Building Details

Buildings 5

Tenancy Multi

Construction solid masonry, metal

Listing Agency: Weichert Commercial Brokerage Inc

Listed By: Matt Ford · License #KY 200610 Show Phone

Source: Crexi

Added: Aug 21 Changed: Oct 1 Last Checked: Oct 16 at 8:11AM

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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 Commercial Brokerage Inc

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Investment Insights

Based on property information with market context.

This flex space property comprises approximately 46,800 square feet of finished building area across several structures on approximately 9 acres. Improvements include a 21,200-square-foot solid-masonry industrial building, an 11,000-square-foot metal commercial building, a 6,600-square-foot retail and sales building constructed in 2004, a 4,000-square-foot commercial building, and a 4,000-square-foot metal garage. The buildings feature slab foundations and gable-style roofs, with heating provided by heat pump and gas systems. Several structures also contain office or restroom areas.

The property fronts Highway 27 in Somerset, Kentucky, providing a substantial commercial and industrial footprint along a major corridor. The combination of finished buildings and acreage supports a range of existing operational configurations, including manufacturing, warehousing, retail, equipment storage, distribution, automotive, and general business uses, subject to verification of zoning and permitted uses.

Key Highlights

• Approximately 9 acres with Highway 27 frontage
• Approximately 46,800 SF of finished building space
• 21,200 SF solid‑masonry industrial building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$275,838

Cap Rate

8.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,516,760 $5.5M

Cap Rate 7%

$3,940,543 $3.9M

Cap Rate 9%

$3,064,867 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 46,800 SF

Gross rent

$348.2K $7.44/SF

− Vacancy

−$23.7K −$0.51/SF

EGI

$324.5K $6.93/SF

− OpEx

−$48.7K −$1.04/SF

NOI

$275.8K $5.89/SF

Area

Pulaski County, KY

Vacancy

6.80%

Lease Rate

$7.44 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,516,760

Cap Rate 7%

$3,940,543

Cap Rate 9%

$3,064,867

Alternative Uses

Best Use

Retail

$7.62M

$6.67M – $8.89M (±1% cap)

NOI $533,491 @ 7.0% cap · market cap 16.67%

Second Best

Flex RnD

$4.78M

$4.18M – $5.58M (±1% cap)

NOI $334,742 @ 7.0% cap · market cap 10.46%

Theoretical Best

Specialty Retail

$7.97M

$6.98M – $9.30M (±1% cap)

NOI $558,117 @ 7.0% cap · market cap 17.44%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Cornett Racing Engines Auto Repair Shop

Suggested Use

Top Pick Building Supply Garden Center Carpet & Flooring Store Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

373

Businesses Nearby

Balanced

Demand for This Use

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

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Highway-oriented commercial property combining industrial, warehouse, garage, and retail improvements across multiple structures.

Where is this flex space located?

The property is located at 1647 South Highway 27 Somerset, KY.

What is the asking price?

The asking price for this property is $3,200,000.

What are key features of this property?

This property features: Approximately 9 acres with Highway 27 frontage; Approximately 46,800 SF of finished building space; 21,200 SF solid‑masonry industrial building