Renovated Commercial Building in
38 Public Square East Mt. Vernon Street, Somerset, KY 42501
COMMERCIAL - Somerset, KY
Property size:
5,000 SFPrice / SF:
$155/SF- Added:
- Nov 3, 2025
- Days on Market:
- 194
- Last Refresh:
- May 16 at 1:06 am
Property Features for 38 Public Square East Mt. Vernon Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- R-1C
- Security features
- Security System
- Standard status
- Active
- APN
- 061-7-1-03
- Size
- 5,000 SF
Utilities
- Utilities
- Water Available
- Sewer type
- Public Sewer
- Heating system
- Heat Pump (Heating), Natural Gas, Zoned
- Cooling system
- Ceiling Fan(s), Multi Units, Gas (Cooling), Heat Pump
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Building materials
- Brick
- Roof type
- Rubber
Listing agent Kathy Price Sears License #192818 (606) 875-2120
Listing office CENTURY 21 Advantage Realty 3765 S Hwy 27, Somerset, KY (606) 451-1021
Listing date Nov 3, 2025
MLS# 25505433
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.
HighLights
- Prime downtown location on the square with high visibility and traffic.
- Fully renovated with new HVAC, electric, plumbing, roof, and flooring.
- 5,000 sq ft, two‑story building suitable for various business concepts.
- Two separate entrances allow for dual business or multiple tenants.
- Second‑level kitchenette with 3‑compartment sink and grease trap for food service.
- Elevator lift and ADA‑compliant restrooms ensure accessibility.
Overview
This 5,000 square foot, two-story commercial property is located directly on the square in the center of Somerset, Kentucky. The late 1800's building has been fully renovated, combining historic character with modern functionality. The property offers high visibility with substantial daily traffic and is positioned to benefit from tourism and annual city festivals. Renovations include new HVAC, electric and lighting, plumbing, roof, and exterior paint. The flooring has been updated on both levels, featuring hardwood upstairs. An elevator lift has been installed for accessibility, and ADA-compliant restrooms are included. The building is designed for versatility, featuring two separate entrances suitable for a dual business concept, mixed-use development, or multiple tenants. The second level includes a full kitchenette equipped with a 3-compartment sink and grease trap, making it suitable for food service, events, or additional revenue streams. The property is zoned R-1C and is located in Pulaski County.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$662.5K
NOI $59,628 @ 9.00% cap · cautious / downside scenario
Moderate
$851.8K
NOI $59,628 @ 7.00% cap · market / base-case scenario
Aggressive
$1.19M
NOI $59,628 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.2k | $16.44 |
| − Vacancy | −$2.7k | −$0.54 |
| EGI | $79.5k | $15.90 |
| − OpEx | −$19.9k | −$3.98 |
| NOI | $59.6k | $11.93 |
5,000 SF · lease $16.44/SF/yr · vacancy 3.28% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$851.8K
$745.4K – $993.8K
NOI $59,628 @ 7.0% cap · market cap 7.65%
Second Best
Retail
$814.2K
$712.5K – $950.0K
NOI $56,997 @ 7.0% cap · market cap 7.31%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Storefront properties
Map
- City
- Somerset
- County
- Pulaski
- State
- Kentucky
- Longitude
- -84.604419
- Latitude
- 37.092684
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Historic building with modern upgrades in downtown Somerset, Kentucky.
Where is this mixed-use property located?
The property is located at 38 Public Square East Mt. Vernon Street Somerset, KY.
What is the asking price?
The asking price for this property is $779,900.
What are key features of this property?
This property features: Prime downtown location on the square with **high visibility and traffic.**; **Fully renovated** with new HVAC, electric, plumbing, roof, and flooring.; 5,000 sq ft, two‑story building suitable for various business concepts.
