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    Updated Flex Building in Lexington Title is generated by Realmo AI

    1040 Manchester Street, Lexington, KY 40508

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    Claim this Listing
    Pending
    $1,250,000

    COMMERCIAL - Lexington, KY

    Property size:
    11,578 SF
    Lot size:
    0.80 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    30
    Last Refresh:
    May 12 at 6:06 pm

    Property Features for 1040 Manchester Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    APN
    14101654
    Size
    11,578 SF
    Lot size
    0.80 Acres

    Building Details

    Year built
    1976
    Floors in Building
    1
    Building materials
    Block
    Roof type
    Shingle

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    Listing Contact
    Gregory Leveridge

    Listing agent Gregory Leveridge License #215416

    Listing office Block + Lot Real Estate 133 W Short St, Lexington, KY

    Listing date Apr 13, 2026

    MLS# 26010653

    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.

    HighLights

    • High demand/low supply 11,578 SF flex building on approximately 1 acre in the desirable Manchester Street corridor.
    • Functional division of polished office space (conference rooms, restrooms, copy room) and warehouse space with loading dock and large truck access.
    • Central Lexington location near New Circle Road, Downtown, and Interstate access in the Distillery District.
    • Kohler diesel back up generator powers the entire building, plus 400 amp power.
    • Two walk‑in coolers (455 SF and 375 SF), detached warehouse, and detached garage.
    • Light Industrial (I‑1) zoning with Adaptive Reuse Zoning Overlay for added use flexibility; property enrolled in Kentucky's Brownfield Program.

    Overview

    This updated flex building is located in the Manchester Street corridor in Central Lexington. The building offers 11,578 square feet of space on approximately 0.8 acres. The property includes polished office space, cubicle rooms, multiple conference rooms, interior restrooms on each floor, and a copy room. The warehouse space is located in the rear with loading dock access and lot accessibility for large truck deliveries and pick ups. Additional features include two walk-in coolers (455 SF and 375 SF), a Kohler diesel back up generator that powers the entire building, and 400 amp power. There is also a detached warehouse and a detached garage. The property benefits from a central location in a desirable corridor, close to New Circle Road, Downtown Lexington, and interstate access. The property has Light Industrial zoning (I-1) with Adaptive Reuse Zoning Overlay. The property is enrolled in Kentucky's Brownfield Program.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Microbiologics Custom Manufacturing ... Corporate Office Gibson Laboratories LLC ... Corporate Office Gibson Bioscience Medical Laboratory Gibson Laboratories LLC Medical Supply Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Bons Temps Catering — 200 W High St, Lexington, KY 40507
    • Apiary Fine Catering & Events — 218 Jefferson St, Lexington, KY 40508

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.513087
    Latitude
    38.0537

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    FAQs

    What type of property is this?
    Flex space - Updated flex building with warehouse space in central Lexington.
    Where is this flex space located?
    The property is located at 1040 Manchester Street Lexington, KY.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: High demand/low supply 11,578 SF flex building on approximately 1 acre in the desirable Manchester Street corridor.; Functional division of polished office space (conference rooms, restrooms, copy room) and warehouse space with loading dock and large truck access.; Central Lexington location near New Circle Road, Downtown, and Interstate access in the Distillery District.
    (859) 421-8959
    We can help!
    Listing Contact
    Gregory Leveridge
    Real Estate License ID: 215416
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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