Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    101 Irvin Phelps Road Somerset, KY 42501

    View on Map
    Claim this Listing
    For Sale
    $169,900

    LAND - Somerset, KY

    Lot size:
    16.72 Acres
    Added:
    Apr 22, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 29 at 1:06 pm

    Property Features for 101 Irvin Phelps Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    107-0-0-01
    Lot size
    16.72 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Edward Purvis

    Listing agent Edward Purvis License #222761

    Listing office Weichert Realtors Ford Brothers, Inc. 1406 South Highway 27, Suite A Weichert Realtor Ford Brothers, Somerset, KY

    Listing date Apr 22, 2026

    MLS# 26008677 Listing URL

    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.

    Overview

    Land with Woodland and Privacy

    This 16.72-acre property features a mix of cleared land and woodland, offering privacy and wildlife. Located minutes from Somerset and the Omega Boat Ramp, the land is accessible via well-maintained roads and includes several trails suitable for walking. A new survey has been completed to clearly define property lines. Utilities are available at the road, and a storage shed is included. While the water meter has been removed, all components for installing a new meter remain. A well is also located on the property, previously used before public water was installed. According to the owner, the property has been approved for a standard septic tank. An additional joining 26 acres is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Hotel & Motel Bed & Breakfast Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Somerset
    County
    Pulaski
    State
    Kentucky
    Longitude
    -84.508883
    Latitude
    37.001935

    Nearby Similar for Sale

    • $775,000
      2,784 SF

      Main Street Commercial Building For Sale

      Prime commercial building on Main Street with expansion potential.
      600 N Main Street, Somerset, KY 42501
      View Details
    • $409,900
      2,960 SF

      Commercial Building Investment Opportunity

      Income-producing property with a strong tenant in place.
      162 E Somerset Church Road, Somerset, KY 42503
      View Details
    • $550,000
      8,200 SF

      Somerset Warehouse For Sale/Lease

      8,200 SF warehouse with high ceilings and commercial zoning.
      74 Heritage Drive, Somerset, KY 42501
      View Details
    • $339,000

      Prime Development Land Opportunity

      2.33 acres of commercial land with high traffic exposure.
      1147 W Hwy 80, Somerset, KY 42503
      View Details
    • $599,000

      Prime Development Land Opportunity

      4.7 acres of commercial land with high traffic exposure.
      1147 W Highway 80, Somerset, KY 42503
      View Details
    • $159,900
      3,000 SF

      Somerset Commercial Land Opportunity

      2.16 acre commercial property with two buildings in Somerset, KY.
      625 Clifty Street, Somerset, KY 42503
      View Details
    • $290,000
      9,278 SF

      Somerset Commercial Property For Sale

      Commercial property with ample space for development in Somerset, KY.
      1335 E Mt Vernon Street, Somerset, KY 42501
      View Details
    • $129,900

      Unrestricted Land with Multipurpose Building

      1.41 acres with unfinished building near downtown Somerset, KY.
      86 Rose Point, Somerset, KY 42503
      View Details
    • $338,700
      2,100 SF

      Luxury Townhome Investment Opportunity

      New construction townhomes with luxury finishes and long-term value.
      323 Randolph Street, Somerset, KY 42501
      View Details
    • $599,900

      Prime Unrestricted Land in Somerset

      20.31 acres with highway access and development potential.
      400 Thurman Road, Somerset, KY 42503
      View Details
    • $650,000

      Somerset Commercial Property with Restaurant

      Commercial property featuring a restaurant, warehouse, and storage building.
      143 W Hwy 80, Somerset, KY 42503
      View Details
    • $289,000

      Somerset, KY Development Opportunity

      1.87 acres of land with high traffic exposure.
      1147 W Highway 80, Somerset, KY 42503
      View Details

    FAQs

    What type of property is this?
    Land - 16.72 acres near Somerset with utilities and storage shed.
    Where is this land located?
    The property is located at 101 Irvin Phelps Road Somerset, KY.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Ideal balance of cleared land and woodland, offering both usability and natural beauty.; Conveniently located minutes from Somerset and Omega Boat Ramp.; New survey ensures clear property boundaries.
    (606) 219-5563
    We can help!
    Listing Contact
    Edward Purvis
    Real Estate License ID: 222761
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!