1500 Morgan St Kokomo, IN 46901-2509
Property Lookup
Property profile & analytics
1500 Morgan St Kokomo, IN 46901-2509
- Turn key restaurants
- 2,733 SF
- 2.17 lot acres
Property ID
US31-1165490
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.
Location Intelligence
Current Use by Public Records
- Hardee's / Restaurant / Take-out & Catering
Property Details for 1500 Morgan St
- Year built
- 1994
- Lot size
- 2.17 lot acres
- Property size
- 2,733 SF
- Property type
- Turn key restaurants
- APN
- 34-04-19-477-002.000-002
- APU
- 340419477002000002
Description
This exceptional investment opportunity presents a sale-leaseback of a Hardee's restaurant located at 1500 E Morgan St, Kokomo, Indiana. The property boasts a 20-year absolute triple-net (NNN) lease commencing November 1, 2024, and expiring November 1, 2044, with four to five-year renewal options. The 3,522 square foot building sits on a 2.17-acre lot and underwent renovations in 2018. The lease includes a 7.5% rent increase every five years, providing inflation protection. The current annual net operating income (NOI) is $120,000, representing a 6.25% capitalization rate on the $1,920,000 asking price ($545.14 per square foot). The tenant, a franchisee with a proven track record of growth and operating 35 Hardee's locations, is responsible for all property taxes, insurance, and maintenance. The property benefits from a high-traffic location with over 127,000 vehicles per day, situated near Ivy Tech Community College, making it a popular stop for students and truck drivers. Kokomo's significant population growth (31.1% from 2010 to 2020) and the development of a large electric vehicle battery plant further enhance the long-term investment potential. This is a truly passive investment opportunity with substantial upside potential due to the strong tenant, favorable lease terms, and prime location. The property's strong sales significantly exceed the national average for Hardee's. This is a rare chance to acquire a high-performing, long-term net-leased asset in a rapidly growing market.
Value Estimations
based on Realmo’s proprietary methodology
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Kokomo
- County
- Howard
- State
- Indiana
- Longitude
- -86.1123
- Latitude
- 40.5063
- CBSA code
- 29020
- CBSA name
- KOKOMO, IN METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$23,655
$372,600
$415,900
$788,500
-
$372,600
$415,900
$788,500
