Building Details

Year Built 1979

Listing Agency: The Wyman Group

Listed By: Paul Wyman · License #RB14023441 Show Phone

Source: Kmsrealestategroup

Added: Jun 26 Changed: Oct 8 Last Checked: Oct 7 at 4:39PM

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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

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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.

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 / Yr

$41,026

Cap Rate

6.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$820,520 $820.5K

Cap Rate 7%

$586,086 $586.1K

Cap Rate 9%

$455,844 $455.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,750 SF

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 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 (±1% cap)

NOI $757,969 @ 7.0% cap · market cap 126.35%

Second Best

Industrial

$8.92M

$7.80M – $10.40M (±1% cap)

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. How Realmo checks its estimates

Property Analytics

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Current Use

GTS Laboratory

Suggested Use

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

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

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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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