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Kokomo Manor Apartments 510 Elk Dr 130 Unit Apartment Building For Sale Kokomo, IN 46902
Executive Summary
Kokomo Manor Apartments were built in 1979 and have been well maintained over the years. Currently Kokomo Manor is operating at 95% physical occupancy and has historically maintained a strong level of performance.
Kokomo Manor apartments are located just 2.5 miles south of downtown Kokomo, Indiana. The complex consists of 130 apartments and boasts an attractive mix of one-bedroom & two-bedroom apartments, and three-bedroom townhomes ranging in size from 582 to 1,200 square feet. The average rents are $740, $815 and $1,063, respectively.
Kokomo Manor represents a rare opportunity to acquire a fully seasoned, 130-unit affordable housing asset with a deeply embedded regulatory framework that virtually guarantees long-term occupancy stability and tenant demand. The property operates under a recorded Declaration of Extended Rental Housing Commitment (DERHC) with the Indiana Housing and Community Development Authority (IHCDA), executed in connection with Low Income Housing Tax Credits (LIHTC) allocated under Section 42 of the Internal Revenue Code.
What truly sets Kokomo Manor apart as an investment is its project-based Section 8 Housing Assistance Payments (HAP) contract covering 129 of the property’s 130 units. Administered by IHCDA, this contract effectively transforms the vast majority of the property’s rental income into a government-guaranteed annuity.
Kokomo Manor apartments are located just 2.5 miles south of downtown Kokomo, Indiana. The complex consists of 130 apartments and boasts an attractive mix of one-bedroom & two-bedroom apartments, and three-bedroom townhomes ranging in size from 582 to 1,200 square feet. The average rents are $740, $815 and $1,063, respectively.
Kokomo Manor represents a rare opportunity to acquire a fully seasoned, 130-unit affordable housing asset with a deeply embedded regulatory framework that virtually guarantees long-term occupancy stability and tenant demand. The property operates under a recorded Declaration of Extended Rental Housing Commitment (DERHC) with the Indiana Housing and Community Development Authority (IHCDA), executed in connection with Low Income Housing Tax Credits (LIHTC) allocated under Section 42 of the Internal Revenue Code.
What truly sets Kokomo Manor apart as an investment is its project-based Section 8 Housing Assistance Payments (HAP) contract covering 129 of the property’s 130 units. Administered by IHCDA, this contract effectively transforms the vast majority of the property’s rental income into a government-guaranteed annuity.
Property Facts
| Sale Type | Investment | Lot Size | 6.20 AC |
| No. Units | 130 | Building Size | 97,500 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1979/2024 |
| Building Class | C | Parking Ratio | 0.5/1,000 SF |
| Zoning | R-3 - Residential Multi-Family | ||
| Sale Type | Investment |
| No. Units | 130 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.20 AC |
| Building Size | 97,500 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/2024 |
| Parking Ratio | 0.5/1,000 SF |
| Zoning | R-3 - Residential Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Clubhouse
- Laundry Facilities
- Picnic Area
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 48 | - | 586 |
| 2+1 | 61 | - | 828 |
| 3+1.5 | 21 | - | 1,200 |
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 34-09-12-378-009.000-002 | Improvements Assessment | $1,528,300 |
| Land Assessment | $479,100 | Total Assessment | $2,007,400 |
Property Taxes
Parcel Number
34-09-12-378-009.000-002
Land Assessment
$479,100
Improvements Assessment
$1,528,300
Total Assessment
$2,007,400
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