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    1115 Delaware Ave Lexington, KY 40505

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    For Sale
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    27,940 SF industrial facility with flexible layout in Lexington, KY.

    Type:Industrial
    Property size:
    27,940 SF
    Added:
    Mar 6, 2026
    Days on Market:
    26
    Last Refresh:
    Mar 26 at 12:20 am

    Property Features for 1115 Delaware Ave

    General Information

    Standard status
    Active
    Size
    27,940 SF
    Property subtype
    Industrial

    Properties For Sale

    at 1115 Delaware Ave Contact us

    We can help!

    Listing Contact
    John Bunch, SIOR

    Listing agent John Bunch, SIOR

    Listing office

    Listing date Mar 6, 2026

    Source Svn

    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 John Bunch, SIOR

    Overview

    Lexington Industrial Facility For Sale

    Located in Lexington, Kentucky, the 27,940 square foot industrial facility at 1115 Delaware Avenue is zoned I-1 (Light Industrial). The property offers a combination of office, showroom, and warehouse space suitable for a wide range of users. The flexible layout includes approximately 2,240 square feet of office/showroom space, approximately 7,200 square feet of heated warehouse space, and approximately 18,500 square feet of additional warehouse space. Multiple grade-level drive-in doors and dock-high loading provide efficient access and distribution. The property features ample clear height and an open floor plan suitable for racking or production equipment. Secure outdoor yard space is available for the storage of vehicles, materials, or equipment. The location provides quick access to New Circle Road, I-64, and I-75, and convenient proximity to Lexington’s major employment centers and distribution corridors. It is located within one of Central Kentucky’s established industrial submarkets. The property is ideal for warehouse, manufacturing, or service operations.
    Location Intelligence

    Current Use by Public Records

    Fabcon Construction Company Foundation Building Materials Big Box & Wholesale Store Bristol Group, LLC Construction Company Disc-Document Imgng & Storage ... Storage Facility

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Accounting Firm Gym & Fitness Center Daycare Center

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

    Similar Places Nearby

    • Selma's Catering & Events — 720 Henry Clay Blvd, Lexington, KY 40505
    • Vegan Nepal — 962 Delaware Ave, Lexington, KY 40505
    • Mark Jensen Catering — 120 Sherman Ave, Lexington, KY 40502
    • Entre Vous — 1006 Delaware Ave, Lexington, KY 40505
    • Bayleaf Diaspora Kitchen — 962 Delaware Ave, Lexington, KY 40508

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.469
    Latitude
    38.0382

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    FAQs

    What type of property is this?
    Flex space - 27,940 SF industrial facility with flexible layout in Lexington, KY.
    Where is this flex space located?
    The property is located at 1115 Delaware Ave Lexington, KY.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: ±27,940 SF industrial facility with flexible layout including office/showroom, heated warehouse, and additional warehouse space.; Zoned I‑1 (Light Industrial) suitable for warehouse, manufacturing, or service operations.; Excellent location off Winchester Road with quick access to New Circle Road, I‑64, and I‑75.
    (859) 306-0602
    We can help!
    Listing Contact
    John Bunch, SIOR
    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.

    More about this property
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