Flex Space with Six
For Sale
$890,000
Pending
1015 Lexington Road, Georgetown, KY 40324
Commercial Sale, Georgetown, KY
Property Size4,000 SF
Lot Size0.55 Acres
Days on Market195
Property Features for 1015 Lexington Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B 2
Subdivision
Downtown
Directions
South Broadway to property on right.
Standard status
Pending
APN
168-10-314.000
Size
4,000 SF
Lot size
0.55 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Central Air
Amenities
paved parking
office space
2 restrooms
loft
200 amp service
gas heat in the work area
central heat and air in the office
Building Details
Year built
2005
Floors in Building
1
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
Coldwell Banker McMahan
(502) 867-4900
Listed By:
Carl M Tackett · License #187325
(502) 863-7775
Added: Mar 17
Changed: Sep 12
Last Checked: Sep 27 at 2:06PM
MLS# 26005424
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 4,000-square-foot flex property combines service-oriented workspace with administrative areas. The building includes six bays, a loft, office space, and two restrooms, along with paved parking. Automotive equipment includes three 9,000-pound lifts, two 12,000-pound lifts, and an air compressor. The work area is heated by natural gas, while the office has central heating and air conditioning.
Access is available from S Broadway and Marshall Park Drive in Georgetown, Kentucky. Built in 2005, the steel-frame building has a metal roof, public sewer, cable availability, and 200-amp electrical service. The property sits on 0.551 acres and is being offered in AS IS condition.
Access is available from S Broadway and Marshall Park Drive in Georgetown, Kentucky. Built in 2005, the steel-frame building has a metal roof, public sewer, cable availability, and 200-amp electrical service. The property sits on 0.551 acres and is being offered in AS IS condition.
Key Highlights
- 4,000 square feet on 0.551 acres
- Six bays with loft, office space, and 2 restrooms
- Three 9,000‑pound lifts and two 12,000‑pound lifts
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,062
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,240
$761.2K
Cap Rate 7%
$543,743
$543.7K
Cap Rate 9%
$422,911
$422.9K
Market Conditions
NOI Build-Up for 4,000 SF
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.
Gross rent
$57.6K $14.40/SF
− Vacancy
−$3.2K −$0.81/SF
EGI
$54.4K $13.59/SF
− OpEx
−$16.3K −$4.08/SF
NOI
$38.1K $9.52/SF
Area
Scott County, KY
Vacancy
5.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,240
Cap Rate 7%
$543,743
Cap Rate 9%
$422,911
Alternative Uses
Best Use
Retail
$543.7K
$475.8K – $634.4K
NOI $38,062 @ 7.0% cap · market cap 4.28%
Second Best
Industrial
$338.4K
$296.1K – $394.8K
NOI $23,688 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.01M
$887.0K – $1.18M
NOI $70,963 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Service bays
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40324, KY
51,035
Population
20,570
Households
2.5
Avg Household Size
35
Median Age
34%
College-Educated
94%
High-School Grad
155.1 sq mi
ZIP Area
329
Density / Sq Mi
$83,012
Median Household Income
$47,619
Median Earnings
$1,188
Median Rent
$262,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Steel-frame commercial property with automotive improvements, office accommodation, and separate access points.
Where is this flex space located?
The property is located at 1015 Lexington Road Georgetown, KY.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 4,000 square feet on 0.551 acres; Six bays with loft, office space, and 2 restrooms; Three 9,000‑pound lifts and two 12,000‑pound lifts
