1605 North St Kokomo, IN 46901
- Office Properties & Spaces
- 2,520 SF
Current Use by Public Records
- Northeast Animal Clinic / Veterinarian / Animal Hospital
Property Details for 1605 North St
- Year built
- 1970
- Property size
- 2,520 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This fee-simple medical office building in Kokomo, Indiana, presents a compelling investment opportunity. The 2,520 square foot property is 100% occupied by Northeast Animal Clinic, a veterinary practice with over 40 years of local service and part of the O'Brien Veterinary Group, a national operator of 25 clinics. The current lease, a Net Lease (NN+) with a single tenant, has approximately 7.9 years remaining, featuring 2.5% annual rent bumps and three 5-year options. The property boasts a 7.50% cap rate and a strong NOI of $47,519, with an asking price of $633,587 ($251.42/sq ft). Built in 1970, the building underwent $400,000 in renovations in 2022, encompassing surgery, x-ray, treatment, and grooming areas. Kokomo's economic outlook is robust, fueled by significant investments from Stellantis and Samsung SDI, totaling $6.3 billion and creating 2,800 new jobs. This presents a stable, inflation-hedged investment with excellent long-term growth potential in a thriving market. The property is offered as a 1031 exchange opportunity. The lease includes a potential for additional rent recapture, not included in the asking price.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kokomo
- County
- Howard
- State
- Indiana
- Longitude
- -86.1102
- Latitude
- 40.4981
