One-Level Brick
New
For Sale
$629,500
30 Melrose Drive, Somerset, KY 42503
Residential Income, Somerset, KY
Property Size5,152 SF
Lot Size0.32 Acres
Price / SF$122.19
Days on Market3
Property Features for 30 Melrose Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 7, Bedroom 3, Bathroom 1, Bathroom 5, Bedroom 8, Bathroom 6, Bedroom 1, Laundry Room, Bedroom 6, Bathroom 7, Bathroom 8, Bathroom 2, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 4
Parking
8
Subdivision
Melrose Place
Elementary school
Pulaski Co
Middle school
Northern Pulaski
High school
Pulaski Co
Elementary school district
Pulaski County - 45
Middle school district
Pulaski County - 45
High school district
Pulaski County - 45
Directions
From Hwy 27, take E Hwy 80 turning left onto N Hwy 1247. Go through the 4-way stop and Melrose Place will be on your right.
Standard status
Active
APN
060-5-1-38.3
Size
5,152 SF
Lot size
0.32 Acres
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump, Ceiling Fan(s), Central Air
Building Details
Year built
2003
Floors in Building
1
Number of units
4
Roof type
Shingle
Listing Agency:
Lake Cumberland Real Estate Professionals
(606) 677-0059
Listed By:
Nelson B Weaver · License #199828
(606) 305-1549
Added: Sep 30
Last Checked: Oct 2 at 2:06PM
MLS# 26027066
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 5,152-square-foot brick quadplex contains four residences, each measuring 1,288 square feet and configured with two bedrooms and two bathrooms. Built in 2003, the one-level building has high ceilings and tile flooring. Shingle roofing was recently replaced, and two units have new carpet in the bedrooms and living rooms. Heating and cooling are provided by heat pumps, with central air and ceiling fans also listed.
The property occupies a 0.32-acre site at 30 Melrose Drive in Somerset, Kentucky. Cable service is available. The four units may be sold together or individually.
The property occupies a 0.32-acre site at 30 Melrose Drive in Somerset, Kentucky. Cable service is available. The four units may be sold together or individually.
Key Highlights
- Four units, each with 1,288 square feet, two bedrooms and two bathrooms
- 5,152‑square‑foot building on a 0.32‑acre lot
- Single‑level brick construction, built in 2003
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
$39,279
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
6.24%
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%
$785,580
$785.6K
Cap Rate 7%
$561,129
$561.1K
Cap Rate 9%
$436,433
$436.4K
Market Conditions
NOI Build-Up for 5,152 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
$58.7K $11.40/SF
− Vacancy
−$2.6K −$0.51/SF
EGI
$56.1K $10.89/SF
− OpEx
−$16.8K −$3.27/SF
NOI
$39.3K $7.62/SF
Area
Pulaski County, KY
Vacancy
4.46%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$785,580
Cap Rate 7%
$561,129
Cap Rate 9%
$436,433
Alternative Uses
Best Use
Multifamily LT 5
$561.1K
$491.0K – $654.7K
NOI $39,279 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$500.0K
$437.5K – $583.3K
NOI $34,997 @ 7.0% cap · market cap 5.56%
Theoretical Best
Specialty Retail
$877.7K
$768.0K – $1.02M
NOI $61,441 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
99
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separate residences provide a consistent two-bedroom, two-bathroom layout with step-minimized access.
Where is this quadplex located?
The property is located at 30 Melrose Drive Somerset, KY.
What is the asking price?
The asking price for this property is $629,500.
What are key features of this property?
This property features: Four units, each with 1,288 square feet, two bedrooms and two bathrooms; 5,152‑square‑foot building on a 0.32‑acre lot; Single‑level brick construction, built in 2003
