Industrial Land with
For Sale
$995,000
331-341 Henry St, Lexington, KY 40508
I-1-zoned property includes office, warehouse, basement, and grain-processing improvements.
Property Size10,496 SF
Price / SF$94.80
Days on Market307
Property Features for 331-341 Henry St
General Information
Standard status
Active
Size
10,496 SF
Property subtype
Land
Zoning
I-1
Amenities
Power
Water
Sewer
Listing Agency:
NAI Isaac
Listed By:
Bruce Isaac · License #27876
(859) 221-4438
Source:
Kcrea.resimplifi
Added: Dec 11, 2025
Changed: Oct 6
Last Checked: Oct 12 at 4:34PM
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 NAI Isaac
Investment Insights
Based on property information with market context.
Located at 331-341 Henry St in Lexington, this I-1 Light Industrial property comprises +/-10,496 SF of office and warehouse space, along with a +/-1,148 SF basement. The site includes a +/-2,000 SF steel building with private offices, restrooms, and drive-thru garage space. Existing operations include grain handling, processing equipment, a multi-story grain elevator, and a 100,000 bushel cylindrical grain silo. A digital tractor-trailer scale legal for trade is also in place.
The property occupies +/-0.93 AC within Lexington’s industrial and mixed-use corridor near the CBD. It is positioned close to Main Street, Short Street, Broadway, New Circle Road, and I-75, with surrounding multifamily and mixed-use development. The site is within an Opportunity Zone and has an adaptive reuse overlay option, supporting commercial and general-purpose business uses identified in the property information.
The property occupies +/-0.93 AC within Lexington’s industrial and mixed-use corridor near the CBD. It is positioned close to Main Street, Short Street, Broadway, New Circle Road, and I-75, with surrounding multifamily and mixed-use development. The site is within an Opportunity Zone and has an adaptive reuse overlay option, supporting commercial and general-purpose business uses identified in the property information.
Key Highlights
- +/-10,496 SF of office and warehouse space plus a +/-1,148 SF basement
- +/-0.93 AC site at 331‑341 Henry St in Lexington
- +/-2,000 SF steel building with private offices, restrooms, and drive‑thru garage space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,752
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,675,040
$1.7M
Cap Rate 7%
$1,196,457
$1.2M
Cap Rate 9%
$930,578
$930.6K
Market Conditions
NOI Build-Up for 10,496 SF
Gross rent
$138.5K $13.20/SF
− Vacancy
−$9.7K −$0.92/SF
EGI
$128.8K $12.28/SF
− OpEx
−$45.1K −$4.30/SF
NOI
$83.8K $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%
$1,675,040
Cap Rate 7%
$1,196,457
Cap Rate 9%
$930,578
Alternative Uses
Best Use
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,752 @ 7.0% cap · market cap 8.42%
Second Best
Warehouse
$1.08M
$943.5K – $1.26M
NOI $75,477 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,077 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Explore this area
Business Placement
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial land - I-1-zoned property includes office, warehouse, basement, and grain-processing improvements.
Where is this industrial land located?
The property is located at 331-341 Henry St Lexington, KY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: +/-10,496 SF of office and warehouse space plus a +/-1,148 SF basement; +/-0.93 AC site at 331‑341 Henry St in Lexington; +/-2,000 SF steel building with private offices, restrooms, and drive‑thru garage space
