Warehouse Property with Dock
For Sale
$2,450,000
1040-1050 Eastland Drive, Lexington, KY 40505
Commercial Sale, Lexington, KY
Property Size30,488 SF
Lot Size1.41 Acres
Price / SF$80.36
Days on Market62
Property Features for 1040-1050 Eastland Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I-1 Light Industrial
Subdivision
Commercial
Directions
Winchester Road outbound to left on E. Loudon, then right onto Eastland Drive. The property will be on your right.
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
Changed: Sep 12
Last Checked: Sep 22 at 7:06AM
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.
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.
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 = 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
$219,239
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
8.95%
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%
$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
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
$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 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%
$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
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
NOI $444,647 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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
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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
