Flex Warehouse with
1040-1050 Eastland Drive Lexington, KY 40505
New
For Sale
$2,450,000
COMMERCIAL - Lexington, KY
Property Size30,488 SF
Lot Size1.41 Acres
Price / SF$80.36
Days on Market1
Property Features for 1040-1050 Eastland Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 15030750, 15029380, 15029375
- Size
- 30,488 SF
- Lot size
- 1.41 Acres
Building Details
- Year built
- 1970
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Adam Boardman · License #72655
(859) 338-8243
Added: Jul 23
Last Checked: Jul 23 at 11:06PM
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.
Investment Insights
Based on property information with market context.
1040-1050 Eastland Drive is a flex warehouse offering a total of 30,488 square feet demised into three space sizes. The building is constructed with concrete block and includes an office-to-warehouse ratio of 13.65%, along with a wet sprinkler system and LED lighting. Warehouse features include 6 docks and 4 drive-ins, with 16' clear height, plus small outside storage for each unit. Roofs are EPDM, installed in 2016 and 2019, with assignable warranties available.
The property is located on Eastland Drive and runs between Loudon Avenue and New Circle Road in Lexington’s 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.
The site totals 1.41 acres and is zoned I-1. The property is offered for lease or for sale, including the opportunity for an owner-occupant purchase while earning in-place income.
The property is located on Eastland Drive and runs between Loudon Avenue and New Circle Road in Lexington’s 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.
The site totals 1.41 acres and is zoned I-1. The property is offered for lease or for sale, including the opportunity for an owner-occupant purchase while earning in-place income.
Key Highlights
- 30,488 total SF demised into three sizes and offered as 17,247 SF for lease or owner‑occupant/investment sale
- Excellent office‑to‑warehouse ratio with 13.65% office space and newer renovated office areas
- Warehouse features 6 docks, 4 drive‑ins, and 16' clear height
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $274.4k | $9.00 |
| − Vacancy | −$16.5k | −$0.54 |
| EGI | $257.9k | $8.46 |
| − OpEx | −$38.7k | −$1.27 |
| NOI | $219.2k | $7.19 |
30,488 SF · lease $9.00/SF/yr · vacancy 6.00% · expense 15.00%
Alternative Uses
Best Use
Office B
$4.87M
$4.26M – $5.68M
NOI $340,795 @ 7.0% cap · market cap 13.91%
Second Best
Flex RnD
$3.48M
$3.04M – $4.05M
NOI $243,276 @ 7.0% cap · market cap 9.93%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar Off Market Nearby
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- Bayleaf Diaspora Kitchen — 962 Delaware Ave, Lexington, KY 40508
FAQs
What type of property is this?
Flex space - Industrial/flex property with concrete block construction, multiple docks and drive-ins, and newer EPDM roofing.
Where is this flex space 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 total SF demised into three sizes and offered as 17,247 SF for lease or owner‑occupant/investment sale; Excellent office‑to‑warehouse ratio with 13.65% office space and newer renovated office areas; Warehouse features 6 docks, 4 drive‑ins, and 16' clear height
