Historic Mulberry Flats

Investment Overview

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.

Investment Highlights

• $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