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 Market254
Property Features for 4976 Old Versailles Rd
General Information
Standard status
Pending
Size
3,200 SF
Zoning
B-1
Additional Details
Drive-In Doors
1
Listing Agency:
ERA Select Real Estate
(859) 621-2576
Listed By:
Colby W Davis · License #215697
(859) 621-2576
Source:
Exprealty
Added: Nov 18, 2025
Changed: Jul 10
Last Checked: Jul 30 at 5:38PM
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
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 For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.2k | $13.20 |
| − Vacancy | −$3.0k | −$0.92 |
| EGI | $39.3k | $12.28 |
| − OpEx | −$13.7k | −$4.30 |
| NOI | $25.5k | $7.98 |
3,200 SF · lease $13.20/SF/yr · vacancy 7.00% · expense 35.00%
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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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
