Updated Flex
For Sale
$399,900
Pending
4976 Old Versailles Rd, Lexington, KY 40510
B-1 zoned flex warehouse for sale with updated roof, improved floor system, and gas heat/central air.
Property Size3,200 SF
Days on Market355
Property Features for 4976 Old Versailles Rd
General Information
Standard status
Pending
Size
3,200 SF
Zoning
B-1
Site & Location
Neighborhood
Westmorland Nghd Assoc
Additional Details
Drive-In Doors
1
Listing Agency:
ERA Select Real Estate
(859) 285-2970
Listed By:
Colby W Davis · License #215697
(859) 621-2576
Source:
Exprealty
Added: Nov 17, 2025
Changed: Oct 26
Last Checked: Nov 4 at 5:30PM
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 ERA Select 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.
4976 Old Versailles Rd is a flex warehouse with approximately 3,200 square feet of finished space plus additional unfinished storage. The building features an updated open concept layout supported by steel beams, along with gas heat and central air. Several key improvements are noted, including a roof that is about two years old and an updated floor system. In addition to the finished areas, the property offers space for storage needs and includes a small drive-in door to support more practical day-to-day operations.
The property is located conveniently behind the Bluegrass Airport/Keeneland and is described as minutes from Man 'O War Blvd and downtown Versailles. Access is also noted to Downtown Lexington/New Circle Rd and I-64/I-75.
With B-1 zoning and a layout that combines finished warehouse space with additional unfinished storage, this offering can suit a range of light industrial and flexible users. The seller would entertain owner financing, which may be useful for qualified buyers seeking an alternative to traditional lending terms.
The property is located conveniently behind the Bluegrass Airport/Keeneland and is described as minutes from Man 'O War Blvd and downtown Versailles. Access is also noted to Downtown Lexington/New Circle Rd and I-64/I-75.
With B-1 zoning and a layout that combines finished warehouse space with additional unfinished storage, this offering can suit a range of light industrial and flexible users. The seller would entertain owner financing, which may be useful for qualified buyers seeking an alternative to traditional lending terms.
Key Highlights
- About 3,200 SF flex warehouse located behind Bluegrass Airport/Keeneland
- B‑1 zoning
- 2‑year‑old roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,534
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,680
$510.7K
Cap Rate 7%
$364,771
$364.8K
Cap Rate 9%
$283,711
$283.7K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$42.2K $13.20/SF
− Vacancy
−$3.0K −$0.92/SF
EGI
$39.3K $12.28/SF
− OpEx
−$13.7K −$4.30/SF
NOI
$25.5K $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%
$510,680
Cap Rate 7%
$364,771
Cap Rate 9%
$283,711
Alternative Uses
Best Use
Flex RnD
$364.8K
$319.2K – $425.6K
NOI $25,534 @ 7.0% cap · market cap 6.39%
Second Best
Warehouse
$328.7K
$287.6K – $383.5K
NOI $23,011 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$666.7K
$583.4K – $777.8K
NOI $46,670 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40510, KY
1,562
Population
426
Households
3.7
Avg Household Size
38
Median Age
27%
College-Educated
82%
High-School Grad
22.7 sq mi
ZIP Area
69
Density / Sq Mi
$155,625
Median Household Income
$23,250
Median Earnings
$725,000
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
Frequently Asked Questions
What type of property is this?
Flex space - B-1 zoned flex warehouse for sale with updated roof, improved floor system, and gas heat/central air.
Where is this flex space located?
The property is located at 4976 Old Versailles Rd Lexington, KY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: About 3,200 SF flex warehouse located behind Bluegrass Airport/Keeneland; B‑1 zoning; 2‑year‑old roof
