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Free-Standing Retail Building with Drive-Thru

254 East New Circle Road, Lexington, KY 40505

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For Sale

$2,200,000

15,048 SF retail building with drive-thru on 2.19 acres.

Type:Retail

Property size:

15,048 SF

Lot size:

2.19 Acres

Price / SF:

$146/SF

HighLights

High‑traffic location on New Circle Road (36,658 VPD) with strong retail synergy.
Free‑standing 15,048 SF building, originally built for Walgreens, offering adaptability.
Existing drive‑thru provides added convenience.
B‑3 zoning allows for a wide range of commercial uses.
Pylon signage ensures excellent visibility.
Additional income stream of $950/month from an on‑site billboard.

We can help!

Listing Contact

Weston Lockhart

For Sale

$2,200,000

15,048 SF retail building with drive-thru on 2.19 acres.

Type:Retail

Property size:

15,048 SF

Lot size:

2.19 Acres

Price / SF:

$146/SF

Added:: Jan 27, 2026
Days on Market:: 139
Last Refresh:: Apr 6 at 12:44 am

Property Features for 254 East New Circle Road

General Information

Standard status: Active
Size: 15,048 SF
Lot size: 2.19 Acres
Property subtype: Retail

We can help!

Listing Contact

Weston Lockhart

Listing agent Weston Lockhart License #76902

Listing office SVN | Stone Commercial Real Estate

Listing date Jan 27, 2026

Source Svnstone

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

HighLights

High‑traffic location on New Circle Road (36,658 VPD) with strong retail synergy.
Free‑standing 15,048 SF building, originally built for Walgreens, offering adaptability.
Existing drive‑thru provides added convenience.
B‑3 zoning allows for a wide range of commercial uses.
Pylon signage ensures excellent visibility.
Additional income stream of $950/month from an on‑site billboard.

Overview

This 15,048 square foot free-standing retail building, originally constructed for Walgreens, is situated on 2.19 acres. The property features a drive-thru and pylon signage. Located on New Circle Road, it benefits from high visibility with a traffic count of 36,658 vehicles per day. The property is positioned in a well-established retail corridor, next to a newly constructed Dutch Bros Coffee, Chick-Fil-A, Panda Express, Bank of America, and Kroger, benefiting from strong retail synergy. Zoned B-3 (Highway Business), the property is adaptable for a variety of uses including retail, medical, or office. Additionally, the property includes a billboard that generates an additional revenue stream of $950/month.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$234.7k	$15.60
− Vacancy	−$11.7k	−$0.78
EGI	$223.0k	$14.82
− OpEx	−$55.8k	−$3.70
NOI	$167.3k	$11.11

15,048 SF · lease $15.60/SF/yr · vacancy 5.00% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$2.39M

$2.09M – $2.79M (±1% cap)

NOI $167,259 @ 7.0% cap · market cap 7.60%

Second Best

Retail

$2.05M

$1.79M – $2.39M (±1% cap)

NOI $143,190 @ 7.0% cap · market cap 6.51%

Theoretical Best

Office A

$3.14M

$2.74M – $3.66M (±1% cap)

NOI $219,465 @ 7.0% cap · market cap 9.98%

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

Property Profile Location Intelligence

Current Use by Public Records

Storefront properties

Suggested Use

Location Insight

Map
Local Demand

City: Lexington
County: Fayette
State: Kentucky
Longitude: -84.4768
Latitude: 38.07

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For sale
Retail properties & Spaces
KY
Lexington
40505
254 East New Circle Road

What type of property is this?

Retail property - 15,048 SF retail building with drive-thru on 2.19 acres.

Where is this retail property located?

The property is located at 254 East New Circle Road Lexington, KY.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: High‑traffic location on New Circle Road (36,658 VPD) with strong retail synergy.; Free‑standing 15,048 SF building, originally built for Walgreens, offering adaptability.; Existing drive‑thru provides added convenience.