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
Listing Details MLS# 26008778
Listing Information
- Comp Sale YN
- No
- Property Sub Type
- Apartment
Status Change Information
- Price Change Timestamp
- 2026-06-04T02:50:04Z
- Status Change Timestamp
- 2026-04-23
Address
- County
- Fayette
- Street Number
- 1801
- Street Name
- Gerald
- Street Suffix
- Drive
- Unit Number
- 1801 and 1805
- State
- KY
- Zip Code
- 40511
- Directions
- New Circle, Russell Cave outbound. Left on Winburn.
- Parcel Number
- 16556500 and 17147784
Contract
- Original List Price
- 1095000
- Start Showing Date
- 2026-04-22
- Listing Contract 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
Tax Legal
- MLS Area Major
- 001 - Fayette County NW
- Subdivision Name
- Winburn Estates
- High School District
- Fayette County - 1
Interior
- Bedrooms Total
- 24
- Bathrooms Total
- 12
- Bathrooms Full
- 12
- Living Area
- 10368
- Living Area Source
- Public Records
- Bathrooms Half
- 0
More Information
Building
- Year Built
- 1976
- Stories Total
- 3
- Accessibility Features YN
- No
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
- Yes
- Electricity Connected
- Yes
- Phone Available
- Yes
- Sewer Connected
- Yes
- Water Connected
- Yes
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.
Income and Expenses
- Vacancy Allowance Rate
- 5
Showing Information
- Showing Instructions
- Please do not go onto the property without prior arrangements. Do not disturb tenants.
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
Cooling
- Central Air
- Yes
- Electric
- Yes
Heating
- Electric
- Yes
- Heat Pump
- Yes
Laundry Features
- Electric Dryer Hookup
- Yes
- Washer Hookup
- Yes
Listing Terms
- 1031 Exchange
- Yes
- Cash
- Yes
- Conventional
- Yes
Parking Features
- On Site
- Yes
- Paved
- Yes
Possession
- Subject To Tenant Rights
- Yes
- Other
- Yes
- See Remarks
- Yes
Roof
- Shingle
- Yes
Security Features
- Fire Sprinkler System
- Yes
Special Listing Conditions
- Standard
- Yes
Structure Type
- Multi Family
- Yes
Showing Requirements
- Call Listing Agent
- Yes
- Listing Agent Must Accompany
- Yes
- No Sign
- Yes
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
Sellers Disclosure Of Property Condition ›
Listing Office:
Legacy Real Estate Firm
Last Updated: June - 04 - 2026
Information deemed reliable but not guaranteed.