Flex Space with Drive-In
For Sale
$599,000
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$108.91
Days on Market109
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
Listed By:
John Bunch · License #221859
(859) 433-8911
Source:
Kcrea.resimplifi
Added: Jun 30
Changed: Oct 11
Last Checked: Oct 16 at 5:40AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$43,887
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
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
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 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 7.33%
Second Best
Warehouse
$565.0K
$494.4K – $659.2K
NOI $39,551 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,214 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
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
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 $599,000.
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
