Building Details

Year Built 2014

Buildings 1

Listing Agency: RE/MAX Creative Realty

Listed By: Lake Cumberland Real Estate Professional Show Phone

Source: Lakecumberlandky

Added: Jul 27 Changed: Oct 15 Last Checked: Oct 16 at 8:35AM

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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.

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 / Yr

$86,122

Cap Rate

3.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,722,440 $1.7M

Cap Rate 7%

$1,230,314 $1.2M

Cap Rate 9%

$956,911 $956.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,378 SF

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 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 (±1% cap)

NOI $86,122 @ 7.0% cap · market cap 3.31%

Second Best

Office B

$1.18M

$1.04M – $1.38M (±1% cap)

NOI $82,940 @ 7.0% cap · market cap 3.19%

Theoretical Best

Specialty Retail

$1.60M

$1.40M – $1.86M (±1% cap)

NOI $111,838 @ 7.0% cap · market cap 4.30%

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

Property Analytics

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Current Use

Lake Cumberland Lung ... Medical Clinic DREZ one Medical Clinic

Suggested Use

Top Pick Electrical Service Big Box & Wholesale Store Garden Center Building Supply Kitchen & Bath Showroom Catering Service

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

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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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