Investment Overview

Marcus & Millichap is pleased to present the exclusive offering of the Walnut Manor Apartments in Kokomo, IN. Inclusive of a 24-unit apartment building and the neighboring single-family home, the offering provides a new investor an opportunity to acquire a meticulously maintained property with immediate strong returns and rental upside in one of Indiana’s strongest manufacturing job markets. Kokomo, already home to a number of robust employers and a healthy job market, is currently the site of two groundbreaking EV battery plants, which are expected to be fully delivered in 2025 and 2027, respectively. Together, the two plants are estimated to create approximately 2,800 jobs. Stellantis and Samsung SDI will invest $3.2 Billion in their manufacturing facility which is expected to open in 2027, while Motor City Co.’s $2.5 Billion plant forefronts the two EV manufacturing plants with its expected opening in the first quarter of 2025. Walnut Manor is well positioned in the market to experience significant rent growth. The Kokomo market experienced 7.8 percent Y-o-Y rent growth in the second quarter of 2024 with forecasted rent growth of 6.0% in Q3 2024. Based on nearby rent comps and what’s already been proven at the property, there’s an opportunity to increase rent by an average of $126 per month.