Property Details for 2171 300

Year built

1976

Lot size

9.00 lot acres

Property size

23,501 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 32-unit apartment building situated on a 9-acre lot in Kokomo, Indiana. The property, known as Countryside Villas, boasts a total of 23,501 square feet and was constructed in 1976. Currently operating at 84% occupancy, this two-story building offers a compelling cap rate of 8.33% and an asking price of $2,400,000, translating to $75,000 per unit and $102.12 per square foot. The property's location offers convenient access to US 31 and the Kokomo Bypass (931), providing easy commutes to Indianapolis (approximately 40 minutes away). The existing rental history demonstrates stable income, presenting a strong foundation for future growth. The expansive lot size presents significant potential for expansion, allowing a savvy investor to add additional units and further enhance the property's value. While some minor improvements could elevate the property's appeal, its current condition makes it an easily manageable and profitable investment. This multifamily property represents a rare opportunity to acquire a well-positioned asset in a growing market, offering both immediate income and substantial long-term potential. The property is located at 2171 County Rd S 300 E, Kokomo, IN 46902.

Location Insight

City

Kokomo

County

Howard

State

Indiana

Longitude

-86.07

Latitude

40.4462