Building Details

Year Built 1885

Buildings 1

Listing Agency: The Hardie Group

Listed By: Andy Hardie Show Phone

Source: Spencerchildersgroup

Added: Aug 1 Changed: Oct 4 Last Checked: Oct 7 at 3:05PM

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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

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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.

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 / Yr

$19,142

Cap Rate

5.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$382,840 $382.8K

Cap Rate 7%

$273,457 $273.5K

Cap Rate 9%

$212,689 $212.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,310 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $127,339 @ 7.0% cap · market cap 33.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Hainlen Law Offices ... Law Firm

Suggested Use

Top Pick Real Estate Agency Dental Office Skin Care Clinic Parking Lot & Garage Pharmacy Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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