Highway 27 Restaurant Investment
799 South Highway 27, Somerset, KY 42501
Restaurant property with tenant in growing Somerset community.
Type:Lots/Land
Property size:
2,900 SFLot size:
0.43 AcresPrice / SF:
$205/SF- Added:
- Aug 31, 2020
- Days on Market:
- 2102
- Last Refresh:
- May 19 at 9:26 pm
Property Features for 799 South Highway 27
General Information
- Standard status
- Active
- Size
- 2,900 SF
- Lot size
- 0.43 Acres
- Property subtype
- Lots/Land
Listing agent Sue Thompson License #221308 (606) 682-5770
Listing office WEICHERT REALTORS - Ford Brothers (606) 682-5770
Listing date Aug 31, 2020
Source Exitrealty
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 WEICHERT REALTORS - Ford Brothers
HighLights
- Prime commercial property with established tenant (Wasabi Japanese and Mexican Cuisine) who wishes to remain.
- Located on Somerset's South Hwy 27, offering great visibility.
- Investment opportunity: Land and building included.
- Built in 2008 with over 2900 square feet of space.
- Recent updates: Roof replaced in fall of 2021 along with siding.
- Features include: 2 HVAC units, security system, 1 large kitchen, refrigerated room, and large dining room.
Overview
This commercial property, built in 2008, presents an investment opportunity. The property is located on South Highway 27 in Somerset, offering high visibility. The building spans over 2900 square feet and features a large dining room and a large kitchen, along with a refrigerated room and a security system. It is equipped with 2 HVAC units. The roof and siding were replaced in the fall of 2021. Currently, the property is home to Wasabi Japanese and Mexican Cuisine, with a tenant who wishes to remain. This property is located in a growing community.
Local Financial Insights For Specialty Retail
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 | $47.7k | $16.44 |
| − Vacancy | −$1.6k | −$0.54 |
| EGI | $46.1k | $15.90 |
| − OpEx | −$11.5k | −$3.98 |
| NOI | $34.6k | $11.93 |
2,900 SF · lease $16.44/SF/yr · vacancy 3.28% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$494.1K
$432.3K – $576.4K
NOI $34,584 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Wasabi Express
Restaurant
Similar Places Nearby
- Firehouse Subs Somerset — 525 S Hwy 27, Somerset, KY 42501
- Downtown Deli — 58 Public Square, Somerset, KY 42501
Location Insight
- Map
- Local Demand
- City
- Somerset
- County
- Pulaski
- State
- Kentucky
- Longitude
- -84.61782
- Latitude
- 37.081745
Nearby Similar for Sale
FAQs
What type of property is this?
Restaurant - Restaurant property with tenant in growing Somerset community.
Where is this restaurant located?
The property is located at 799 South Highway 27 Somerset, KY.
What is the asking price?
The asking price for this property is $595,900.
What are key features of this property?
This property features: Prime commercial property with established tenant (Wasabi Japanese and Mexican Cuisine) who wishes to remain.; Located on Somerset's South Hwy 27, offering great visibility.; Investment opportunity: Land and building included.
