Steel Flex Space
For Sale
$2,362,500
1785 E Lincoln Rd, Kokomo, IN 46902
Flexible commercial building with updated roof, HVAC, and available space for an additional business or tenant.
Property Size18,900 SF
Price / SF$125
Days on Market129
Property Features for 1785 E Lincoln Rd
General Information
Standard status
Active
Size
18,900 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1990
Buildings
1
Building Size
18,900 SF
Construction
steel structure
Tenancy
Multi
Listing Agency:
Fortune Companies, Inc
(765) 457-1700
Listed By:
DJ Butcher · License #RB20000053
Source:
Kmsrealestategroup
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 28 at 10:05AM
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 Fortune Companies, Inc
Investment Insights
Based on property information with market context.
This 18,900-square-foot flex property is a steel-constructed building with brick and stone veneer. The layout includes 15,456 square feet leased to two tenants, while 3,167 square feet remains available for an additional business or occupant. Central air is in place, and the structure can accommodate design changes or remodeling.
A new roof, new HVAC system, and ample parking add to the property’s existing improvements. The site offers access to SR 931 and is near Stellantis, GM Components, BorgWarner, and Community Hospital. Built in 1990, the property combines leased space with an available portion within a single flex-space asset.
A new roof, new HVAC system, and ample parking add to the property’s existing improvements. The site offers access to SR 931 and is near Stellantis, GM Components, BorgWarner, and Community Hospital. Built in 1990, the property combines leased space with an available portion within a single flex-space asset.
Key Highlights
- 18,900 SF steel flex building with brick and stone veneer
- 15,456 SF leased to two tenants
- 3,167 SF available for an additional business or tenant
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
$193,914
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
8.21%
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%
$3,878,280
$3.9M
Cap Rate 7%
$2,770,200
$2.8M
Cap Rate 9%
$2,154,600
$2.2M
Market Conditions
NOI Build-Up for 18,900 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
$340.2K $18.00/SF
− Vacancy
−$81.6K −$4.32/SF
EGI
$258.6K $13.68/SF
− OpEx
−$64.6K −$3.42/SF
NOI
$193.9K $10.26/SF
Area
Howard County, IN
Vacancy
24.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,878,280
Cap Rate 7%
$2,770,200
Cap Rate 9%
$2,154,600
Alternative Uses
Best Use
Industrial
$12.26M
$10.73M – $14.30M
NOI $858,004 @ 7.0% cap · market cap 36.32%
Second Best
Office B
$2.77M
$2.42M – $3.23M
NOI $193,914 @ 7.0% cap · market cap 8.21%
Theoretical Best
Warehouse
$14.88M
$13.02M – $17.36M
NOI $1,041,862 @ 7.0% cap · market cap 44.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial building with updated roof, HVAC, and available space for an additional business or tenant.
Where is this flex space located?
The property is located at 1785 E Lincoln Rd Kokomo, IN.
What is the asking price?
The asking price for this property is $2,362,500.
What are key features of this property?
This property features: 18,900 SF steel flex building with brick and stone veneer; 15,456 SF leased to two tenants; 3,167 SF available for an additional business or tenant
