Versatile Commercial Building in
For Sale
$1,600,000
1801 E North St, Kokomo, IN 46901
34,968 SF building suitable for warehousing, manufacturing, office, retail.
Property Size34,968 SF
Lot Size3.93 Acres
Price / SF$45.76
Days on Market171
Property Features for 1801 E North St
General Information
Standard status
Active
Size
34,968 SF
Lot size
3.93 Acres
Building Details
Year Built
1973
Listing Agency:
Fortune Companies, Inc
Listed By:
DJ Butcher · License #RB20000053
(765) 457-1700
Source:
Callcriswell
Added: Mar 26
Changed: Sep 12
Last Checked: Sep 12 at 11:41AM
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 34,968 sq. ft. commercial building, situated on 3.93 acres, presents a versatile opportunity for warehousing, manufacturing, office, and retail purposes. The property includes an office area of approximately 4,426 sq. ft., featuring 3 private offices, a break room, 2 bathrooms, a conference room, and a large open area adaptable for additional offices, retail space, or workspace. The remaining 30,542 sq. ft. consists of open warehouse space. The warehouse area is equipped with 7 overhead doors and has a ceiling height of 17'10". Ample parking is available, along with an outside fenced-in area for secure storage. The building is located off of 931, a few minutes south of the new battery plant being developed in Kokomo.
Key Highlights
- Large 34,968 sq. ft. building suitable for warehousing, manufacturing, office, and/or retail.
- Excellent location near the new battery plant off of 931 in Kokomo.
- Substantial 3.93‑acre lot with ample parking and a fenced‑in outdoor storage 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
$104,335
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
6.52%
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%
$2,086,700
$2.1M
Cap Rate 7%
$1,490,500
$1.5M
Cap Rate 9%
$1,159,278
$1.2M
Market Conditions
NOI Build-Up for 34,968 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
$172.0K $4.92/SF
− Vacancy
−$11.5K −$0.33/SF
EGI
$160.5K $4.59/SF
− OpEx
−$56.2K −$1.61/SF
NOI
$104.3K $2.98/SF
Area
Howard County, IN
Vacancy
6.70%
Lease Rate
$4.92 /SF/Yr
Expense Ratio
35.00%
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%
$2,086,700
Cap Rate 7%
$1,490,500
Cap Rate 9%
$1,159,278
Alternative Uses
Best Use
Industrial
$22.68M
$19.84M – $26.46M
NOI $1,587,444 @ 7.0% cap · market cap 99.22%
Second Best
Flex RnD
$1.49M
$1.30M – $1.74M
NOI $104,335 @ 7.0% cap · market cap 6.52%
Theoretical Best
Warehouse
$27.54M
$24.10M – $32.13M
NOI $1,927,610 @ 7.0% cap · market cap 120.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 34,968 SF building suitable for warehousing, manufacturing, office, retail.
Where is this flex space located?
The property is located at 1801 E North St Kokomo, IN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Large 34,968 sq. ft. building suitable for warehousing, manufacturing, office, and/or retail.; Excellent location near the new battery plant off of 931 in Kokomo.; Substantial 3.93‑acre lot with ample parking and a fenced‑in outdoor storage area.
