Medical Office Building with Two
For Sale
$2,600,000
305 Medpark Drive, Somerset, KY 42503
Commercial Sale, Somerset, KY
Property Size9,378 SF
Lot Size1.49 Acres
Price / SF$277.24
Days on Market69
Property Features for 305 Medpark Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Directions
From Somerset take West Highway 80 for a half mile and turn left onto Hail Knob Road. Follow for 1/4 mile and turn right onto MedPark Drive. Property is located at the end of the road at the top of the hill on the right.
Subdivision
902 - Southwest Pulaski County
Standard status
Active
APN
061-2-1-38.3
Size
9,378 SF
Lot size
1.49 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
operating rooms
waiting areas
exam rooms
fireplace
private balcony
sweeping views
Building Details
Year built
2014
Roof type
Metal
Listing Agency:
CENTURY 21 Advantage Realty
(606) 451-1021
Listed By:
James T Wilson
(606) 875-5904
Added: Jul 20
Changed: Sep 12
Last Checked: Sep 26 at 2:06PM
MLS# 26019891
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.
Built in 2014, this 9,378-square-foot medical office building sits on 1.49 acres in the MedPark West Development behind Lake Cumberland Regional Hospital. The facility includes 10-foot ceilings, 8-foot doors, multiple operating rooms, waiting areas, and numerous exam rooms. Its layout can be separated into two suites, supporting multiple occupants or independent practices. An upper-level executive office is served by a private elevator and includes hardwood flooring, a full bathroom, fireplace, and private balcony.
The property is located at 305 MedPark Drive in Somerset, Kentucky, within a medical corridor and near Lake Cumberland Regional Hospital. Building systems include electric heating, central air, water availability, public sewer, and a metal roof. C zoning is identified for the property.
The property is located at 305 MedPark Drive in Somerset, Kentucky, within a medical corridor and near Lake Cumberland Regional Hospital. Building systems include electric heating, central air, water availability, public sewer, and a metal roof. C zoning is identified for the property.
Key Highlights
- 9,378‑square‑foot medical office building completed in 2014
- 1.49‑acre site in MedPark West Development
- Layout can be divided into two separate suites
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
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Open Analytics
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
804
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical center - Flexible healthcare facility with specialized rooms, executive amenities, and central air conditioning.
Where is this medical center located?
The property is located at 305 Medpark Drive 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 completed in 2014; 1.49‑acre site in MedPark West Development; Layout can be divided into two separate suites
