Multi-Tenant Retail
For Sale
$950,000
1805 E Hoffer Street, Kokomo, IN 46902
COMMERCIAL, Kokomo, IN
Property Size5,508 SF
Lot Size0.57 Acres
Price / SF$172.48
Days on Market133
Property Features for 1805 E Hoffer Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From downtown Kokomo, head east on E Sycamore St, turn right onto S Washington St, continue onto E Markland Ave, turn left onto S Plate St, then right onto E Hoffer St, and the property will be on your right at 1805 E Hoffer St.
Subdivision
Howard County
Standard status
Active
APN
34-10-06-476-025.000-002
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
51
Tax Description
KOKOMO MALL S/D LOT 6
Tax Annual Amount
23888
Legal Description
KOKOMO MALL S/D LOT 6
Utilities
Cooling system
Central Air
Building Details
Year built
2015
Flooring type
Mixed, Tile, Carpet
Roof type
Flat
Listing Agency:
Coldwell Banker Real Estate Group
(765) 289-2228
Listed By:
Jacob Wagner · License #RB23000239
(317) 448-8852
Added: Apr 10
Changed: Aug 19
Last Checked: Aug 20 at 12:06PM
MLS# 202612400
Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained multi-tenant retail building was built in 2015 and features a flat roof. The property includes three tenant spaces designed to support multiple occupancies within one building, with mixed flooring that includes tile and carpet. Central air cooling is in place throughout the building.
Set on a 0.57-acre lot at 1805 E Hoffer Street in Kokomo, Indiana (Howard County), the property benefits from convenient access to major thoroughfares. Its placement near established residential neighborhoods and commercial corridors supports practical day-to-day access for tenant and customer needs.
With three tenant spaces, the building offers flexible occupancy options for investors and owner-users looking for a multi-tenant setup within a single, newer-generation commercial structure.
Set on a 0.57-acre lot at 1805 E Hoffer Street in Kokomo, Indiana (Howard County), the property benefits from convenient access to major thoroughfares. Its placement near established residential neighborhoods and commercial corridors supports practical day-to-day access for tenant and customer needs.
With three tenant spaces, the building offers flexible occupancy options for investors and owner-users looking for a multi-tenant setup within a single, newer-generation commercial structure.
Key Highlights
- Built in 2015 with a flat roof
- Three tenant spaces for flexible multi‑tenant occupancy
- Central air cooling
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
$58,828
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
6.19%
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%
$1,176,560
$1.2M
Cap Rate 7%
$840,400
$840.4K
Cap Rate 9%
$653,644
$653.6K
Market Conditions
NOI Build-Up for 5,508 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
$87.9K $15.96/SF
− Vacancy
−$3.9K −$0.70/SF
EGI
$84.0K $15.26/SF
− OpEx
−$25.2K −$4.58/SF
NOI
$58.8K $10.68/SF
Area
Howard County, IN
Vacancy
4.40%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,176,560
Cap Rate 7%
$840,400
Cap Rate 9%
$653,644
Alternative Uses
Best Use
Retail
$840.4K
$735.4K – $980.5K
NOI $58,828 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.34M
$3.80M – $5.06M
NOI $303,628 @ 7.0% cap · market cap 31.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
480k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Apparel 32%
Shops & Services 17%
Leisure 5%
Kohl's
Apparel
47,818 visits/mo
0.3 miles
T.J. Maxx
Apparel
34,296 visits/mo
0.2 miles
Ross Dress for Less
Apparel
34,037 visits/mo
0.4 miles
Gabe's
Shops & Services
31,588 visits/mo
0.1 miles
Starbucks
Dining
26,330 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Well-maintained multi-tenant retail building with central air and a 2015 build date, offering three tenant spaces.
Where is this strip mall located?
The property is located at 1805 E Hoffer Street Kokomo, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Built in 2015 with a flat roof; Three tenant spaces for flexible multi‑tenant occupancy; Central air cooling
