Building Details

Year built 1970

Listing Agency: Block + Lot Homes Show Phone

Listed By: Adam Boardman Show Phone

Added: Jul 23 Changed: Oct 2 Last Checked: Oct 28 at 7:06AM

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MLS# 26019604

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.

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Investment Insights

Based on property information with market context.

This warehouse property comprises 30,488 square feet on 1.41 acres, with concrete block construction and a layout divided into three suites. Office space represents 13.65% of the building, including renovated office areas, while warehouse operations are supported by six dock doors, four drive-in doors, a 16-foot clear height, LED lighting, and a wet sprinkler system. The property also includes outside storage areas associated with each unit.

Located on Eastland Drive between Loudon Avenue and New Circle Road, the site is 0.8 miles from New Circle Road, 2.7 miles from I-75/I-64, and 8.5 miles from Bluegrass International Airport. The 1.41-acre property is zoned I-1 and includes EPDM roofing installed in 2016 and 2019 with assignable warranties.

Key Highlights

• 30,488 SF warehouse property on 1.41 acres
• Three demised suites with 13.65% office area
• Six dock doors and four drive‑in doors

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

Is this asking price fair?

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

Warehouse

$3.13M

$2.74M – $3.65M (±1% cap)

NOI $219,239 @ 7.0% cap · market cap 8.95%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.35M

$5.56M – $7.41M (±1% cap)

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

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Law Firm Nail Salon Parking Lot & Garage Accounting Firm Cafe & Coffee Shop Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16 ft

Clear height

6

Dock-high doors

4

Drive-in doors

Multi-tenant

Tenancy

Yes

Sprinkler system

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,116

Businesses Nearby

Well-served

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Industrial warehouse property with divisible space, office improvements, loading infrastructure, and I-1 zoning.

Where is this warehouse located?

The property is located at 1040-1050 Eastland Drive 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 warehouse property on 1.41 acres; Three demised suites with 13.65% office area; Six dock doors and four drive‑in doors