Flex Space with Drive-In
For Sale
$624,000
1051 Goodwin Dr, Lexington, KY 40505
Industrial building with open storage areas, rear loading access, and I-1 zoning for service or light industrial operations.
Property Size5,500 SF
Lot Size0.34 Acres
Price / SF$113.45
Days on Market62
Property Features for 1051 Goodwin Dr
General Information
Standard status
Active
Size
5,500 SF
Lot size
0.34 Acres
Property subtype
Industrial
Zoning
I-1
Additional Details
Asking Price
$624,000
Road Access
Yes
Drive-In Doors
2
Building Details
Year Built
1971
Building Size
5,500 SF
Listing Agency:
SVN Stone Commercial Real Estate
(859) 433-8911
Listed By:
John Bunch · License #221859
(859) 433-8911
Source:
Kcrea.resimplifi
Added: Jun 30
Changed: Aug 29
Last Checked: Aug 30 at 1:44PM
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 SVN Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 1051 Goodwin Drive in Lexington, this 5,500-square-foot flex space occupies 0.344 acres and was built in 1971. The building includes open inventory and storage areas along with two rear drive-in doors, providing functional access for receiving, storage, and day-to-day operations. I-1 zoning supports the property's industrial classification.
The property offers access to Winchester Road and New Circle Road, connecting it with Lexington's commercial and industrial corridors. Its compact footprint and existing configuration suit an owner-user or investor seeking space for service, storage, light industrial, or small business operations.
The property offers access to Winchester Road and New Circle Road, connecting it with Lexington's commercial and industrial corridors. Its compact footprint and existing configuration suit an owner-user or investor seeking space for service, storage, light industrial, or small business operations.
Key Highlights
- 5,500 SF flex space on 0.344 acres
- Two rear drive‑in doors
- Open inventory and storage areas
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
$43,887
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
7.03%
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%
$877,740
$877.7K
Cap Rate 7%
$626,957
$627.0K
Cap Rate 9%
$487,633
$487.6K
Market Conditions
NOI Build-Up for 5,500 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
$72.6K $13.20/SF
− Vacancy
−$5.1K −$0.92/SF
EGI
$67.5K $12.28/SF
− OpEx
−$23.6K −$4.30/SF
NOI
$43.9K $7.98/SF
Area
Lexington, KY
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$877,740
Cap Rate 7%
$626,957
Cap Rate 9%
$487,633
Alternative Uses
Best Use
Flex RnD
$627.0K
$548.6K – $731.5K
NOI $43,887 @ 7.0% cap · market cap 7.03%
Second Best
Warehouse
$565.0K
$494.4K – $659.2K
NOI $39,551 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,214 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,100
Businesses Nearby
Balanced
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.
Similar Off Market Nearby
- Entre Vous — 1006 Delaware Ave, Lexington, KY 40505
- Selma's Catering & Events — 720 Henry Clay Blvd, Lexington, KY 40505
- Bayleaf Diaspora Kitchen — 962 Delaware Ave, Lexington, KY 40508
- Vegan Nepal — 962 Delaware Ave, Lexington, KY 40505
- Pasta Garage Catering — 962 Delaware Ave, Lexington, KY 40505
Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with open storage areas, rear loading access, and I-1 zoning for service or light industrial operations.
Where is this flex space located?
The property is located at 1051 Goodwin Dr Lexington, KY.
What is the asking price?
The asking price for this property is $624,000.
What are key features of this property?
This property features: 5,500 SF flex space on 0.344 acres; Two rear drive‑in doors; Open inventory and storage areas
