Remodeled Office and Classroom
For Sale
$899,000
1931 ELIZABETH Street, Kokomo, IN 46902
Remodeled in 2020 with multiple offices/classrooms, updated HVAC, modern restrooms, stained concrete floors, and on-site parking.
Property Size8,091 SF
Lot Size1.95 Acres
Price / SF$111.11
Days on Market369
Property Features for 1931 ELIZABETH Street
General Information
Standard status
Active
Size
8,091 SF
Total Parking Spaces
67
Lot size
1.95 Acres
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$7,026
Amenities
Central Air
3
67 Parking Spaces.
1.95 acre
Building Details
Year Built
1973
Year Renovated
2020
Listing Agency:
The Hardie Group
(765) 210-5550
Listed By:
Melissa Rethlake
(765) 210-5550
Source:
Xome
Added: Aug 8, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:40AM
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 The Hardie Group
Investment Insights
Based on property information with market context.
Remodeled commercial building renovated in 2020, offering a versatile interior with five offices/classrooms, a large open area currently used as an auditorium, two finished storage areas, and a large unfinished storage space. Interior improvements include two modern bathrooms with tile and stone countertops, upgraded lighting throughout, an updated HVAC system, stained concrete floors, and new doors and trim.
The property sits on 1.95 acres and includes an asphalt parking lot with 67 spaces. It is zoned for commercial use and is available for sale or lease.
With its mix of offices/classrooms, open assembly-style space, and multiple storage areas, the building is designed to support a range of commercial and institutional uses, including office, medical/rehab, retail, gym, factory, or a church.
The property sits on 1.95 acres and includes an asphalt parking lot with 67 spaces. It is zoned for commercial use and is available for sale or lease.
With its mix of offices/classrooms, open assembly-style space, and multiple storage areas, the building is designed to support a range of commercial and institutional uses, including office, medical/rehab, retail, gym, factory, or a church.
Key Highlights
- Remodeled in 2020 by Baker Contracting; 8,091 SF building on 1.95 acres, zoned for commercial use
- Updated HVAC system with central air (heating listed as 3) and upgraded lighting throughout
- Interior layout includes five offices/classrooms, a large open area, and multiple finished storage areas plus large unfinished storage
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
$26,461
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
2.94%
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%
$529,220
$529.2K
Cap Rate 7%
$378,014
$378.0K
Cap Rate 9%
$294,011
$294.0K
Market Conditions
NOI Build-Up for 8,091 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
$47.6K $5.88/SF
− Vacancy
−$3.5K −$0.43/SF
EGI
$44.1K $5.45/SF
− OpEx
−$17.6K −$2.18/SF
NOI
$26.5K $3.27/SF
Area
Howard County, IN
Vacancy
7.30%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
40.00%
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%
$529,220
Cap Rate 7%
$378,014
Cap Rate 9%
$294,011
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $83,014 @ 7.0% cap · market cap 9.23%
Second Best
Healthcare Medical
$378.0K
$330.8K – $441.0K
NOI $26,461 @ 7.0% cap · market cap 2.94%
Theoretical Best
Warehouse
$6.37M
$5.58M – $7.43M
NOI $446,016 @ 7.0% cap · market cap 49.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled in 2020 with multiple offices/classrooms, updated HVAC, modern restrooms, stained concrete floors, and on-site parking.
Where is this office building located?
The property is located at 1931 ELIZABETH Street Kokomo, IN.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Remodeled in 2020 by Baker Contracting; 8,091 SF building on 1.95 acres, zoned for commercial use; Updated HVAC system with central air (heating listed as 3) and upgraded lighting throughout; Interior layout includes five offices/classrooms, a large open area, and multiple finished storage areas plus large unfinished storage
