Restaurant Building Near Markland
For Sale
Contact for pricing
909 Belvedere Dr, Kokomo, IN 46901
Restaurant building for sale with parking and new metal roof.
Property Size4,927 SF
Price / SF$99.45
Days on Market768
Property Features for 909 Belvedere Dr
General Information
Standard status
Active
Size
4,927 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1970
Buildings
1
Stories
1
Units
1
Listing Agency:
Fortune Companies Inc
(765) 457-1700
Listed By:
DJ Butcher · License #IN RB20000053
Source:
Crexi
Added: Jul 24, 2024
Changed: Aug 22
Last Checked: Aug 28 at 9:59PM
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 Fortune Companies Inc
Investment Insights
Based on property information with market context.
A restaurant building is available for sale. The property encompasses approximately 4,627 square feet. It benefits from its proximity to Markland Mall, Wal-Mart, Meijer, Raising Cane's, Popeye's, McDonalds, Sonic, and Chipotle. The building features a freshly painted exterior, a dedicated parking lot, and a new metal roof.
Key Highlights
- High‑traffic location near Markland Mall, Wal‑Mart, Meijer, and multiple fast‑food chains.
- Substantial building size: Approximately 4,627 sq. ft.
- Dedicated parking lot.
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
$20,881
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
4.26%
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%
$417,620
$417.6K
Cap Rate 7%
$298,300
$298.3K
Cap Rate 9%
$232,011
$232.0K
Market Conditions
NOI Build-Up for 4,927 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
$29.0K $5.88/SF
− Vacancy
−$1.1K −$0.23/SF
EGI
$27.8K $5.65/SF
− OpEx
−$7.0K −$1.41/SF
NOI
$20.9K $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 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%
$417,620
Cap Rate 7%
$298,300
Cap Rate 9%
$232,011
Alternative Uses
Best Use
Specialty Retail
$298.3K
$261.0K – $348.0K
NOI $20,881 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.88M
$3.40M – $4.53M
NOI $271,601 @ 7.0% cap · market cap 55.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
664k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 30%
Shops & Services 26%
Dining 22%
Groceries 13%
Walmart
Superstores
113,460 visits/mo
0.1 miles
Meijer
Groceries
85,793 visits/mo
0.4 miles
Sam's Club
Superstores
84,359 visits/mo
0.3 miles
Hobby Lobby
Shops & Services
43,522 visits/mo
0.3 miles
Dunham's Sports
Apparel
30,336 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant building for sale with parking and new metal roof.
Where is this restaurant located?
The property is located at 909 Belvedere Dr Kokomo, IN.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: High‑traffic location near Markland Mall, Wal‑Mart, Meijer, and multiple fast‑food chains.; Substantial building size: Approximately 4,627 sq. ft.; Dedicated parking lot.
