Industrial Flex Warehouse with
For Sale
$2,450,000
10401050 Eastland Drive, Lexington, KY 40505
Concrete block industrial flex building features six docks, four drive-ins, 16' clear height, and newer EPDM roofs.
Property Size30,488 SF
Price / SF$80.36
Days on Market18
Property Features for 10401050 Eastland Drive
General Information
Standard status
Active
Size
30,488 SF
Property subtype
Industrial
Amenities
On Site, Paved Driveway.
Building Details
Year Built
1970
Listing Agency:
Block + Lot Homes
(859) 338-8243
Listed By:
Adam Boardman · License #72655
(859) 338-8243
Source:
Xome
Added: Jul 20
Changed: Jul 26
Last Checked: Aug 6 at 4:21AM
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
Investment Insights
Based on property information with market context.
1040-1050 Eastland Drive is a concrete block industrial flex warehouse totaling 30,488 SF, demised into three sizes. The property includes an office-to-warehouse ratio of 13.65% and concrete block construction dating between 1970 and 1974. Building features include LED lighting, a wet sprinkler system, and small outside storage for each unit.
The facility offers six docks and four drive-ins, with 16' clear height. Roof improvements include newer EPDM roofs installed in 2016 and 2019, with assignable warranties noted with the property.
The property totals 1.41 acres and is zoned I-1. It is located on Eastland Drive between Loudon Avenue and New Circle Road, about 0.8 miles from New Circle Road and 2.7 miles from I-75/I-64.
The facility offers six docks and four drive-ins, with 16' clear height. Roof improvements include newer EPDM roofs installed in 2016 and 2019, with assignable warranties noted with the property.
The property totals 1.41 acres and is zoned I-1. It is located on Eastland Drive between Loudon Avenue and New Circle Road, about 0.8 miles from New Circle Road and 2.7 miles from I-75/I-64.
Key Highlights
- 17,247 SF available for lease within a 30,488 SF industrial flex building demised into three suites
- Zoned I‑1 on 1.41 acres, with concrete block construction built between 1970–1974
- Warehouse features include 6 docks, 4 drive‑ins, and 16' clear height
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
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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Under-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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete block industrial flex building features six docks, four drive-ins, 16' clear height, and newer EPDM roofs.
Where is this flex space located?
The property is located at 10401050 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: 17,247 SF available for lease within a 30,488 SF industrial flex building demised into three suites; Zoned I‑1 on 1.41 acres, with concrete block construction built between 1970–1974; Warehouse features include 6 docks, 4 drive‑ins, and 16' clear height
