Office Building with Finished
For Sale
$519,900
311 Langdon St, Somerset, KY 42503
Occupied office property near Lake Cumberland Regional Hospital with additional basement space and an established lease in place.
Property Size3,287 SF
Price / SF$158.17
Days on Market216
Property Features for 311 Langdon St
General Information
Standard status
Active
Size
3,287 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
9999
Tenancy
Single
Owner Occupied
No
Listing Agency:
Keller Williams Commonwealth - Somerset
(606) 425-6632
Listed By:
Nathanael Sears
Source:
Centralkyhomefinder
Added: Jan 28
Changed: Aug 31
Last Checked: Sep 1 at 7:44PM
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 Keller Williams Commonwealth - Somerset
Investment Insights
Based on property information with market context.
This office property contains 3,287 square feet of usable space and includes a fully finished basement. The additional lower-level area expands the building’s functional capacity for storage, operations, or other office-related needs. Ample parking is also provided on the property.
The building is immediately adjacent to Lake Cumberland Regional Hospital and sits one block from Highway 27 in Somerset. Its setting places the property near medical and commercial businesses, with direct access to a well-established commercial area.
The property is currently occupied by a national tenant under an existing lease, offering an operating asset with both above-grade office space and finished lower-level utility.
The building is immediately adjacent to Lake Cumberland Regional Hospital and sits one block from Highway 27 in Somerset. Its setting places the property near medical and commercial businesses, with direct access to a well-established commercial area.
The property is currently occupied by a national tenant under an existing lease, offering an operating asset with both above-grade office space and finished lower-level utility.
Key Highlights
- 3,287 square feet of usable office space
- Fully finished basement provides additional functional area
- Immediately adjacent to Lake Cumberland Regional Hospital
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
$29,071
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
5.59%
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%
$581,420
$581.4K
Cap Rate 7%
$415,300
$415.3K
Cap Rate 9%
$323,011
$323.0K
Market Conditions
NOI Build-Up for 3,287 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
$45.0K $13.68/SF
− Vacancy
−$6.2K −$1.89/SF
EGI
$38.8K $11.79/SF
− OpEx
−$9.7K −$2.95/SF
NOI
$29.1K $8.84/SF
Area
Pulaski County, KY
Vacancy
13.80%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
25.00%
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%
$581,420
Cap Rate 7%
$415,300
Cap Rate 9%
$323,011
Alternative Uses
Best Use
Office B
$415.3K
$363.4K – $484.5K
NOI $29,071 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$560.0K
$490.0K – $653.3K
NOI $39,199 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,249
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Occupied office property near Lake Cumberland Regional Hospital with additional basement space and an established lease in place.
Where is this office building located?
The property is located at 311 Langdon St Somerset, KY.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 3,287 square feet of usable office space; Fully finished basement provides additional functional area; Immediately adjacent to Lake Cumberland Regional Hospital
