Remodeled Mixed-Use
For Sale
$699,000
204 N Main St, Kokomo, IN 46901
Combines professional workspace with a two-bedroom condominium and private outdoor space.
Property Size2,964 SF
Price / SF$235.83
Days on Market41
Property Features for 204 N Main St
General Information
Standard status
Active
Size
2,964 SF
Additional Details
Floor
Main Level
Office Units
1
Building Details
Year Built
1895
Buildings
1
Listing Agency:
The Hardie Group
(765) 210-5550
Listed By:
Melissa Rethlake
Source:
Callcriswell
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 25 at 5:29AM
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.
This mixed-use property at 204 N. Main Street combines a remodeled commercial workspace with a separate second-floor condominium. The main level is arranged with six private offices, a conference room, reception area, break room kitchen, two half bathrooms, one full bathroom, and partial basement storage. Modern finishes support a professional setting for business operations.
Remodeled in 2020, the approximately 1,200-square-foot condominium includes two bedrooms, two full bathrooms, an open living and kitchen area, and a private walk-out deck. The residential component provides on-site living space above the commercial area and supports a live/work configuration in downtown Kokomo.
Remodeled in 2020, the approximately 1,200-square-foot condominium includes two bedrooms, two full bathrooms, an open living and kitchen area, and a private walk-out deck. The residential component provides on-site living space above the commercial area and supports a live/work configuration in downtown Kokomo.
Key Highlights
- Six private offices with conference room, reception area, kitchen, and three bathrooms
- Approximately 1,200 square feet of second‑floor residential space
- Two‑bedroom, two‑full‑bath condominium remodeled in 2020
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
$30,677
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
4.39%
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%
$613,540
$613.5K
Cap Rate 7%
$438,243
$438.2K
Cap Rate 9%
$340,856
$340.9K
Market Conditions
NOI Build-Up for 2,964 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
$53.4K $18.00/SF
− Vacancy
−$4.3K −$1.44/SF
EGI
$49.1K $16.56/SF
− OpEx
−$18.4K −$6.21/SF
NOI
$30.7K $10.35/SF
Area
Howard County, IN
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$613,540
Cap Rate 7%
$438,243
Cap Rate 9%
$340,856
Alternative Uses
Best Use
Mixed Use
$438.2K
$383.5K – $511.3K
NOI $30,677 @ 7.0% cap · market cap 4.39%
Second Best
Office B
$434.4K
$380.1K – $506.9K
NOI $30,411 @ 7.0% cap · market cap 4.35%
Theoretical Best
Warehouse
$2.33M
$2.04M – $2.72M
NOI $163,390 @ 7.0% cap · market cap 23.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
811
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines professional workspace with a two-bedroom condominium and private outdoor space.
Where is this mixed-use property located?
The property is located at 204 N Main St Kokomo, IN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six private offices with conference room, reception area, kitchen, and three bathrooms; Approximately 1,200 square feet of second‑floor residential space; Two‑bedroom, two‑full‑bath condominium remodeled in 2020
