Four-Suite Short-Term
128 W Walnut Street, Kokomo, IN 46901
For Sale
New
$374,900
COMMERCIAL, Kokomo, IN
Property Size2,300 SF
Lot Size0.03 Acres
Price / SF$163
Days on Market1
Property Features for 128 W Walnut Street
General Information
Property type
Property subtype
Parking features
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Amenities
fully equipped kitchen
dedicated laundry area
fully furnished
Building Details
Year built
Flooring type
Roof type
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Adam Baker
(765) 592-2315
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 202646708
Copyright © 2026 Lafayette Regional Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1885 property contains four private suites within just over 2,300 square feet. The renovated interior is furnished and includes a fully equipped kitchen and a dedicated laundry area. Wood and tile flooring, central air, and off-street parking are also present.
At 128 W Walnut Street in downtown Kokomo, the property has walkable access to restaurants, shops, and entertainment. Its Downtown Commercial zoning and existing suite configuration are features of the property.
At 128 W Walnut Street in downtown Kokomo, the property has walkable access to restaurants, shops, and entertainment. Its Downtown Commercial zoning and existing suite configuration are features of the property.
Key Highlights
- Four private suites in a building with just over 2,300 square feet
- Renovated and furnished interior with a fully equipped kitchen and dedicated laundry area
- Downtown Commercial zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,059
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$381,180
$381.2K
Cap Rate 7%
$272,271
$272.3K
Cap Rate 9%
$211,767
$211.8K
Market Conditions
NOI Build-Up for 2,300 SF
Gross rent
$36.7K $15.96/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$34.7K $15.07/SF
− OpEx
−$15.6K −$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%
$381,180
Cap Rate 7%
$272,271
Cap Rate 9%
$211,767
Alternative Uses
Best Use
Apartment 5plus
$272.3K
$238.2K – $317.7K
NOI $19,059 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$525.5K
$459.8K – $613.1K
NOI $36,785 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished accommodations include a dedicated kitchen and laundry area under Downtown Commercial zoning.
Where is this short term rental property located?
The property is located at 128 W Walnut Street 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 in a building with just over 2,300 square feet; Renovated and furnished interior with a fully equipped kitchen and dedicated laundry area; Downtown Commercial zoning
