Flex Space with Loading
For Sale
$2,450,000
1040-1050 Eastland Dr, Lexington, KY 40505
Industrial flex property with warehouse areas, office improvements, and multiple loading options for business operations.
Property Size30,488 SF
Lot Size1.41 Acres
Price / SF$80.36
Days on Market87
Property Features for 1040-1050 Eastland Dr
General Information
Standard status
Active
Size
30,488 SF
Lot size
1.41 Acres
Property subtype
Commercial
Zoning
I-1
Warehouse & Industrial
Clear Height
16 ft
Sprinkler System
Yes
Additional Details
Outdoor Storage
Yes
Building Details
Year Built
1970
Building Size
30,488 SF
Construction
concrete block
Listing Agency:
Block + Lot Homes
Listed By:
Adam Boardman · License #72655
(859) 309-0099
Source:
Centralkyhomesforsale
Added: Jul 22
Changed: Oct 15
Last Checked: Oct 16 at 9:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Block + Lot Homes
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 30,488-square-foot flex property is configured as three demised areas, including 17,247 square feet available for occupancy. The improvements use concrete block construction dating from 1970–1974 and provide 13.65% office area, warehouse space, LED lighting, a wet sprinkler system, and small exterior storage serving each unit. Loading infrastructure includes 6 dock doors and 4 drive-in doors, with 16-foot clear height throughout. EPDM roofs installed in 2016 and 2019 carry assignable warranties.
The property occupies 1.41 acres at 1040–1050 Eastland Drive in Lexington, Kentucky, within the Winchester Road and eastern corridor. It is 0.8 miles from New Circle Road, 2.7 miles from I-75/I-64, and 8.5 miles from Bluegrass International Airport. Zoned I-1, the asset combines existing occupancy with space for an owner-user or additional business operations.
The property occupies 1.41 acres at 1040–1050 Eastland Drive in Lexington, Kentucky, within the Winchester Road and eastern corridor. It is 0.8 miles from New Circle Road, 2.7 miles from I-75/I-64, and 8.5 miles from Bluegrass International Airport. Zoned I-1, the asset combines existing occupancy with space for an owner-user or additional business operations.
Key Highlights
- 30,488 SF flex property divided into three demised areas
- 17,247 SF available for occupancy
- 6 dock doors, 4 drive‑in doors, and 16' clear height
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$219,239
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,384,780
$4.4M
Cap Rate 7%
$3,131,986
$3.1M
Cap Rate 9%
$2,435,989
$2.4M
Market Conditions
NOI Build-Up for 30,488 SF
Gross rent
$274.4K $9.00/SF
− Vacancy
−$16.5K −$0.54/SF
EGI
$257.9K $8.46/SF
− OpEx
−$38.7K −$1.27/SF
NOI
$219.2K $7.19/SF
Area
Lexington, KY
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,384,780
Cap Rate 7%
$3,131,986
Cap Rate 9%
$2,435,989
Alternative Uses
Best Use
Flex RnD
$3.48M
$3.04M – $4.05M
NOI $243,276 @ 7.0% cap · market cap 9.93%
Second Best
Warehouse
$3.13M
$2.74M – $3.65M
NOI $219,239 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$6.35M
$5.56M – $7.41M
NOI $444,647 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
16 ft
Clear height
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40505, KY
26,278
Population
12,026
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,285
Density / Sq Mi
$58,922
Median Household Income
$33,517
Median Earnings
$914
Median Rent
$166,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Similar Off Market Nearby
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- Vegan Nepal — 962 Delaware Ave, Lexington, KY 40505
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with warehouse areas, office improvements, and multiple loading options for business operations.
Where is this flex space located?
The property is located at 1040-1050 Eastland Dr Lexington, KY.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 30,488 SF flex property divided into three demised areas; 17,247 SF available for occupancy; 6 dock doors, 4 drive‑in doors, and 16' clear height
