Flexible Medical Office
For Sale
$2,600,000
305 Medpark Dr, Somerset, KY 42503
Purpose-built facility includes operating rooms, exam areas, and an executive-level office with private access.
Property Size9,378 SF
Price / SF$277.24
Days on Market34
Property Features for 305 Medpark Dr
General Information
Standard status
Active
Size
9,378 SF
Elevators
Yes
Property subtype
Commercial
Amenities
multiple operating rooms
spacious waiting areas
numerous exam rooms
efficient layout
divisible into two suites
hardwood flooring
full bathroom
fireplace
private balcony
sweeping views
Building Details
Year Built
2014
Buildings
1
Listing Agency:
Napier Realtors
(606) 677-0059
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 8:53AM
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 Napier Realtors
Investment Insights
Based on property information with market context.
Built in 2014, this 9,378-square-foot medical office property occupies just under 1.5 acres at 305 MedPark Drive. The facility includes 10-foot ceilings, 8-foot doors, multiple operating rooms, spacious waiting areas, numerous exam rooms, and a layout designed for medical and professional use. A private elevator connects to an upper-level executive office with hardwood flooring, a full bathroom, fireplace, private balcony, and city views.
The building can be configured as two separate suites, supporting multiple occupants or independent practices. Its position in the MedPark West Development, directly behind Lake Cumberland Regional Hospital, places the property within Somerset’s medical corridor.
The building can be configured as two separate suites, supporting multiple occupants or independent practices. Its position in the MedPark West Development, directly behind Lake Cumberland Regional Hospital, places the property within Somerset’s medical corridor.
Key Highlights
- 9,378‑square‑foot medical office building on just under 1.5 acres
- Built in 2014 with 10‑foot ceilings and 8‑foot doors
- Multiple operating rooms, waiting areas, and numerous exam rooms
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
$86,122
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
3.31%
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%
$1,722,440
$1.7M
Cap Rate 7%
$1,230,314
$1.2M
Cap Rate 9%
$956,911
$956.9K
Market Conditions
NOI Build-Up for 9,378 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
$154.2K $16.44/SF
− Vacancy
−$10.6K −$1.13/SF
EGI
$143.5K $15.31/SF
− OpEx
−$57.4K −$6.12/SF
NOI
$86.1K $9.18/SF
Area
Pulaski County, KY
Vacancy
6.90%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
40.00%
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%
$1,722,440
Cap Rate 7%
$1,230,314
Cap Rate 9%
$956,911
Alternative Uses
Best Use
Healthcare Medical
$1.23M
$1.08M – $1.44M
NOI $86,122 @ 7.0% cap · market cap 3.31%
Second Best
Office B
$1.18M
$1.04M – $1.38M
NOI $82,940 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.86M
NOI $111,838 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built facility includes operating rooms, exam areas, and an executive-level office with private access.
Where is this medical office space located?
The property is located at 305 Medpark Dr Somerset, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 9,378‑square‑foot medical office building on just under 1.5 acres; Built in 2014 with 10‑foot ceilings and 8‑foot doors; Multiple operating rooms, waiting areas, and numerous exam rooms
