Listing Agency: Mumaw Real Estate Group LLC

Listed By: Beth Mumaw Show Phone

Source: Exprealty

Added: Feb 22 Changed: Oct 25 Last Checked: Oct 26 at 6:26PM

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Investment Insights

Based on property information with market context.

This spacious flex commercial property offers approximately 3,700 square feet with a wide-open floor plan designed to accommodate a range of business uses. Recent upgrades include a new roof, a new HVAC system, an updated kitchen, and a renovated restroom.

The space is presented as move-in ready, with interior improvements intended to support day-to-day operations from the start. The property configuration also lends itself to a variety of fit-outs within the same core layout.

With its combination of flexible interior layout and completed exterior and mechanical updates, this offering is positioned for businesses seeking a ready-to-operate commercial space.

Key Highlights

• Approximately 3,700 sq. ft. versatile commercial/flex space with a wide‑open floor plan
• Recent upgrades include a new roof
• New HVAC system included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,040

Cap Rate

6.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$220,800 $220.8K

Cap Rate 7%

$157,714 $157.7K

Cap Rate 9%

$122,667 $122.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,700 SF

Gross rent

$18.2K $4.92/SF

− Vacancy

−$1.2K −$0.33/SF

EGI

$17.0K $4.59/SF

− OpEx

−$5.9K −$1.61/SF

NOI

$11.0K $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 Rate 5%

$220,800

Cap Rate 7%

$157,714

Cap Rate 9%

$122,667

Alternative Uses

Best Use

Industrial

$2.40M

$2.10M – $2.80M (±1% cap)

NOI $167,969 @ 7.0% cap · market cap 99.39%

Second Best

Flex RnD

$157.7K

$138.0K – $184.0K (±1% cap)

NOI $11,040 @ 7.0% cap · market cap 6.53%

Theoretical Best

Warehouse

$2.91M

$2.55M – $3.40M (±1% cap)

NOI $203,962 @ 7.0% cap · market cap 120.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Gym & Fitness Center Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

167

Businesses Nearby

Under-served

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Approximately 3,700 sq. ft. flex space with a wide-open layout and recent upgrades including a new roof and HVAC.

Where is this flex space located?

The property is located at 1930 N Courtland Ave Kokomo, IN.

What is the asking price?

The asking price for this property is $169,000.

What are key features of this property?

This property features: Approximately 3,700 sq. ft. versatile commercial/flex space with a wide‑open floor plan; Recent upgrades include a new roof; New HVAC system included