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Updated Flex Building in Lexington

1040 Manchester Street Lexington, KY 40508

1040 Manchester Street, Lexington, KY, 40508
$1,250,000
Pending
For Sale
Claim this Listing
$1,250,000
Pending

COMMERCIAL - Lexington, KY

Property Size11,578 SF
Lot Size0.80 Acres
AddedApr 13
Days on Market94
Last RefreshJul 15 at 12:06 pm

Property Features for 1040 Manchester Street

General Information

Property type
Commercial Sale
Property subtype
Other
Standard status
Pending
APN
14101654
Size
11,578 SF
Lot size
0.80 Acres

Building Details

Year built
1976
Floors in Building
1
Building materials
Block
Roof type
Shingle

Listing agent Gregory Leveridge License #215416

Listing office Block + Lot Homes 133 W Short St, Lexington, KY

Listing date Apr 13, 2026

MLS# 26010653

Copyright © 2026 ImagineMLS. 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 updated flex building is located in the Manchester Street corridor in Central Lexington. The building offers 11,578 square feet of space on approximately 0.8 acres. The property includes polished office space, cubicle rooms, multiple conference rooms, interior restrooms on each floor, and a copy room. The warehouse space is located in the rear with loading dock access and lot accessibility for large truck deliveries and pick ups. Additional features include two walk-in coolers (455 SF and 375 SF), a Kohler diesel back up generator that powers the entire building, and 400 amp power. There is also a detached warehouse and a detached garage. The property benefits from a central location in a desirable corridor, close to New Circle Road, Downtown Lexington, and interstate access. The property has Light Industrial zoning (I-1) with Adaptive Reuse Zoning Overlay. The property is enrolled in Kentucky's Brownfield Program.

Key Highlights

  • High demand/low supply 11,578 SF flex building on approximately 1 acre in the desirable Manchester Street corridor.
  • Functional division of polished office space (conference rooms, restrooms, copy room) and warehouse space with loading dock and large truck access.
  • Central Lexington location near New Circle Road, Downtown, and Interstate access in the Distillery District.

Local Financial Insights For Flex RnD

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $152.8k $13.20
− Vacancy −$10.7k −$0.92
EGI $142.1k $12.28
− OpEx −$49.7k −$4.30
NOI $92.4k $7.98
11,578 SF · lease $13.20/SF/yr · vacancy 7.00% · expense 35.00%

Alternative Uses

Best Use
Office B
$1.85M
$1.62M – $2.16M (±1% cap)
NOI $129,419 @ 7.0% cap · market cap 10.35%
Second Best
Flex RnD
$1.32M
$1.15M – $1.54M (±1% cap)
NOI $92,385 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M (±1% cap)
NOI $168,857 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Microbiologics Custom Manufacturing ... Corporate Office Gibson Laboratories LLC ... Corporate Office Gibson Bioscience Medical Laboratory Gibson Laboratories LLC Medical Supply Store

Suggested Use

Dental Office Pharmacy HVAC Service Electrical Service Skin Care Clinic (Bike/Boat/Book/etc) Store Garden Center Bakery Nail Salon Auto Parts Store

Zoning and permitted uses should be independently verified with local authorities.

Similar Off Market Nearby

  • Bons Temps Catering — 200 W High St, Lexington, KY 40507
  • Apiary Fine Catering & Events — 218 Jefferson St, Lexington, KY 40508

FAQs

What type of property is this?
Flex space - Updated flex building with warehouse space in central Lexington.
Where is this flex space located?
The property is located at 1040 Manchester Street Lexington, KY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High demand/low supply 11,578 SF flex building on approximately 1 acre in the desirable Manchester Street corridor.; Functional division of polished office space (conference rooms, restrooms, copy room) and warehouse space with loading dock and large truck access.; Central Lexington location near New Circle Road, Downtown, and Interstate access in the Distillery District.
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