Downtown Four-Suite Short-Term
For Sale
$374,900
128 W Walnut St, Kokomo, IN 46901
Renovated, furnished property with commercial zoning, shared kitchen facilities, and a dedicated laundry area.
Property Size2,310 SF
Price / SF$162.29
Days on Market31
Property Features for 128 W Walnut St
General Information
Standard status
Active
Size
2,310 SF
Zoning
Downtown Commercial
Additional Details
Furnished
Yes
Multifamily Units
4
Building Details
Year Built
1885
Buildings
1
Listing Agency:
The Hardie Group
(765) 437-6134
Listed By:
Andy Hardie
Source:
Spencerchildersgroup
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 31 at 6:45PM
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.
Built in 1885 and fully renovated, this 2,310-square-foot property is arranged as four private suites. The improvements include a fully equipped kitchen, dedicated laundry area, and furnishings, providing a completed configuration for short-term rental or executive housing use.
The property is located in downtown Kokomo at 128 W Walnut St and carries Downtown Commercial zoning. Restaurants, shops, and entertainment are within walkable reach, supporting convenient access to the surrounding downtown environment.
The property is located in downtown Kokomo at 128 W Walnut St and carries Downtown Commercial zoning. Restaurants, shops, and entertainment are within walkable reach, supporting convenient access to the surrounding downtown environment.
Key Highlights
- Four private suites within a 2,310‑square‑foot property
- Fully renovated and furnished for immediate occupancy
- Fully equipped kitchen and dedicated laundry area
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
$19,142
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
5.11%
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%
$382,840
$382.8K
Cap Rate 7%
$273,457
$273.5K
Cap Rate 9%
$212,689
$212.7K
Market Conditions
NOI Build-Up for 2,310 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
$36.9K $15.96/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$34.8K $15.07/SF
− OpEx
−$15.7K −$6.78/SF
NOI
$19.1K $8.29/SF
Area
Howard County, IN
Vacancy
5.60%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$382,840
Cap Rate 7%
$273,457
Cap Rate 9%
$212,689
Alternative Uses
Best Use
Apartment 5plus
$273.5K
$239.3K – $319.0K
NOI $19,142 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.82M
$1.59M – $2.12M
NOI $127,339 @ 7.0% cap · market cap 33.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
Explore this area
Business Placement
Demographics for 46901, IN
38,072
Population
18,307
Households
2.1
Avg Household Size
41
Median Age
17%
College-Educated
90%
High-School Grad
140.9 sq mi
ZIP Area
270
Density / Sq Mi
$61,041
Median Household Income
$37,107
Median Earnings
$869
Median Rent
$131,700
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?
Short term rental property - Renovated, furnished property with commercial zoning, shared kitchen facilities, and a dedicated laundry area.
Where is this short term rental property located?
The property is located at 128 W Walnut St Kokomo, IN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Four private suites within a 2,310‑square‑foot property; Fully renovated and furnished for immediate occupancy; Fully equipped kitchen and dedicated laundry area
