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    The Largest CRE Database in the US with Over 1 Million Listings

    255 S Forbes Rd Unit, Unit 5 Lexington, KY 40504

    Sponsored
    For Lease
    $4 SF/Yr ($3,709 /Mo)

    COMMERCIAL - Lexington, KY

    Property size:
    11,128 SF
    Lot size:
    17.84 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 20 at 8:06 am

    Property Features for 255 S Forbes Rd Unit

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    I-2
    APN
    38283600-C
    Size
    11,128 SF
    Lot size
    17.84 Acres

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Peter Barr
    Peter Barr

    Block + Lot Real Estate 3090099

    Listing agent Peter Barr (859) 309-0099

    Listing date Feb 18, 2026

    MLS# 26002896

    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.

    Learn more

    Overview

    Forbes Business Center Storage Warehouses

    The Forbes Business Center Storage Warehouses, specifically Buildings 3 through 12, offer storage solutions with spaces ranging from 11,128 to 153,459 square feet. In addition to warehouse space, newly renovated offices are available, ranging from 405 to 2,142 square feet in the North and South Office buildings. A 0.68-acre fenced and secured outside storage lot is also available. The warehouses feature a cost-effective, flexible, and simplistic lease structure. These buildings are suitable for general storage, overflow inventory, and contractor equipment storage. Warehouse specifications include a 14-foot clear height, side load outside truck docks, and drive-in doors with the potential for additional doors. The property is zoned I-2 (Heavy Industrial). Located at 255 S. Forbes Road, the property is adjacent to McConnell Springs Park and the Central Rock Quarry, with 980 feet of frontage along S. Forbes Road between Versailles Road and Old Frankfort Pike, inside New Circle Road. It is near the Distillery District, 1 mile west of the Central Business District and Downtown, 1.8 miles north of the University of Kentucky, 5 miles east of the Bluegrass International Airport, and 5.4 miles from Interstates 75/64 via the new Newtown Pike Extension. The lot size is 17.84 acres.
    Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Similar Places Nearby

    M P M Alexandria Storage, Supermen Moving

    Map

    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.525255
    Latitude
    38.052406

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    FAQs

    What type of property is this?
    Warehouse - Storage warehouses and renovated offices for lease in Lexington, KY.
    Where is this warehouse located?
    The property is located at 255 S Forbes Rd Unit, Unit 5 Lexington, KY.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: - Flexible and cost-effective storage solutions with simplistic lease structure.; - Range of warehouse sizes available: **11,128-153,459 SF**.; - Newly renovated offices available: **405-2,142 SF**.
    (859) 351-7924
    Request Owner's contact information
    255 S Forbes Rd Unit, Unit 5 Lexington, KY 40504
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    Lexington, KY 40504
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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.

    More about this property
    255 S Forbes Rd Unit, Unit 5 Lexington, KY 40504
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    We can help!
    Listing Contact
    Peter Barr
    Peter Barr
    Real Estate License ID: 65116
    (859) 351-7924 (859) 309-0099
    Learn more
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