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Historic Mulberry Flats 718 W Mulberry St 25 Unit Apartment Building For Sale Kokomo, IN 46901
Investment Highlights
- $350K in capital improvements already invested, with over half of the 25 units fully renovated.
- Embedded income growth as renovation-related vacancy burns off and units lease up.
- Stabilized cash flow with limited capex needs in a strengthening Kokomo market.
- Light remaining value-add — just one $15K unit renovation and select cosmetic upgrades left to complete.
- NOI upside from shifting utility costs to tenants.
Executive Summary
Historic Mulberry Flats is a 25-unit, courtyard-style apartment community in Kokomo featuring durable brick-and-stone construction and fully renovated one-bedroom units. With over half the units recently upgraded, the property offers a light value-add opportunity through one remaining $15K renovation and cosmetic improvements to select units. Occupancy and income are positioned to improve as renovation-related vacancy burns off, while the shift of utilities to tenants is expected to further reduce expenses and increase NOI. Overall, the asset offers stabilized cash flow, limited near-term capital needs, and additional upside in a strengthening Kokomo market.
Property Facts
| Sale Type | Investment | Lot Size | 0.60 AC |
| No. Units | 25 | Building Size | 16,625 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1928 |
| Building Class | C | Parking Ratio | 0.36/1,000 SF |
| Sale Type | Investment |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.60 AC |
| Building Size | 16,625 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 0.36/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Wi-Fi
- Dining Room
- Family Room
Site Amenities
- Courtyard
- Laundry Facilities
- Security System
- Community-Wide WiFi
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Fairly walkable
50/100
Moderately drivable
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,229,663 CAD | |
| Land Assessment | $72,526 CAD | Total Assessment | $2,302,189 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$72,526 CAD
Improvements Assessment
$2,229,663 CAD
Total Assessment
$2,302,189 CAD
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Historic Mulberry Flats | 718 W Mulberry St
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