UPDATE : PRICE DROP. PLUS OWNER WILL FINANCE WITH 250K DOWN AND WILL CONSIDER NO INTEREST FOR A PERIOD OF TIME TO ASSIST WITH NEW OWNERS GROWTH. ALSO REGARDING THE PICTURES ALL SINGLEWIDES HAVE BEEN REMOVED. NEW PICTURE ADDED TO GIVE A VISUAL TO THE EXPLANATION BELOW.
For sale this approximate 21 acres in Kokomo, Indiana. In the desired area of town. This was a park and is still zoned a park but also single family residential. At one time there were 106 mobile homes AND an additional 8 acres undeveloped.
Recently announced to Kokomo is a 2.5 billion Dollar JV between Stellantis and Samsung electronics for a new battery plant. Plus, many suppliers that will accompany and provide parts and services for this plant.
We removed all the homes from the property and are developing a Doublewide subdivision with Land Home sales, not rentals on the front 6ish acres. There are currently 8 families living in their homes and 3 model homes for sale.
The main owner is in Tennessee and doesn’t have the time to support the build out needed for this project. Having land with water and sewage removal is in VERY short supply in Kokomo. This property IS serviced by a IDEM approved and licensed water and sewage plant. At one time it serviced 106 families.
If someone stayed with the same idea, we believe there are 70ish total sites with approx. 50 of those having the infrastructure already in place. If a fence were placed between the front 6ish acres and the back/side 15ish acres the density for singlewides and/or campers is quite a bit more.
Its our understanding many or most of the initial construction workers will need camp sites for their RVs. Also the plant is looking for housing for their out of country employees as well as for the nearly 1,400 workers ie 1400 families plus suppliers families coming to Kokomo.
While this should bring a premium to the property. We are looking for a fair price 1.25M or close offer. The owner has too many other irons in the fire and would like to see a developer buy and develop this property as they see fit. Please check out the sales price and options of surrounding farmland (50 to 75k per acre). The infrastructure alone is worth 100’s of thousands of dollars.
Will consider a joint venture but without management responsibilities (however there is a minority partner there that with the right incentives would probably stay). Will consider a creative financing package with a medium percentage down.
The owner has been in the mobile home retail business as well as developing small parks and subdivision in their local area for 30 plus years. They are convinced this is an excellent opportunity for a growing investor/developer but just not him at his age and workload.
Would prefer emailing first.