718 W Mulberry St
Kokomo, IN 46901
Historic Mulberry Flats · Multifamily Property For Sale
·
25 Units
Property Facts
| 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 |
| Lot Size | 0.60 AC |
| 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
About 718 W MULBERRY ST , KOKOMO, IN 46901
Great opportunity to own one of Kokomo's most historic buildings that is walking distance to the city center, baseball stadium and the river. Designed and built in the 1920’s, Historic Mulberry Flats is a 25-unit building that has a beautiful, solid brick exterior and features many unique pieces on the interior including original windows and rod iron fixtures. Historic Mulberry Flats allows for a great community atmosphere and the grounds include picnic tables, swings and grassy open areas where tenants can get to know their neighbors and enjoy the outdoors. Since purchase in 2017, significant improvements have been made both from a revenue standpoint as well as physical updates to the units and building. As a result, Historic Mulberry Flats is positioned as one of the leading one-bedroom buildings in Kokomo. Additional revenue can be realized through further rent increases, laundry and garage rentals. There are 8 garages that are not currently being used and could be turned into rentable spaces. Storage spaces for each unit are located in the basement. Separate meters for electric, three laundry facilities, wi-fi included in rent, security cameras and many more amenities. Annual gross rent averages $160,000+ per year with much higher potential.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 25 | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,601,700 | |
| Land Assessment | $52,100 | Total Assessment | $1,653,800 |
Property Taxes
