Medical Office Space with Reception
For Sale
$225,000
357 Langdon St, Somerset, KY 42503
Medical office space with a reception area, three private offices, restroom, and kitchen, recently updated with new roof and siding.
Property Size1,315 SF
Price / SF$171.10
Days on Market79
Property Features for 357 Langdon St
General Information
Standard status
Active
Size
1,315 SF
Property subtype
Commercial
Building Details
Buildings
1
Listing Agency:
Weichert Realtors Ford Brothers, Inc.
Listed By:
Sarah Adkisson · License #265293
(606) 255-6321
Source:
Centralkyhomesforsale
Added: Jul 2
Changed: Sep 10
Last Checked: Sep 18 at 7:30AM
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 Weichert Realtors Ford Brothers, Inc.
Investment Insights
Based on property information with market context.
Medical Office Space offering a reception area, three private offices, a restroom, and a kitchen, plus an open area previously used as a conference room. The property is 1,315 square feet and has been recently updated with a new roof and siding.
The building is situated directly behind Kroger in a high-visibility, high-traffic commercial area. It is just two minutes from Lake Cumberland Regional Hospital, within a concentrated corridor of medical and professional offices.
The existing layout supports day-to-day client visits and administrative functions, with flexible space that can be used for meetings, additional workspace, or client-facing needs.
The building is situated directly behind Kroger in a high-visibility, high-traffic commercial area. It is just two minutes from Lake Cumberland Regional Hospital, within a concentrated corridor of medical and professional offices.
The existing layout supports day-to-day client visits and administrative functions, with flexible space that can be used for meetings, additional workspace, or client-facing needs.
Key Highlights
- 1,315‑square‑foot medical office space
- Reception area plus three private offices
- Open area previously used as a conference room
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
$12,076
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
5.37%
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%
$241,520
$241.5K
Cap Rate 7%
$172,514
$172.5K
Cap Rate 9%
$134,178
$134.2K
Market Conditions
NOI Build-Up for 1,315 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
$21.6K $16.44/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$20.1K $15.31/SF
− OpEx
−$8.1K −$6.12/SF
NOI
$12.1K $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%
$241,520
Cap Rate 7%
$172,514
Cap Rate 9%
$134,178
Alternative Uses
Best Use
Healthcare Medical
$172.5K
$151.0K – $201.3K
NOI $12,076 @ 7.0% cap · market cap 5.37%
Second Best
Office B
$166.1K
$145.4K – $193.8K
NOI $11,630 @ 7.0% cap · market cap 5.17%
Theoretical Best
Specialty Retail
$224.0K
$196.0K – $261.4K
NOI $15,682 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,336
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 Office Space - Medical office space with a reception area, three private offices, restroom, and kitchen, recently updated with new roof and siding.
Where is this medical office space located?
The property is located at 357 Langdon St Somerset, KY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,315‑square‑foot medical office space; Reception area plus three private offices; Open area previously used as a conference room
