Multi-Tenant Storefront
For Sale
$950,000
1805 E Hoffer Street, Kokomo, IN 46902
COMMERCIAL, Kokomo, IN
Property Size5,508 SF
Lot Size0.57 Acres
Price / SF$172.48
Days on Market142
Property Features for 1805 E Hoffer Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From downtown Kokomo, head east on E Sycamore St, turn right onto S Washington St, continue onto E Markland Ave, turn left onto S Plate St, then right onto E Hoffer St, and the property will be on your right at 1805 E Hoffer St.
Subdivision
Howard County
Standard status
Active
APN
34-10-06-476-025.000-002
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
51
Tax Description
KOKOMO MALL S/D LOT 6
Tax Annual Amount
23888
Legal Description
KOKOMO MALL S/D LOT 6
Utilities
Cooling system
Central Air
Building Details
Year built
2015
Flooring type
Tile, Mixed, Carpet
Roof type
Flat
Listing Agency:
Coldwell Banker Real Estate Group
(765) 289-2228
Listed By:
Jacob Wagner · License #RB23000239
(317) 448-8852
Added: Apr 10
Changed: Aug 26
Last Checked: Aug 29 at 2:06PM
MLS# 202612400
Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. 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.
Built in 2015, this 5,508-square-foot storefront property includes three tenant spaces configured for multi-tenant commercial use. Interior finishes include tile, mixed flooring, and carpet, with central air conditioning serving the building. A flat roof completes the primary building improvements.
The property occupies 0.57 acres at 1805 E Hoffer Street in Kokomo, Indiana. Its setting provides access to major thoroughfares and places the building near established residential neighborhoods and commercial corridors. The combination of multi-space layout, modern construction, and commercial positioning supports both continued tenant occupancy and future owner use.
The property occupies 0.57 acres at 1805 E Hoffer Street in Kokomo, Indiana. Its setting provides access to major thoroughfares and places the building near established residential neighborhoods and commercial corridors. The combination of multi-space layout, modern construction, and commercial positioning supports both continued tenant occupancy and future owner use.
Key Highlights
- 5,508‑square‑foot storefront building constructed in 2015
- Three tenant spaces within the building
- Situated on 0.57 acres at 1805 E Hoffer Street
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
$58,828
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
6.19%
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%
$1,176,560
$1.2M
Cap Rate 7%
$840,400
$840.4K
Cap Rate 9%
$653,644
$653.6K
Market Conditions
NOI Build-Up for 5,508 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
$87.9K $15.96/SF
− Vacancy
−$3.9K −$0.70/SF
EGI
$84.0K $15.26/SF
− OpEx
−$25.2K −$4.58/SF
NOI
$58.8K $10.68/SF
Area
Howard County, IN
Vacancy
4.40%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,176,560
Cap Rate 7%
$840,400
Cap Rate 9%
$653,644
Alternative Uses
Best Use
Retail
$840.4K
$735.4K – $980.5K
NOI $58,828 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.34M
$3.80M – $5.06M
NOI $303,628 @ 7.0% cap · market cap 31.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
480k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Apparel 32%
Shops & Services 17%
Leisure 5%
Kohl's
Apparel
47,818 visits/mo
0.3 miles
T.J. Maxx
Apparel
34,296 visits/mo
0.2 miles
Ross Dress for Less
Apparel
34,037 visits/mo
0.4 miles
Gabe's
Shops & Services
31,588 visits/mo
0.1 miles
Starbucks
Dining
26,330 visits/mo
0.3 miles
Demographics for 46902, IN
36,038
Population
18,004
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
711
Density / Sq Mi
$59,548
Median Household Income
$36,902
Median Earnings
$929
Median Rent
$154,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Three tenant areas offer flexible commercial occupancy within a recently built building.
Where is this storefront property located?
The property is located at 1805 E Hoffer Street Kokomo, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5,508‑square‑foot storefront building constructed in 2015; Three tenant spaces within the building; Situated on 0.57 acres at 1805 E Hoffer Street
