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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2835 Highway 27 Somerset, KY 42501

    • Retail properties
    • 299,833 SF
    • 28.00 lot acres
    For Lease
    View listing
    Value Estimations
    $1,215,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0704060
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Keller Williams Commonwealth- Somerset / Real Estate Agency
    • A+ Rentals / Appliance Store / Cell Phone Store
    • Casual Sail / Men'S Clothing Store
    • Wearhouse Clothing Company Somerset / Clothing Store
    • Western Union / Money Transfer Service / Money Order Service

    Property Details for 2835 Highway 27

    Year built
    1987
    Construction
    STEEL FRAME
    Lot size
    28.00 lot acres
    Property size
    299,833 SF
    Property type
    Retail properties
    APN
    062-1-0-49
    APU
    621049

    Description

    Grand Central Place, a recently renovated 293,613 square foot retail shopping center in Somerset, Kentucky, offers exceptional opportunities for businesses seeking high-visibility locations. Seven spaces are currently available, ranging from 750 to 25,000 contiguous square feet, perfect for a variety of retail, salon, or restaurant uses. The property boasts excellent access and visibility from US Highway 27, with monument signage opportunities for anchor tenants. Below-market rental rates and flexible lease terms are available. This thriving retail center is anchored by established national brands including Hobby Lobby, Dunham Sports, and TJ Maxx, with recent additions of Planet Fitness and Ollie's Bargain Outlet. Strategically located at 2835 S Hwy 27, Somerset, KY 42501, Grand Central Place benefits from a strong regional trade area encompassing Knox, Laurel, and Whitley Counties, serving a population exceeding 195,000. The proximity to Lake Cumberland further enhances the area's appeal, attracting significant tourist and weekend shopper traffic. The property is zoned commercial and features a total of 35 suites. This prime location is 73 miles south of Lexington, Kentucky, and 129 miles north of Knoxville, Tennessee.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,215,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Somerset
    County
    Pulaski
    State
    Kentucky
    Longitude
    -84.6274
    Latitude
    37.0534
    CBSA code
    43700
    CBSA name
    SOMERSET, KY MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $5,518,000
    $0.00
    $5,518,000
    -
    $5,518,000
    $0.00
    $5,518,000

    Comparable in this City

    • Value Estimation
      $270,000
      3,600 SF

      710 Columbia St

      NURSERY, GREENHOUSE, FLORIST • 3,600 SF
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    • Value Estimation
      $280,000
      6,144 SF

      703 Monticello St

      NURSERY, GREENHOUSE, FLORIST • 6,144 SF
      703 Monticello St, Somerset, KY 42501-2909
      View Details
    • Value Estimation
      $690,000
      22,060 SF

      120 Stone Crst Dr

      NURSERY, GREENHOUSE, FLORIST • 22,060 SF
      120 Stone Crst Dr, Somerset, KY 42501-6225
      View Details
    • Value Estimation
      $1,065,000
      50,250 SF

      370 Hwy 27

      NURSERY, GREENHOUSE, FLORIST • 50,250 SF
      370 Hwy 27, Somerset, KY 42501-2774
      View Details
    • Value Estimation
      $265,000
      2,640 SF

      Boat Dock Rd

      NURSERY, GREENHOUSE, FLORIST • 2,640 SF
      Boat Dock Rd, Somerset, KY 42501
      View Details
    • Value Estimation
      $380,000
      4,600 SF

      5090 Hwy 27

      NURSERY, GREENHOUSE, FLORIST • 4,600 SF
      5090 Hwy 27, Somerset, KY 42501-6058
      View Details

    Similar Nearby for Sale

    • $1,100,000
      1.00 Acre

      Prime Commercial Land on Highway

      Acre of land on high-traffic highway, ideal for development.
      3469 Hwy 27 South, Somerset, KY 42501
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    • $2,620,000
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      Prime Commercial Land on Highway

      2.2-acre commercial tract on Somerset's busiest highway.
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    • $600,000
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      Historic Building in Downtown Somerset

      Charming historic building with endless possibilities in a prime location.
      400 W Columbia St, Somerset, KY 42501
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    • New
      $359,999
      2,400 SF

      Versatile Commercial Building in Somerset

      2,400 sq ft building suitable for various business uses.
      702 Monticello St, Somerset, KY 42501
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    • $3,000,000
      18.31 Acres

      Prime Land Overlooking Lake Cumberland

      18.31 acres ideal for commercial or residential development.
      5800 Highway 27 S, Somerset, KY 42501
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    • $250,000
      1,980 SF

      Remodeled Commercial Building in Downtown

      Move-in-ready 1,980 SF commercial building in downtown Somerset, KY.
      117 W Mount Vernon St, Somerset, KY 42501
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    Similar Nearby for Lease

    • $5,995 /Mo
      4,100 SF

      Retail Space on Highway 27

      Large retail space available for lease on Highway 27.
      4360 Unit, Somerset, KY 42501
      View Details
    • $3,000 /Mo
      3,000 SF

      Retail Space Near Somerset Mall

      3,000 sq ft retail space in high-traffic area for lease.
      4360 Unit, Somerset, KY 42501
      View Details
    • Contact for pricing
      293,613 SF

      Grand Central Place Retail Center

      Somerset, KY retail space: 7 units available.
      2835 Highway 27, Somerset, KY 42501
      View Details
    • $3,200 /Mo
      1,547 SF

      Prime Retail Space in Somerset

      Highly visible retail space in a busy commercial corridor.
      2007 S Highway 27, Somerset, KY 42501
      View Details
    • $1,890 /Mo
      1,250 SF

      Retail Space For Rent

      Retail space with utility room, bathrooms, and kitchen.
      55 Slate Br Rd Unit, Somerset, KY 42501
      View Details
    • $3,500 /Mo
      5,000 SF

      Versatile Commercial Property on 4.33 Acres

      5,000 sq ft commercial building with storage units for rent.
      4.33 Lumber King Dr, Somerset, KY 42501
      View Details
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    2835 Highway 27
    Somerset, KY 42501
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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.

    More about this property
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