Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Land in Somerset, KY Title is generated by Realmo AI

    5 6A & 6B Melrose Place, Somerset, KY 42503

    View on Map
    Claim this Listing
    For Sale
    $149,900

    LAND - Somerset, KY

    Lot size:
    0.54 Acres
    Added:
    Feb 7, 2023
    Days on Market:
    1213
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 5 6A & 6B Melrose Place

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    060-5-1-35, 060-5-1-38.9, 060-5-1-39.1
    Lot size
    0.54 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Charlotte Ikerd
    Charlotte Ikerd

    Listing agent Charlotte Ikerd License #267069

    Listing office Key Players Real Estate PO Box 462, Somerset, KY

    Listing date Feb 7, 2023

    MLS# 23002224 Listing URL

    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

    • Three building lots connected to city sewer offering lower county property taxes.
    • Ideal for upscale multi‑housing units or condominiums.
    • Prime location minutes from downtown Somerset.
    • Amazing views overlooking the Somerset Country Club.
    • Utilities (electricity and water) and parking readily available.
    • Engineered retaining wall suitable for a cantilevered pool and patio overlooking the golf course.

    Overview

    Three building lots are available for investment, situated on city sewer and subject to county property taxes. These lots are suitable for upscale multi-housing units and are located minutes from downtown Somerset. The location offers views overlooking the Somerset Country Club. Electricity, water, and parking are available. A fence runs along the back of the property, and a golf cart lane is situated on the far right. A retaining wall is located on the far left.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Somerset
    County
    Pulaski
    State
    Kentucky
    Longitude
    -84.612337
    Latitude
    37.11351

    Nearby Similar for Sale

    • $519,900
      3,287 SF

      Commercial Property Near Lake Cumberland Hospital

      Prime commercial real estate near hospital with stable national tenant.
      311 Langdon Street, Somerset, KY 42503
      View Details
    • $699,900
      2,784 SF

      Main Street Commercial Building For Sale

      Versatile commercial building on Main Street with expansion potential.
      600 N Main Street, Somerset, KY 42501
      View Details
    • $625,000
      3,600 SF

      New Triplex Investment Opportunity

      Turnkey triplex built in 2023 with income potential.
      192 Fairway Lane, Somerset, KY 42503
      View Details
    • $625,000
      3,600 SF

      New Triplex Investment Opportunity

      New construction triplex with income potential in Somerset, Kentucky.
      194 Fairway Lane, Somerset, KY 42503
      View Details
    • $409,900
      2,960 SF

      Commercial Building Investment Opportunity

      Income-producing property with a strong tenant in place.
      162 E Somerset Church Road, Somerset, KY 42503
      View Details
    • $550,000
      8,200 SF

      Somerset Warehouse For Sale/Lease

      8,200 SF warehouse with high ceilings and commercial zoning.
      74 Heritage Drive, Somerset, KY 42501
      View Details
    • $339,000

      Prime Development Land Opportunity

      2.33 acres of commercial land with high traffic exposure.
      1147 W Hwy 80, Somerset, KY 42503
      View Details
    • $599,000

      Prime Development Land Opportunity

      4.7 acres of commercial land with high traffic exposure.
      1147 W Highway 80, Somerset, KY 42503
      View Details
    • $290,000
      9,278 SF

      Somerset Commercial Property For Sale

      Commercial property with ample space for development in Somerset, KY.
      1335 E Mt Vernon Street, Somerset, KY 42501
      View Details
    • $129,900

      Unrestricted Land with Multipurpose Building

      1.41 acres with unfinished building near downtown Somerset, KY.
      86 Rose Point, Somerset, KY 42503
      View Details
    • $338,700
      2,100 SF

      Luxury Townhome Investment Opportunity

      New construction townhomes with luxury finishes and long-term value.
      323 Randolph Street, Somerset, KY 42501
      View Details
    • $289,000

      Somerset, KY Development Opportunity

      1.87 acres of land with high traffic exposure.
      1147 W Highway 80, Somerset, KY 42503
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Three building lots near downtown Somerset, with city sewer.
    Where is this residential land & home lot located?
    The property is located at 5 6A & 6B Melrose Place Somerset, KY.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: Three building lots connected to city sewer offering lower county property taxes.; Ideal for upscale multi‑housing units or condominiums.; Prime location minutes from downtown Somerset.
    (606) 416-5100
    We can help!
    Listing Contact
    Charlotte Ikerd
    Charlotte Ikerd
    Real Estate License ID: 267069
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5, 6A & 6B Melrose Place, Somerset, KY 42503
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!