Versatile Flex Commercial
For Sale
$169,000
1930 N Courtland Ave, Kokomo, IN 46901
Approximately 3,700 sq. ft. flex space with a wide-open layout and recent upgrades including a new roof and HVAC.
Property Size3,700 SF
Price / SF$45.68
Days on Market202
Property Features for 1930 N Courtland Ave
General Information
Standard status
Active
Size
3,700 SF
Taxes and HOA fees
Annual Taxes
$1,667
Listing Agency:
Mumaw Real Estate Group LLC
Listed By:
Beth Mumaw
(765) 461-1006
Source:
Exprealty
Added: Feb 22
Changed: Aug 20
Last Checked: Sep 12 at 12:37PM
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 Mumaw Real Estate Group LLC
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.
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 = 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
$11,040
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
6.53%
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%
$220,800
$220.8K
Cap Rate 7%
$157,714
$157.7K
Cap Rate 9%
$122,667
$122.7K
Market Conditions
NOI Build-Up for 3,700 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
$18.2K $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 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%
$220,800
Cap Rate 7%
$157,714
Cap Rate 9%
$122,667
Alternative Uses
Best Use
Industrial
$2.40M
$2.10M – $2.80M
NOI $167,969 @ 7.0% cap · market cap 99.39%
Second Best
Flex RnD
$157.7K
$138.0K – $184.0K
NOI $11,040 @ 7.0% cap · market cap 6.53%
Theoretical Best
Warehouse
$2.91M
$2.55M – $3.40M
NOI $203,962 @ 7.0% cap · market cap 120.69%
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
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
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
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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
