Remodeled Office and Classroom
1931 S Elizabeth Street Kokomo, IN 46902
1931 S Elizabeth Street, Kokomo, IN, 46902
$899,000
For Sale
$899,000
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 Market352
Property Features for 1931 S Elizabeth Street
General Information
- Standard status
- Active
- Size
- 8,091 SF
- Lot size
- 1.95 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1973
Listing agency
(765) 210-5550
Listed by
Melissa Rethlake
(765) 210-5550
Source
Xome
Added: Aug 4, 2025 Updated: Jul 21 at 6:00PM Checked: Jul 21 at 6:00PM
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 Melissa Rethlake
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
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.6k | $5.88 |
| − Vacancy | −$3.5k | −$0.43 |
| EGI | $44.1k | $5.45 |
| − OpEx | −$17.6k | −$2.18 |
| NOI | $26.5k | $3.27 |
8,091 SF · lease $5.88/SF/yr · vacancy 7.30% · expense 40.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
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FAQs
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 S 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
