Remodeled Office
For Sale
$169,900
600 East Markland Avenue, Kokomo, IN 46901
C1-zoned office property with private work areas, an open gathering room, and a welcoming lobby.
Property Size1,500 SF
Price / SF$113.27
Days on Market402
Property Features for 600 East Markland Avenue
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
C1
Additional Details
Public Transit
Yes
Amenities
Other
Forced Air, Other
Shingle
Building Details
Year Built
1966
Year Renovated
2025
Stories
2
Listing Agency:
True Realty
(765) 513-6206
Listed By:
Amy True · License #RB14037888
(765) 513-6206
Source:
Compass
Added: Jul 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:09PM
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 True Realty
Investment Insights
Based on property information with market context.
This 1,500-square-foot office property, built in 1966 and remodeled for contemporary use, includes multiple individual offices, a large second-floor office, and an expansive great room. The layout also provides an inviting entrance area suitable for welcoming clients and visitors. Forced-air heating is included, with a shingle exterior.
The property occupies 2 lots at 600 East Markland Avenue in Kokomo, Indiana, with a reported traffic count exceeding 10,000 per day. Major thoroughfares and public transportation are nearby, while restaurants, coffee shops, and fitness centers are located in the surrounding area. Ample parking is available for employees and clients, and the property is zoned C1.
The property occupies 2 lots at 600 East Markland Avenue in Kokomo, Indiana, with a reported traffic count exceeding 10,000 per day. Major thoroughfares and public transportation are nearby, while restaurants, coffee shops, and fitness centers are located in the surrounding area. Ample parking is available for employees and clients, and the property is zoned C1.
Key Highlights
- 1,500‑square‑foot remodeled office property
- Multiple individual offices plus a large second‑floor office
- Expansive great room for meetings, gatherings, or flexible workspace
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
$15,390
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
9.06%
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%
$307,800
$307.8K
Cap Rate 7%
$219,857
$219.9K
Cap Rate 9%
$171,000
$171.0K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$6.5K −$4.32/SF
EGI
$20.5K $13.68/SF
− OpEx
−$5.1K −$3.42/SF
NOI
$15.4K $10.26/SF
Area
Howard County, IN
Vacancy
24.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$307,800
Cap Rate 7%
$219,857
Cap Rate 9%
$171,000
Alternative Uses
Best Use
Office B
$219.9K
$192.4K – $256.5K
NOI $15,390 @ 7.0% cap · market cap 9.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.18M
$1.03M – $1.38M
NOI $82,687 @ 7.0% cap · market cap 48.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
525
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?
Office units - C1-zoned office property with private work areas, an open gathering room, and a welcoming lobby.
Where is this office units located?
The property is located at 600 East Markland Avenue Kokomo, IN.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,500‑square‑foot remodeled office property; Multiple individual offices plus a large second‑floor office; Expansive great room for meetings, gatherings, or flexible workspace
