Brick Building with Flexible
For Sale
$199,900
301 W Mt Vernon Street, Somerset, KY 42501
COMMERCIAL - Somerset, KY
Property Size1,302 SF
Lot Size1.00 Acre
Price / SF$153.53
Days on Market212
Property Features for 301 W Mt Vernon Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Rooms
Basement
Basement
Unfinished
Subdivision
Downtown Area
Directions
From Ogden going towards downtown Somerset- Past S. Richardson turn Right into Driveway.
Standard status
Active
APN
061-4-8-33
Size
1,302 SF
Lot size
1.00 Acre
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Heat Pump
Building Details
Year built
1970
Floors in Building
1
Building materials
Brick
Listing Agency:
Lake Homes Realty
(866) 525-3466
Listed By:
Susan W Alderdice
(606) 305-1226
Added: Jan 30
Changed: Aug 4
Last Checked: Aug 30 at 7:06PM
MLS# 26001943
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Brick building within city limits with immediate possession available and flexible residential or commercial use potential. Interior features include hardwood floors, along with a covered side porch.
The property includes a separate one-car garage and a basement with both interior and exterior access, providing additional storage or usable space. Zoning is listed as B-1.
Overall, the configuration supports multiple ways to utilize the space, with dedicated parking through the one-car garage and added room in the basement for storage or day-to-day use.
The property includes a separate one-car garage and a basement with both interior and exterior access, providing additional storage or usable space. Zoning is listed as B-1.
Overall, the configuration supports multiple ways to utilize the space, with dedicated parking through the one-car garage and added room in the basement for storage or day-to-day use.
Key Highlights
- Brick building built in 1970 with residential or commercial flexibility within city limits
- Hardwood floors and a covered side porch
- Basement offers additional storage or usable space with both interior and exterior access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,844
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$176,880
$176.9K
Cap Rate 7%
$126,343
$126.3K
Cap Rate 9%
$98,267
$98.3K
Market Conditions
NOI Build-Up for 1,302 SF
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.
Gross rent
$16.9K $12.96/SF
− Vacancy
−$793 −$0.61/SF
EGI
$16.1K $12.35/SF
− OpEx
−$7.2K −$5.56/SF
NOI
$8.8K $6.79/SF
Area
Pulaski County, KY
Vacancy
4.70%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$176,880
Cap Rate 7%
$126,343
Cap Rate 9%
$98,267
Alternative Uses
Best Use
Apartment 5plus
$126.3K
$110.6K – $147.4K
NOI $8,844 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$221.8K
$194.1K – $258.8K
NOI $15,527 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 42501, KY
18,047
Population
8,039
Households
2.2
Avg Household Size
43
Median Age
17%
College-Educated
84%
High-School Grad
199.7 sq mi
ZIP Area
90
Density / Sq Mi
$49,449
Median Household Income
$38,121
Median Earnings
$808
Median Rent
$131,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Brick building within city limits offering flexible residential or commercial use with hardwood floors and basement access.
Where is this single family property located?
The property is located at 301 W Mt Vernon Street Somerset, KY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Brick building built in 1970 with residential or commercial flexibility within city limits; Hardwood floors and a covered side porch; Basement offers additional storage or usable space with both interior and exterior access
