Debt Assumption Potential: New ownership will have the potential to take over a loan with favorable LTV and an interest rate of 4.05% that is locked in until May 2026.
Room to Grow Rents: Annex of Kokomo is currently 95.9% occupied with rents well below similar properties. Nearby University Park at Kokomo has per-bed Asking Rents roughly $100 more than the subject.
RUBS Opportunity: Current Ownership is not recovering a majority of the utilities the property incurs. New Ownership will have the opportunity to implement a RUBS or flat rate system which would immediately increase NOI.
Light Value-Add Opportunity: New ownership will have the opportunity to add value to the property through a light renovation, such as replacing the countertops, painting the cabinets, replacing the fixtures, or adding stainless steel appliances.
Minimal Living Options in the Area: Annex of Kokomo is one of two student living options for Indiana University Kokomo. Additionally, the university offers no on-campus living, so students have to live off campus beginning freshman year.
Indiana University Kokomo: Annex of Kokomo sits 2 minutes from Indiana University Kokomo. The university has 3,123 students and 680 employees. The university offers over 60 different degrees and program with the school being known for its nursing program.
$2.5 Billion Dollar Investment: Global automaker, Stellantis, recently announced a $2.5 billion investment in Kokomo that will create 1,400 jobs to create batteries for electric vehicles. The company also announced plans to invest an additional $155 million in 3 of its existing facilities.
Jaewon Industrial Invests $102 Million: Jaewon Industrial recently revealed plans to build a $102 million dollar recycling operation in Howard County that will bring 100 jobs to the county.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Annex of Kokomo") located in Kokomo, Indiana.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Kokomo, Indiana and known as Annex of Kokomo (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: