Medical Office Building with Executive
For Sale
$2,600,000
305 Medpark Drive, Somerset, KY 42503
COMMERCIAL - Somerset, KY
Property Size9,378 SF
Lot Size1.49 Acres
Price / SF$277.24
Days on Market51
Property Features for 305 Medpark Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Directions
From Somerset take West Highway 80 for a half mile and turn left onto Hail Knob Road. Follow for 1/4 mile and turn right onto MedPark Drive. Property is located at the end of the road at the top of the hill on the right.
Subdivision
902 - Southwest Pulaski County
Standard status
Active
APN
061-2-1-38.3
Size
9,378 SF
Lot size
1.49 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2014
Roof type
Metal
Listing Agency:
CENTURY 21 Advantage Realty
(606) 451-1021
Listed By:
James T Wilson
(606) 875-5904
Added: Jul 20
Changed: Aug 4
Last Checked: Sep 8 at 2:06PM
MLS# 26019891
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.
This medical office building offers a specialized interior with 10-foot ceilings and 8-foot doors, including multiple operating rooms, spacious waiting areas, and numerous exam rooms arranged in an efficient layout. The design allows the building to be divided into two separate suites, supporting multiple occupants or independent practices.
The property is located in the MedPark West Development, positioned just behind Lake Cumberland Regional Hospital in Somerset, KY. An upper-level executive office is accessible via a private elevator and includes hardwood flooring, a full bathroom, a fireplace, and a private balcony with views over the city.
The building sits on approximately 1.49 acres and totals 9,378 square feet, with zoning noted as C.
The property is located in the MedPark West Development, positioned just behind Lake Cumberland Regional Hospital in Somerset, KY. An upper-level executive office is accessible via a private elevator and includes hardwood flooring, a full bathroom, a fireplace, and a private balcony with views over the city.
The building sits on approximately 1.49 acres and totals 9,378 square feet, with zoning noted as C.
Key Highlights
- 2014‑built medical office building in MedPark West development, located just behind Lake Cumberland Regional Hospital
- On just under 1.5 acres with public water available and public sewer
- Interior includes 10‑foot ceilings and 8‑foot doors, with multiple operating rooms, spacious waiting areas, and numerous exam rooms
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
$86,122
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
3.31%
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%
$1,722,440
$1.7M
Cap Rate 7%
$1,230,314
$1.2M
Cap Rate 9%
$956,911
$956.9K
Market Conditions
NOI Build-Up for 9,378 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
$154.2K $16.44/SF
− Vacancy
−$10.6K −$1.13/SF
EGI
$143.5K $15.31/SF
− OpEx
−$57.4K −$6.12/SF
NOI
$86.1K $9.18/SF
Area
Pulaski County, KY
Vacancy
6.90%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
40.00%
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%
$1,722,440
Cap Rate 7%
$1,230,314
Cap Rate 9%
$956,911
Alternative Uses
Best Use
Healthcare Medical
$1.23M
$1.08M – $1.44M
NOI $86,122 @ 7.0% cap · market cap 3.31%
Second Best
Office B
$1.18M
$1.04M – $1.38M
NOI $82,940 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.86M
NOI $111,838 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 42503, KY
24,670
Population
11,588
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
85%
High-School Grad
129.5 sq mi
ZIP Area
191
Density / Sq Mi
$53,377
Median Household Income
$35,319
Median Earnings
$873
Median Rent
$198,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with multiple exam and operating rooms, designed to divide into two suites and served by a private elevator.
Where is this medical office space located?
The property is located at 305 Medpark Drive Somerset, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 2014‑built medical office building in MedPark West development, located just behind Lake Cumberland Regional Hospital; On just under 1.5 acres with public water available and public sewer; Interior includes 10‑foot ceilings and 8‑foot doors, with multiple operating rooms, spacious waiting areas, and numerous exam rooms
