718 W Mulberry St
- $350K+ invested; 17+ of 25 units renovated
- NOI growth from shifting utilities to tenants
- Stabilized cash flow with limited capex needs
- Positioned in a strengthening Kokomo market
Property Description
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 unit renovation and optional cosmetic improvements to select units. Occupancy and income are positioned to continue to out-perform, 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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 25 |
| Year Built: | 1928 |
| Lot Size: | 0.49 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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