Building Details

Year Built 1975

Buildings 1

Listing Agency: Harrold-Chandler Real Estate

Listed By: Tom Harrold · License #RB14022360 Show Phone

Source: Kmsrealestategroup

Added: Aug 16 Changed: Oct 2 Last Checked: Oct 7 at 1:34PM

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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 Harrold-Chandler Real Estate

Investment Insights

Based on property information with market context.

Built in 1975, this 3,136-square-foot medical office building is configured for two independent office users or one larger practice. The layout provides two office sections, each with 4 or 5 exam rooms equipped with sinks, a reception area, and a private employee entrance. A shared patient waiting room supports front-of-house operations.

The building also includes a poured-concrete basement with space for record storage and access to HVAC and electrical systems. Located at 804-806 S Berkley Rd in Kokomo, Indiana, the property offers an established medical-office configuration with the flexibility to accommodate separate practices or a consolidated user.

Key Highlights

• 3,136 SF medical office building constructed in 1975
• Two office sections configured for separate users or one practice
• Each side includes 4 or 5 exam rooms with sinks

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,256

Cap Rate

3.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$205,120 $205.1K

Cap Rate 7%

$146,514 $146.5K

Cap Rate 9%

$113,956 $114.0K

Market Conditions

NOI Build-Up for 3,136 SF

Gross rent

$18.4K $5.88/SF

− Vacancy

−$1.3K −$0.43/SF

EGI

$17.1K $5.45/SF

− OpEx

−$6.8K −$2.18/SF

NOI

$10.3K $3.27/SF

Area

Howard County, IN

Vacancy

7.30%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$205,120

Cap Rate 7%

$146,514

Cap Rate 9%

$113,956

Alternative Uses

Best Use

Office B

$459.6K

$402.2K – $536.3K (±1% cap)

NOI $32,175 @ 7.0% cap · market cap 9.90%

Second Best

Healthcare Medical

$146.5K

$128.2K – $170.9K (±1% cap)

NOI $10,256 @ 7.0% cap · market cap 3.16%

Theoretical Best

Warehouse

$2.47M

$2.16M – $2.88M (±1% cap)

NOI $172,872 @ 7.0% cap · market cap 53.19%

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

Property Analytics

Current Use

Medical Office Space

Suggested Use

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

Lease Details

2

Office units

Location Intelligence

Trade Area within ½ mile

561

Businesses Nearby

Under-served

Demand for This Use

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office 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?

Medical Office Space - Flexible medical office layout supports two occupants or a single practice with separate operational areas.

Where is this medical office space located?

The property is located at 804-806 S Berkley Rd Kokomo, IN.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: 3,136 SF medical office building constructed in 1975; Two office sections configured for separate users or one practice; Each side includes 4 or 5 exam rooms with sinks