Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1231 Walnut St Kokomo, IN 46901

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1231 Walnut St Kokomo, IN 46901

    View on Map
    • Commercial real estate
    • 14,820 SF
    • 0.52 lot acres
    Off-Market
    Property ID
    US31-1994383
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1231 Walnut St

    Year built
    1930
    Lot size
    0.52 lot acres
    Property size
    14,820 SF
    Property type
    Commercial real estate

    Description

    Exceptional investment opportunity in Kokomo, Indiana, presents the Walnut Manor Apartments, a 25-unit apartment building boasting 14,820 square feet of net rentable space situated on a 0.52-acre lot. Built in 1930, this property offers a current NOI of $114,583 and an 8.04% cap rate, with a pro-forma NOI of $143,304 and a pro-forma cap rate of 10.06%. The asking price is $1,425,000. Recent capital improvements include a brand-new roof and parking lot, totaling nearly $300,000 in upgrades. Kokomo's robust economy, fueled by significant investments in electric vehicle manufacturing (Stellantis and Samsung SDI, and Motor City Co.), projects substantial job growth and corresponding rent increases. The Kokomo market experienced 7.8% year-over-year rent growth in the second quarter of 2024, with a projected 6% increase in the third quarter. This property presents a compelling opportunity for significant rental upside, with an average potential increase of $126 per month per unit. This well-maintained property offers immediate strong returns and significant future growth potential in a thriving Indiana market. The property is located at 1231 W Walnut St, Kokomo, IN 46901.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kokomo
    County
    Howard
    State
    Indiana
    Longitude
    -86.1454017
    Latitude
    40.4870557

    Comparable in this City

    • $80,000
      1,646 SF

      Investment Opportunity: Three Lots, Two Buildings

      Two buildings, three lots, investment opportunity with rental potential.
      700 North Main St, Kokomo, IN 46901
      View Details
    • Contact for pricing
      34,963 SF

      Versatile Commercial Building in Kokomo

      34,968 SF building suitable for warehousing, manufacturing, office, retail.
      1801 E North St, Kokomo, IN 46901
      View Details
    • Contact for pricing
      719 SF

      Kokomo Office Building For Sale

      Office building for sale, ideal for owner-user or investment.
      148 Creekside Dr, Kokomo, IN 46901
      View Details
    • $599,900
      36,547 SF

      Downtown Kokomo Commercial Property

      Versatile commercial building in downtown Kokomo with parking.
      618 South Main St, Kokomo, IN 46901
      View Details

    Similar Nearby for Sale

    • $80,000
      1,646 SF

      Investment Opportunity: Three Lots, Two Buildings

      Two buildings, three lots, investment opportunity with rental potential.
      700 North Main St, Kokomo, IN 46901
      View Details
    • Contact for pricing
      34,963 SF

      Versatile Commercial Building in Kokomo

      34,968 SF building suitable for warehousing, manufacturing, office, retail.
      1801 E North St, Kokomo, IN 46901
      View Details
    • Contact for pricing
      719 SF

      Kokomo Office Building For Sale

      Office building for sale, ideal for owner-user or investment.
      148 Creekside Dr, Kokomo, IN 46901
      View Details
    • $599,900
      36,547 SF

      Downtown Kokomo Commercial Property

      Versatile commercial building in downtown Kokomo with parking.
      618 South Main St, Kokomo, IN 46901
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo

      Downtown Turn Key Office Space

      Turn key office space in an excellent downtown location.
      341 N Main St, Kokomo, IN 46901
      View Details
    • Contact for pricing

      Kokomo Restaurant Asset For Sale

      Value-add restaurant asset in Kokomo's primary retail corridor.
      2909 S Reed Rd, Kokomo, IN 46901
      View Details
    • Contact for pricing
      10,233 SF

      Freestanding Retail Space Available

      10,233 SF freestanding retail space in Kokomo, Indiana.
      401 E Morgan St, Kokomo, IN 46901
      View Details
    • Contact for pricing

      Retail Space Inside Meijer Store

      Prime retail opportunity with high visibility and customer traffic.
      2301 E Markland Ave, Kokomo, IN 46901
      View Details
    • Contact for pricing

      Retail Space with Ample Parking

      7,350 SF retail space near downtown with high ceilings.
      1401 N Washington St, Kokomo, IN 46901
      View Details
    • Contact for pricing
      540 SF

      Kokomo Retail Hub Space Available

      Retail space available in Kokomo's leading shopping destination.
      1035 S Reed Rd, Kokomo, IN 46901
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1231 Walnut St
    Kokomo, IN 46901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!