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    Luxury Garage Condos For Rent Title is generated by Realmo AI

    1535 Delaware Avenue, Lexington, KY 40505

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    For Lease
    $30 SF/Yr $6,400/Mo (calc)

    COMMERCIAL - Lexington, KY

    Property size:
    2,560 SF
    Lot size:
    0.44 Acres
    Added:
    May 29, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 2 at 7:06 pm

    Property Features for 1535 Delaware Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    APN
    41104600
    Size
    2,560 SF
    Lot size
    0.44 Acres

    Building Details

    Year built
    2025

    We can help!

    Listing Contact
    M Clay Angelucci
    M Clay Angelucci

    Listing agent M Clay Angelucci License #70400

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

    Listing date May 29, 2026

    MLS# 26012228

    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.

    HighLights

    • Luxury garage condos designed for car enthusiasts, art curators, and collectors, offering a unique space for work and play.
    • Advanced security features including a gated entrance with individual access codes, in‑unit security system, and a backup generator.
    • Climate‑controlled HVAC with Smart Wi‑Fi thermostats, custom LED lighting, and epoxy garage floors. Enjoy the mezzanine level with hardwood floors and a full kitchen.
    • Option to combine two 1,280 SF units for a total of 2,560 SF of space.
    • 16' automatic garage doors with transom windows for natural light and privacy, plus a finished half bathroom and 220V outlets.
    • Conveniently located off Delaware Avenue, close to Richmond Road, Hamburg, and I‑75.

    Overview

    Available for lease are luxury garage condos within an exclusive development designed for car enthusiasts, art curators, collectors, or those seeking a private space for work and leisure. Constructed in 2025, each unit offers 1,280 square feet, with the option to combine two units for a total of 2,560 square feet. The units feature climate-controlled HVAC systems with smart Wi-Fi thermostats, custom LED lighting with dimmer capability, and epoxy garage floors. A second-level mezzanine includes hardwood floors and a kitchen equipped with a wine fridge, dishwasher, refrigerator, freezer, microwave, and ice maker. The 16-foot automatic garage doors have transom windows for natural light and privacy. Each unit includes a finished half bathroom and 220V outlets, and is wired for electric vehicle charging. Security features include an 11-foot gate with individual access codes, an in-unit security system with guest call and admittance capabilities, and a generator for power outages. Each unit has two exterior parking spaces. Located off Delaware Avenue between Winchester Road and Henry Clay Blvd, the gated property is approximately three minutes from Richmond Road and nine minutes from Hamburg and I-75. The lot size is 0.436 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Haven Storage Facility Red Draw Development Construction Company Cowgirl Attic/ Reclaimed ... Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Gym & Fitness Center

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

    Similar Places Nearby

    • Selma's Catering & Events — 720 Henry Clay Blvd, Lexington, KY 40505
    • Vegan Nepal — 962 Delaware Ave, Lexington, KY 40505
    • Mark Jensen Catering — 120 Sherman Ave, Lexington, KY 40502
    • Entre Vous — 1006 Delaware Ave, Lexington, KY 40505
    • Bayleaf Diaspora Kitchen — 962 Delaware Ave, Lexington, KY 40508

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.467635
    Latitude
    38.037057

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    FAQs

    What type of property is this?
    Flex space - Exclusive, secure garage condos designed for work, play, and storage.
    Where is this flex space located?
    The property is located at 1535 Delaware Avenue Lexington, KY.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: Luxury garage condos designed for car enthusiasts, art curators, and collectors, offering a unique space for work and play.; Advanced security features including a gated entrance with individual access codes, in‑unit security system, and a backup generator.; Climate‑controlled HVAC with Smart Wi‑Fi thermostats, custom LED lighting, and epoxy garage floors. Enjoy the mezzanine level with hardwood floors and a full kitchen.
    (859) 338-8800
    We can help!
    Listing Contact
    M Clay Angelucci
    M Clay Angelucci
    Real Estate License ID: 70400
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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