132-unit apt complex in OkC - needs major renovation
OkC - 132 Unit Apt
Price:$3,599,900
This 132 -unit apartment is located on a highway frontage road in Oklahoma City, OK. The owner had let the place sit until he started receiving code violations for the extent of deferred maintenance. Once stabilized, this property is valued well over $10,000,000. This turn-around deal would be a phenomenal addition to any investor’s profile.
Occupancy got as low as 10 out of 132 units occupied. Now, 50 out of the 132 units have been moderately rehabbed. However, there is still room for about $3,500 in additional updates for those 50 units to bring them up to market rate, which will add $125-$150 additional rent to those units, per month. The other 82 units need a full rehab. There are 22 buildings on a 7 acre complex, each are 2 story garden-style complexes with gable and hip composition shingle roofs. We are selling at $3,600,000 and there is $1,520,000 in needed rehab. After the rehab and the complex is brought to 90% occupancy, at market rent the NOI is $830,000; a 17 CAP.
Furthermore, the city is offering incentives due to the condition the place had gotten in. Being that this property is on a highway frontage road, the city is wanting it brought back to market. Attached is our executive summary and projections. Within the spreadsheet on the 132-plex tab, column AH (current rent) the current rented units as of July, 2018. There are about 8 more units rented out now to bring the total to 52 rented out of 132. Again, the remaining units need full rehab and the 52 rehabbed and rented units still have value to add, since the renovations that were done are not up to market.
If interested, email me at okdistressedproperties@gmail. or private message me on Bigger Pockets. Thanks!