Office Building with Finished
For Sale
$519,900
311 Langdon Street, Somerset, KY 42503
Commercial Sale, Somerset, KY
Property Size3,287 SF
Lot Size0.60 Acres
Price / SF$158.17
Days on Market132
Property Features for 311 Langdon Street
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
Downtown
Directions
Located on the Northeast Corner of Langdon Street and Hospital Drive
Standard status
Active
APN
061-4-1-28
Size
3,287 SF
Lot size
0.60 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Listing Agency:
Keller Williams Commonwealth - Somerset · Keller Williams Realty
(859) 721-2121
Listed By:
Nathanael Sears
(606) 425-6632
Added: May 14
Changed: Sep 6
Last Checked: Sep 22 at 11:06AM
MLS# 26010942
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 office property contains 3,287 square feet of building area on a 0.6-acre parcel. The main facility includes a finished basement that adds usable space for storage, business operations, or future reconfiguration. Heating and cooling are provided by a heat pump, and the property is served by public sewer.
The building sits immediately adjacent to Lake Cumberland Regional Hospital and one block from Highway 27 in Somerset. Its setting places the property near established medical and commercial activity, with ample parking identified on site. The property is occupied by a national tenant under an existing lease, providing an established operating profile for an office-building buyer.
The building sits immediately adjacent to Lake Cumberland Regional Hospital and one block from Highway 27 in Somerset. Its setting places the property near established medical and commercial activity, with ample parking identified on site. The property is occupied by a national tenant under an existing lease, providing an established operating profile for an office-building buyer.
Key Highlights
- 3,287‑square‑foot office building on a 0.6‑acre parcel
- Finished basement provides additional usable space
- Immediately adjacent to Lake Cumberland Regional Hospital
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
$29,071
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
5.59%
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%
$581,420
$581.4K
Cap Rate 7%
$415,300
$415.3K
Cap Rate 9%
$323,011
$323.0K
Market Conditions
NOI Build-Up for 3,287 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
$45.0K $13.68/SF
− Vacancy
−$6.2K −$1.89/SF
EGI
$38.8K $11.79/SF
− OpEx
−$9.7K −$2.95/SF
NOI
$29.1K $8.84/SF
Area
Pulaski County, KY
Vacancy
13.80%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
25.00%
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%
$581,420
Cap Rate 7%
$415,300
Cap Rate 9%
$323,011
Alternative Uses
Best Use
Office B
$415.3K
$363.4K – $484.5K
NOI $29,071 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$560.0K
$490.0K – $653.3K
NOI $39,199 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Finished lower-level space expands storage and operational flexibility for the office property.
Where is this office building located?
The property is located at 311 Langdon Street Somerset, KY.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 3,287‑square‑foot office building on a 0.6‑acre parcel; Finished basement provides additional usable space; Immediately adjacent to Lake Cumberland Regional Hospital
