Building Details

Year Built 1920

Buildings 1

Stories 2

Listing Agency: CENTURY 21 Advantage Realty s***@century21advantage.com Show Phone

Listed By: Kathy Price Sears · License #192818 Show Phone

Source: Mdmitchellrealestate

Added: Jul 16 Changed: Oct 29 Last Checked: Oct 29 at 2:55PM

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Investment Insights

Based on property information with market context.

This renovated, two-story mixed-use property contains 5,000 square feet at 38 Public Square in Somerset. Two entrances provide distinct access, and the upper floor includes a kitchenette with a three-compartment sink and grease trap. An elevator lift serves the building, and the restrooms are ADA-compliant.

Recent improvements include HVAC, electrical and lighting systems, plumbing, roof, flooring, and exterior paint. Hardwood flooring is installed upstairs. The property is located on Public Square in downtown Somerset.

Key Highlights

• 5,000‑square‑foot, two‑story mixed‑use property
• Located at 38 Public Square in Somerset, KY 42501
• Two entrances provide separate access to the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$56,997

Cap Rate

7.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,139,940 $1.1M

Cap Rate 7%

$814,243 $814.2K

Cap Rate 9%

$633,300 $633.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$85.8K $17.16/SF

− Vacancy

−$4.4K −$0.88/SF

EGI

$81.4K $16.28/SF

− OpEx

−$24.4K −$4.89/SF

NOI

$57.0K $11.40/SF

Area

Pulaski County, KY

Vacancy

5.10%

Lease Rate

$17.16 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,139,940

Cap Rate 7%

$814,243

Cap Rate 9%

$633,300

Alternative Uses

Best Use

Retail

$814.2K

$712.5K – $950.0K (±1% cap)

NOI $56,997 @ 7.0% cap · market cap 7.31%

Second Best

Mixed Use

$609.4K

$533.2K – $710.9K (±1% cap)

NOI $42,656 @ 7.0% cap · market cap 5.47%

Theoretical Best

Specialty Retail

$851.8K

$745.4K – $993.8K (±1% cap)

NOI $59,628 @ 7.0% cap · market cap 7.65%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

The Tangerine Moose (Bike/Boat/Book/etc) Store Morrison James Insurance Agency

Suggested Use

Top Pick Kitchen & Bath Showroom HVAC Service (Bike/Boat/Book/etc) Store Skin Care Clinic Acupuncture Florist

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

725

Businesses Nearby

2k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

FedEx Office Print & Ship Center Shops & Services

1,649 visits/mo 0.1 miles

Demographics for 42501, KY

18,047

Population

8,039

Households

2.2

Avg Household Size

43

Median Age

17%

College-Educated

84%

High-School Grad

199.7 sq mi

ZIP Area

90

Density / Sq Mi

$49,449

Median Household Income

$38,121

Median Earnings

$808

Median Rent

$131,400

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story layout with separate access points and an upper-level kitchenette supports a flexible commercial configuration.

Where is this mixed-use property located?

The property is located at 38 Public Square 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: 5,000‑square‑foot, two‑story mixed‑use property; Located at 38 Public Square in Somerset, KY 42501; Two entrances provide separate access to the building