Cable Available; Electricity Connected; Phone Available; Sewer Connected; Water Connected; Cable Available; Electricity Connected; Phone Available; Sewer Connected; Water Connected Cooling: Central Air; Electric Heating: Electric; Heat Pump Laundry Features: Electric Dryer Hookup; Washer Hookup Listing Terms: 1031 Exchange; Cash; Conventional Parking Features: On Site; Paved Possession: Subject To Tenant Rights; Other; See Remarks Roof: Shingle Security Features: Fire Sprinkler System Special Listing Conditions: Standard Structure Type: Multi Family Showing Requirements: Call Listing Agent; Listing Agent Must Accompany; No Sign
Listing Office: Legacy Real Estate Firm
Last Updated: June - 04 - 2026
Information deemed reliable but not guaranteed.