Renovated Duplex with
For Sale
$249,900
1012 Chippewa Ln, Kokomo, IN 46902
Two separate units feature updated kitchens, refreshed interiors, and dedicated living areas.
Property Size2,136 SF
Price / SF$116.99
Days on Market9
Property Features for 1012 Chippewa Ln
General Information
Standard status
Active
Size
2,136 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1966
Buildings
1
Listing Agency:
The Hardie Group
(765) 457-7214
Listed By:
Gina Key · License #RB14036043
Source:
Callcriswell
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 31 at 6:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Hardie Group
Investment Insights
Based on property information with market context.
Located at 1012 Chippewa Ln in Kokomo, this 2,136 SF duplex contains two distinct residential units. The main-level residence offers 3 bedrooms, 1 full bath, a living room, and an updated kitchen. Upstairs, the second unit includes 2 bedrooms, 1 full bath, a family/living room, and its own updated kitchen.
Recent improvements include two new HVAC systems, a metal roof, asphalt driveway, new flooring, modern fixtures, fresh paint, white cabinetry, and new countertops. The property also includes a large 2-car garage with additional workshop space. Built in 1966, the duplex provides two separate living areas within a substantially renovated residential income property.
Recent improvements include two new HVAC systems, a metal roof, asphalt driveway, new flooring, modern fixtures, fresh paint, white cabinetry, and new countertops. The property also includes a large 2-car garage with additional workshop space. Built in 1966, the duplex provides two separate living areas within a substantially renovated residential income property.
Key Highlights
- 2,136 SF duplex at 1012 Chippewa Ln, Kokomo, IN 46902
- Main‑level unit includes 3 bedrooms and 1 full bath
- Upper‑level unit includes 2 bedrooms and 1 full bath
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
$19,196
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
7.68%
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%
$383,920
$383.9K
Cap Rate 7%
$274,229
$274.2K
Cap Rate 9%
$213,289
$213.3K
Market Conditions
NOI Build-Up for 2,136 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
$29.0K $13.56/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$27.4K $12.84/SF
− OpEx
−$8.2K −$3.85/SF
NOI
$19.2K $8.99/SF
Area
Howard County, IN
Vacancy
5.32%
Lease Rate
$13.56 /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%
$383,920
Cap Rate 7%
$274,229
Cap Rate 9%
$213,289
Alternative Uses
Best Use
Multifamily LT 5
$274.2K
$240.0K – $319.9K
NOI $19,196 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$252.9K
$221.3K – $295.0K
NOI $17,700 @ 7.0% cap · market cap 7.08%
Theoretical Best
Warehouse
$1.68M
$1.47M – $1.96M
NOI $117,747 @ 7.0% cap · market cap 47.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units feature updated kitchens, refreshed interiors, and dedicated living areas.
Where is this duplex located?
The property is located at 1012 Chippewa Ln Kokomo, IN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,136 SF duplex at 1012 Chippewa Ln, Kokomo, IN 46902; Main‑level unit includes 3 bedrooms and 1 full bath; Upper‑level unit includes 2 bedrooms and 1 full bath
