Three-Duplex Property
For Sale
$405,000
Pending
1919 N Waugh St, Kokomo, IN 46901
Six-unit residential portfolio with five occupied units and one vacancy available for lease.
Property Size1,440 SF
Days on Market14
Property Features for 1919 N Waugh St
General Information
Standard status
Pending
Size
1,440 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,574
Listing Agency:
CRM Properties, Inc
(765) 431-9111
Listed By:
Audra Cannon
(765) 431-9111
Source:
Exprealty
Added: Jul 26
Changed: Aug 8
Last Checked: Aug 8 at 3:04AM
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 residential portfolio comprises three duplex properties totaling six units, located at 1919/1919.5 N Waugh, 1601/1603 N Wabash, and 1725/1727 N Lindsay in Kokomo. An additional parcel on Lindsay Street is included in the package.
Five units are occupied, while the unit at 1727 N Lindsay is vacant and available for leasing. Residents currently pay all utilities, providing a consistent utility arrangement across the occupied units. The offering combines multiple duplex addresses with an additional parcel in a single transaction.
Five units are occupied, while the unit at 1727 N Lindsay is vacant and available for leasing. Residents currently pay all utilities, providing a consistent utility arrangement across the occupied units. The offering combines multiple duplex addresses with an additional parcel in a single transaction.
Key Highlights
- Three duplex properties included in one portfolio
- Six total residential units across the properties
- Five of six units are currently tenant‑occupied
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
$12,941
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
3.20%
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%
$258,820
$258.8K
Cap Rate 7%
$184,871
$184.9K
Cap Rate 9%
$143,789
$143.8K
Market Conditions
NOI Build-Up for 1,440 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
$19.5K $13.56/SF
− Vacancy
−$1.0K −$0.72/SF
EGI
$18.5K $12.84/SF
− OpEx
−$5.5K −$3.85/SF
NOI
$12.9K $8.99/SF
Area
Howard County, IN
Vacancy
5.32%
Lease Rate
$13.56 /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%
$258,820
Cap Rate 7%
$184,871
Cap Rate 9%
$143,789
Alternative Uses
Best Use
Multifamily LT 5
$184.9K
$161.8K – $215.7K
NOI $12,941 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$170.5K
$149.2K – $198.9K
NOI $11,932 @ 7.0% cap · market cap 2.95%
Theoretical Best
Warehouse
$1.13M
$992.3K – $1.32M
NOI $79,380 @ 7.0% cap · market cap 19.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
231
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 - Six-unit residential portfolio with five occupied units and one vacancy available for lease.
Where is this duplex located?
The property is located at 1919 N Waugh St Kokomo, IN.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Three duplex properties included in one portfolio; Six total residential units across the properties; Five of six units are currently tenant‑occupied
