Renovated Two-Story Mixed-Use
For Sale
$779,900
38 Public Square, Somerset, KY 42501
Commercial Sale, Somerset, KY
Property Size5,000 SF
Price / SF$155.98
Days on Market347
Property Features for 38 Public Square
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1C
Zoning description
22
Security features
Security System
Subdivision
Somerset City
Directions
East Mt. Vernon Street to Public square, building is to the left of Citizens National Bank
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
Multi Units, Gas (Cooling), Heat Pump, Ceiling Fan(s)
Building Details
Year built
1920
Floors in Building
2
Building materials
Brick
Roof type
Rubber
Listing Agency:
CENTURY 21 Advantage Realty
(606) 451-1021
Listed By:
Kathy Price Sears · License #192818
(606) 875-2120
Added: Nov 3, 2025
Changed: Oct 12
Last Checked: Oct 16 at 3:06PM
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.
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Investment Insights
Based on property information with market context.
This two-story mixed-use property provides 5,000 square feet of renovated commercial space at 38 Public Square in Somerset. The brick building features separate entrances, new HVAC, electrical and lighting systems, plumbing, flooring, exterior paint, and a rubber roof. Hardwood flooring is installed on the second level, which also includes a kitchenette with a 3-compartment sink and grease trap. An elevator lift supports accessibility, while ADA-compliant restrooms serve the property.
The building sits directly on the public square in the center of town, placing it within Somerset’s downtown setting. Public water is available, and the property is connected to public sewer. Heating includes zoned heat pumps and natural gas, with cooling provided by multiple heat pump units, gas, and ceiling fans. The property is zoned R-1C.
The building sits directly on the public square in the center of town, placing it within Somerset’s downtown setting. Public water is available, and the property is connected to public sewer. Heating includes zoned heat pumps and natural gas, with cooling provided by multiple heat pump units, gas, and ceiling fans. The property is zoned R-1C.
Key Highlights
- 5,000‑square‑foot, two‑story brick mixed‑use property
- Two separate entrances support multiple business or tenant configurations
- Second‑level kitchenette includes a 3‑compartment sink and grease trap
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
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
NOI $56,997 @ 7.0% cap · market cap 7.31%
Second Best
Mixed Use
$609.4K
$533.2K – $710.9K
NOI $42,656 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$851.8K
$745.4K – $993.8K
NOI $59,628 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Grease trap
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial space with two entrances, elevator access, ADA restrooms, and a second-level kitchenette with grease trap.
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 brick mixed‑use property; Two separate entrances support multiple business or tenant configurations; Second‑level kitchenette includes a 3‑compartment sink and grease trap
