Storefront Property with
New
For Sale
$649,000
308 Espanol Dr, Kokomo, IN 46902
Standalone commercial building with salon booths, reception space, and an upstairs residential apartment.
Property Size2,575 SF
Price / SF$252.04
Days on Market3
Property Features for 308 Espanol Dr
General Information
Standard status
Active
Size
2,575 SF
Total Parking Spaces
28
Amenities
12 individual private booths
large waiting/reception area
laundry room
employee break area
upstairs apartment with kitchen, bath, living area, and bedroom
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Harrold-Chandler Real Estate
(765) 438-0649
Listed By:
Tom Harrold · License #RB14022360
Source:
Callcriswell
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 25 at 8:57AM
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 Harrold-Chandler Real Estate
Investment Insights
Based on property information with market context.
This standalone storefront property combines an operating hair salon layout with an upstairs apartment. The first floor contains 2,575 sq. ft. of space, including 12 private booths, a spacious reception and waiting area, laundry room, and employee break area. Each booth is equipped with a sink and workstation. An integrated rail train car forms part of the salon’s distinctive structure.
The apartment provides about 800 sq.ft. with a kitchen, bathroom, living area, and bedroom. A private asphalt parking lot serves the building. Constructed in 1980 and maintained over the years, the property is situated in the business area of S. Washington St near retail, restaurants, IUK Kokomo, and Community Hospital.
The apartment provides about 800 sq.ft. with a kitchen, bathroom, living area, and bedroom. A private asphalt parking lot serves the building. Constructed in 1980 and maintained over the years, the property is situated in the business area of S. Washington St near retail, restaurants, IUK Kokomo, and Community Hospital.
Key Highlights
- 2,575 sq. ft. of first‑floor commercial space
- 12 private salon booths, each with a sink and workstation
- About 800 sq.ft. upstairs apartment with kitchen, bath, living area, and bedroom
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
$27,502
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
4.24%
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%
$550,040
$550.0K
Cap Rate 7%
$392,886
$392.9K
Cap Rate 9%
$305,578
$305.6K
Market Conditions
NOI Build-Up for 2,575 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
$41.1K $15.96/SF
− Vacancy
−$1.8K −$0.70/SF
EGI
$39.3K $15.26/SF
− OpEx
−$11.8K −$4.58/SF
NOI
$27.5K $10.68/SF
Area
Howard County, IN
Vacancy
4.40%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$550,040
Cap Rate 7%
$392,886
Cap Rate 9%
$305,578
Alternative Uses
Best Use
Retail
$392.9K
$343.8K – $458.4K
NOI $27,502 @ 7.0% cap · market cap 4.24%
Second Best
Mixed Use
$380.7K
$333.1K – $444.2K
NOI $26,651 @ 7.0% cap · market cap 4.11%
Theoretical Best
Warehouse
$2.03M
$1.77M – $2.37M
NOI $141,947 @ 7.0% cap · market cap 21.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Under-served
Demand for This Use
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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Similar Off Market Nearby
- Kroger Floral Department — 2821 S Washington St, Kokomo, IN 46902
Frequently Asked Questions
What type of property is this?
Storefront property - Standalone commercial building with salon booths, reception space, and an upstairs residential apartment.
Where is this storefront property located?
The property is located at 308 Espanol Dr Kokomo, IN.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,575 sq. ft. of first‑floor commercial space; 12 private salon booths, each with a sink and workstation; About 800 sq.ft. upstairs apartment with kitchen, bath, living area, and bedroom
