Heated Warehouse with
For Sale
$599,900
604 E Albany Dr, Kokomo, IN 46902
Heated warehouse space with multiple overhead doors and a dedicated office component, supported by two 400 amp electrical services.
Property Size13,750 SF
Price / SF$43.63
Days on Market75
Property Features for 604 E Albany Dr
General Information
Standard status
Active
Size
13,750 SF
Additional Details
Heavy Power
Yes
Amenities
heated warehouse
Building Details
Year Built
1979
Listing Agency:
The Wyman Group
Listed By:
Paul Wyman · License #RB14023441
(765) 854-1234
Source:
Kmsrealestategroup
Added: Jun 26
Changed: Sep 8
Last Checked: Sep 7 at 11:48AM
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 property offers a spacious, flexible layout combining heated warehouse/industrial space with dedicated office space. The building includes multiple overhead doors for convenient loading, including two 12’ x 12’ doors and one 10’ tall door. With two 400 amp electrical services, the facility is equipped to support heavier equipment and business operations.
Located on Kokomo’s South side at 604 Albany Dr, the property is currently vacant and ready for immediate occupancy.
The office area is separated from the warehouse component, providing a practical arrangement for day-to-day administration alongside operational space. The heated warehouse environment supports year-round functionality for a range of commercial and industrial needs.
Located on Kokomo’s South side at 604 Albany Dr, the property is currently vacant and ready for immediate occupancy.
The office area is separated from the warehouse component, providing a practical arrangement for day-to-day administration alongside operational space. The heated warehouse environment supports year-round functionality for a range of commercial and industrial needs.
Key Highlights
- Total 13,750 sq ft with 2,475 sq ft of office space and 11,275 sq ft of warehouse/industrial space
- Heated warehouse for year‑round functionality
- Multiple overhead doors including two 12’ x 12’ doors and one 10’ tall door
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
$41,026
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
6.84%
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%
$820,520
$820.5K
Cap Rate 7%
$586,086
$586.1K
Cap Rate 9%
$455,844
$455.8K
Market Conditions
NOI Build-Up for 13,750 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
$67.7K $4.92/SF
− Vacancy
−$4.5K −$0.33/SF
EGI
$63.1K $4.59/SF
− OpEx
−$22.1K −$1.61/SF
NOI
$41.0K $2.98/SF
Area
Howard County, IN
Vacancy
6.70%
Lease Rate
$4.92 /SF/Yr
Expense Ratio
35.00%
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%
$820,520
Cap Rate 7%
$586,086
Cap Rate 9%
$455,844
Alternative Uses
Best Use
Warehouse
$10.83M
$9.47M – $12.63M
NOI $757,969 @ 7.0% cap · market cap 126.35%
Second Best
Industrial
$8.92M
$7.80M – $10.40M
NOI $624,209 @ 7.0% cap · market cap 104.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
568
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rozzi's Catering — 527 W Alto Rd, Kokomo, IN 46902
Frequently Asked Questions
What type of property is this?
Flex space - Heated warehouse space with multiple overhead doors and a dedicated office component, supported by two 400 amp electrical services.
Where is this flex space located?
The property is located at 604 E Albany Dr Kokomo, IN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Total 13,750 sq ft with 2,475 sq ft of office space and 11,275 sq ft of warehouse/industrial space; Heated warehouse for year‑round functionality; Multiple overhead doors including two 12’ x 12’ doors and one 10’ tall door
