Occupied Duplex with
For Sale
$110,000
1816 N Morrison St, Kokomo, IN 46901
Two one-bedroom units include private side porches and a shared covered entry porch.
Property Size1,152 SF
Price / SF$95.49
Days on Market47
Property Features for 1816 N Morrison St
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
shared covered front porch
private side porch
Building Details
Year Built
1949
Buildings
1
Tenancy
Multi
Listing Agency:
CRM Properties, Inc
Listed By:
Audra Cannon · License #RB20000586
(765) 431-9111
Source:
Callcriswell
Added: Jul 21
Changed: Aug 28
Last Checked: Sep 5 at 9:59AM
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 CRM Properties, Inc
Investment Insights
Based on property information with market context.
This 1,152-square-foot duplex at 1816 N Morrison St in Kokomo, Indiana, was built in 1949 and contains two one-bedroom, one-bath units. Each residence has a large kitchen and its own side porch, while both share a covered front porch. One unit also includes access to a partial basement with washer and dryer hookups.
The property is fully occupied, with both residents described as long-term tenants who have recently renewed their leases. The owner currently pays utilities and provides lawn care, creating a defined operating arrangement for the existing tenancy. The duplex offers an established two-unit configuration with covered and private outdoor areas, plus basement utility access for one residence.
The property is fully occupied, with both residents described as long-term tenants who have recently renewed their leases. The owner currently pays utilities and provides lawn care, creating a defined operating arrangement for the existing tenancy. The duplex offers an established two-unit configuration with covered and private outdoor areas, plus basement utility access for one residence.
Key Highlights
- 1,152‑square‑foot duplex built in 1949
- Two 1‑bedroom, 1‑bath units
- Large kitchens and private side porches in both units
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
$9,546
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
8.68%
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%
$190,920
$190.9K
Cap Rate 7%
$136,371
$136.4K
Cap Rate 9%
$106,067
$106.1K
Market Conditions
NOI Build-Up for 1,152 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
$18.4K $15.96/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$17.4K $15.07/SF
− OpEx
−$7.8K −$6.78/SF
NOI
$9.5K $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 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%
$190,920
Cap Rate 7%
$136,371
Cap Rate 9%
$106,067
Alternative Uses
Best Use
Multifamily LT 5
$147.9K
$129.4K – $172.6K
NOI $10,353 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$136.4K
$119.3K – $159.1K
NOI $9,546 @ 7.0% cap · market cap 8.68%
Theoretical Best
Warehouse
$907.2K
$793.8K – $1.06M
NOI $63,504 @ 7.0% cap · market cap 57.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
321
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units include private side porches and a shared covered entry porch.
Where is this duplex located?
The property is located at 1816 N Morrison St Kokomo, IN.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: 1,152‑square‑foot duplex built in 1949; Two 1‑bedroom, 1‑bath units; Large kitchens and private side porches in both units
