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    Medical Office Building Near Hospital Title is generated by Realmo AI

    4 Physicians Park, Frankfort, KY 40601

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    For Sale
    $890,000

    COMMERCIAL - Frankfort, KY

    Type:Office
    Property size:
    8,040 SF
    Lot size:
    1.05 Acres
    Price / SF:
    $110/SF
    Added:
    Jun 5, 2025
    Days on Market:
    344
    Last Refresh:
    May 14 at 6:06 pm

    Property Features for 4 Physicians Park

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    APN
    050000007400
    Size
    8,040 SF
    Lot size
    1.05 Acres

    Building Details

    Year built
    1987
    Building materials
    Brick
    Roof type
    Shingle

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    Listing Contact
    Kevin Verhoven
    Kevin Verhoven

    Listing agent Kevin Verhoven License #58263

    Listing office The Gibson Company 1050 Monarch St, Suite 200, Lexington, KY

    Listing date Jun 5, 2025

    MLS# 25011898

    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 Location: Directly adjacent to Frankfort Regional Medical Center.
    • Ample Parking: 104 on‑site parking spaces.
    • Flexible Layout: Designed for single or multi‑tenant use with separate entrances.
    • Functional Space: 8,039 square feet of total space with exam rooms, offices, and storage.
    • Zoned for professional office use.
    • Constructed in 1987 within the Diagnostic Office Park.

    Overview

    Located at 4 Physicians Park Drive in Frankfort, Kentucky, this medical office building provides 8,039 square feet of space on a 1.05-acre lot. Constructed in 1987, the two-level, free-standing brick building is located within the Diagnostic Office Park, adjacent to Frankfort Regional Medical Center. Zoned for professional office use, the property includes 104 parking spaces. It is designed to accommodate either a single user or two separate tenants, with each suite featuring its own private entrance. The main level comprises approximately 4,008 square feet and includes 13 exam rooms with sinks, 10 offices, two waiting areas, three restrooms, and a dedicated storage area. The lower level, offering an additional 4,031 square feet, includes seven exam rooms, two offices, a small conference room, kitchen/break room, three bathrooms, and a large storage area, including a 431-square-foot unfinished section formerly used for medical records. This property is suitable for healthcare providers or investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kendal Stephens, MD Physician Bradley Chase, MD Pediatrician Taunya Jasper, MD Pediatrician Robert Blair, MD Pediatrician Sara Hatter, APRN Pediatrician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Petco Vaccination Clinic — 340 Leonardwood Dr, Frankfort, KY 40601
    • All Pets Veterinary Clinic — 305 Leonardwood Dr Suite 1, Frankfort, KY 40601
    • Town & Country Veterinary Center — 80 C Michael Davenport Blvd c, Frankfort, KY 40601

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Franklin
    State
    Kentucky
    Longitude
    -84.909447
    Latitude
    38.160153

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    FAQs

    What type of property is this?
    Medical Office Space - 8,039 SF medical office building near Frankfort Regional Medical Center.
    Where is this medical office space located?
    The property is located at 4 Physicians Park Frankfort, KY.
    What is the asking price?
    The asking price for this property is $890,000.
    What are key features of this property?
    This property features: Prime Location: Directly adjacent to Frankfort Regional Medical Center.; Ample Parking: 104 on‑site parking spaces.; Flexible Layout: Designed for single or multi‑tenant use with separate entrances.
    (859) 224-8833
    We can help!
    Listing Contact
    Kevin Verhoven
    Kevin Verhoven
    Real Estate License ID: 58263
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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