1231 Walnut St Kokomo, IN 46901
- Commercial real estate
- 14,820 SF
- 0.52 lot acres
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 Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kokomo
- County
- Howard
- State
- Indiana
- Longitude
- -86.1454017
- Latitude
- 40.4870557
