Multi-Family•Low-Rise/Garden•For Sale

601 A Street Northwest, Ardmore, Oklahoma 73401

Sale Price $429,900
Sale Type Investment
Zoning Multifamily, Enterprise Zone
Bldg Type Multi-Tenant
Status Existing
Year Built 1970
Year Renovated 2019
Stories 2
Cap Rate 10.27%
Vacancy 100%
Annual Taxes $578.00
Gross Bldg 6,382 SqFt
Land Area .24 Acres
Project Size 8
Net Op Inc $44,134
Market Southern Oklahoma
This 8-unit apartment property is located just blocks from a robust downtown Ardmore, Oklahoma, with numerous hospitals, parks, restaurants, and development nearby. The property has undergone extensive renovations to the exterior, common areas, and seven of the eight units. There is one vacant unit as of December which is being leased now, so will be at 100% occupancy. This 8-unit apartment property is located just blocks from a robust downtown Ardmore, Oklahoma, with numerous restaurants, hospitals, parks, churches, post office, and development nearby. The property is walking distance to Main Street downtown, is located 1 mile from Hwy 77, 2.6 miles to I35, and 1.5 miles to highways 142 and 199. The property sits on a corner lot with a parking lot in the back, on the side, and ample street parking.
  • 8.5% cap rate at current performance
  • Units individually metered for all utilities
  • Market vacancy below 5%
  • Room to add value through remodeling last unit, utilizing the laundry facility, and raising rents to market
  • Renovations in 2019 including Foundation; Roof; Cabinet replacements; A/Cs replaced/repaired; Water Heaters replaced/repaired; Appliances; Pex Plumbing; Exterior paint, trim, and siding; Low maintenance landscaping; Common areas; Flooring; Fixtures

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Sale Brochure

10/1/2019 2:51:30 PM 1/22/2020 12:24:30 AM

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