Office Building with Circular
New
For Sale
$229,900
504 E Mt Vernon Street, Somerset, KY 42501
Commercial Sale, Somerset, KY
Property Size1,541 SF
Lot Size0.35 Acres
Price / SF$149.19
Days on Market3
Property Features for 504 E Mt Vernon Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C
Zoning description
commercial
Rooms
Basement
Parking
12
Basement
Sump Pump, Walk-Up Access, Unfinished, Partially Finished
Subdivision
Downtown
Directions
East Mt Vernon Street
Standard status
Active
APN
061-7-2-62
Size
1,541 SF
Lot size
0.35 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Ceiling Fan(s), Heat Pump
Building Details
Floors in Building
1
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Godby Realty & Auction
(606) 678-8189
Listed By:
Monica Reardon
(606) 425-0003
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 12 at 3:06PM
MLS# 26025155
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.
Investment Insights
Based on property information with market context.
This 1,541-square-foot office building occupies a 0.35-acre parcel at 504 E Mt Vernon Street in Somerset. The property was previously used as an attorney’s office and includes a basement, vinyl siding, shingle roofing, and a circular driveway. Rear parking provides on-site access for clients and staff.
The property is zoned C and served by public sewer, with water available. Building systems include natural gas heating, central air, ceiling fans, and a heat pump. Its office configuration and existing access features support continued commercial office use.
The property is zoned C and served by public sewer, with water available. Building systems include natural gas heating, central air, ceiling fans, and a heat pump. Its office configuration and existing access features support continued commercial office use.
Key Highlights
- 1,541‑square‑foot office building on a 0.35‑acre parcel
- Circular driveway with rear parking
- C zoning designation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,629
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,580
$272.6K
Cap Rate 7%
$194,700
$194.7K
Cap Rate 9%
$151,433
$151.4K
Market Conditions
NOI Build-Up for 1,541 SF
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.
Gross rent
$21.1K $13.68/SF
− Vacancy
−$2.9K −$1.89/SF
EGI
$18.2K $11.79/SF
− OpEx
−$4.5K −$2.95/SF
NOI
$13.6K $8.84/SF
Area
Pulaski County, KY
Vacancy
13.80%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,580
Cap Rate 7%
$194,700
Cap Rate 9%
$151,433
Alternative Uses
Best Use
Office B
$194.7K
$170.4K – $227.2K
NOI $13,629 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$262.5K
$229.7K – $306.3K
NOI $18,377 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Explore this area
Business Placement
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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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - C-zoned commercial office property with rear parking, public sewer, and water available.
Where is this office building located?
The property is located at 504 E Mt Vernon Street Somerset, KY.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1,541‑square‑foot office building on a 0.35‑acre parcel; Circular driveway with rear parking; C zoning designation
