Building Details

Year Built 1981

Listing Agency: The Wyman Group

Listed By: Paul Wyman · License #RB14023441 Show Phone

Source: Xome

Added: Aug 12, 2024 Changed: Sep 2 Last Checked: Oct 7 at 5:27PM

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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 Wyman Group

Investment Insights

Based on property information with market context.

This commercial property offers over 4,000 square feet of versatile space, situated at the intersection of Center Road and 931. The location provides excellent visibility and accessibility, complemented by ample parking to accommodate high traffic. The interior features a spacious dining area suitable for patrons, along with a well-equipped prep area and a walk-in refrigerator. A newer metal roof provides durability and requires minimal maintenance. This property offers potential for various business uses.

Key Highlights

• Prime commercial property at the intersection of Center Road and 931
• Over 4,000 square feet of versatile space
• Excellent visibility and accessibility

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,952

Cap Rate

3.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,040 $339.0K

Cap Rate 7%

$242,171 $242.2K

Cap Rate 9%

$188,356 $188.4K

Market Conditions

NOI Build-Up for 4,000 SF

Gross rent

$23.5K $5.88/SF

− Vacancy

−$917 −$0.23/SF

EGI

$22.6K $5.65/SF

− OpEx

−$5.7K −$1.41/SF

NOI

$17.0K $4.24/SF

Area

Howard County, IN

Vacancy

3.90%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,040

Cap Rate 7%

$242,171

Cap Rate 9%

$188,356

Alternative Uses

Best Use

Retail

$610.3K

$534.0K – $712.0K (±1% cap)

NOI $42,722 @ 7.0% cap · market cap 10.05%

Second Best

Specialty Retail

$242.2K

$211.9K – $282.5K (±1% cap)

NOI $16,952 @ 7.0% cap · market cap 3.99%

Theoretical Best

Warehouse

$3.15M

$2.76M – $3.68M (±1% cap)

NOI $220,500 @ 7.0% cap · market cap 51.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Pizza Hut Take-out & Catering

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Restaurant Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

257

Businesses Nearby

156k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 77% Shops & Services 18% Hotels & Casinos 4% Home Improvements & Furnishings 1%

Texas Roadhouse Dining

29,511 visits/mo 0.3 miles

Cracker Barrel Old Country Store Dining

25,183 visits/mo 0.2 miles

Culver's Dining

18,866 visits/mo 0.2 miles

Olive Garden Dining

18,767 visits/mo 0.4 miles

Speedway Shops & Services

12,845 visits/mo 0.1 miles

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 Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - Prime commercial property with high visibility and ample parking.

Where is this retail space located?

The property is located at 408 Center Road Kokomo, IN.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: Prime commercial property at the intersection of Center Road and 931; Over 4,000 square feet of versatile space; Excellent visibility and accessibility