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PROPERTY HIGHLIGHTS Total Unit Mix: 88 Apartment Units (40) 2 Bedroom Units @ 1,350 SF Each (36) 3 Bedroom Units @ 1,485 SF Each (12) 4 Bedroom Units @ 1,600 SF Each Total Acres: 5.6 (+/-) Acres Average Tenant Lease Term: Twelve (12) Months
Falls Creek Apartments7032 N.W. 16th StreetOklahoma City, Oklahoma 73127
www.naisullivangroup.com
NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDI-TIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
88 Unit Apartments For Sale
106,488 SF
5.6 Acres MOL
Sales Price: $4,000,000
TOTAL SF 106,488 SF MOL
LAND IN ACRES 5.6 ACRES MOL
ZONING
2017 TAXES $18,000
ProformaNet Before Depreciation $329,700.00
R-4
Rick Spelman, M.B.A.Rick’s Cell: 1 405 551 [email protected]
4045 N.W. 64th Street, Suite 340Oklahoma City, Oklahoma 73116Office: 1 405 840 0600Fax: 1 405 840 0610
Will Consider Limited Partnership
Rick Spelman, M.B.A.Rick’s Cell: 1 405 551 [email protected]
4045 N.W. 64th Street, Suite 340Oklahoma City, Oklahoma 73116Office: 1 405 840 0600Fax: 1 405 840 0610
www.naisullivangroup.com
7032 N.W. 16th StreetOklahoma City, Oklahoma 73127
Ro
ckwell
N.W. 23rd Street
N.W. 16th Street
MacA
rthur
Western Oaks Elementary & Middle School
Garrison Park
Lela Park
Traffic Count: 6,447 CPD
Traffic Co
unt: 18,365 CP
D
Summary YTD 01.24.18 *Subject Primary Data Secondary Data Comments
Commonly Known Name Falls Creek ApartmentsProperty Address 7072 NW 16th. St. OKC OK 73127 Nearest Major Intersection 16th. St. and N. Rockwell
Current Asking Price $4.0M Includes $1.0M Improvements to Date All (100%) Units on Remodel Takedown SchedulePrice per Door $45,454.55
Type Garden Low-Rise Includes Pool, Management Office and Storage Poor to Good ConditionSection (8) Approved Jan-18
Built 1972 Requires Extensive RenovationBuilding Class C-Type of Roof Flat ConstructionTotal Unit Mix 88 Apartment Units (28) or 32% Occupancy
(2) Bedroom Units 40 Units @ 1,350 Sq. Ft. Each (13) or 33% Occupancy Priced @ $650.00 Downstairs and $700.00 Upstairs(3) Bedroom Units 36 Units @1,485 Sq. Ft. Each (11) or 31% Occupancy Priced @ $750.00 Downstairs and $800.00 Upstairs(4) Bedroom Units 12 Units @ 1,600 Sq. Ft. Each (4) or 33% Occupancy Priced @ $950.00 Downstairs and $1,000.00 Upstairs
Total Acres 5.6 (+/-) Acres 243,936 Sq. Ft. Figure Includes Undeveloped Contiguous AcreageDeveloped Acres 4.6 (+/-) Acres 200,376 Sq. Ft. Different Tax ID than Contiguous AcresContiguous Acres 1.0 (+/-) Acre 43,560 Undeveloped Sq. Ft. East of Complex 100% Included in Transaction
Net Income Before Depreciation 2016: $127,996.00 2017 Proforma: $329,700.00 Rent Rolls PendingUtilities Tenant Pays Fixed Fee plus ElectricMo. (2) BR @ $50.00, (3) BR @ $50.00, (4) @ $75.00 Owner Pays 100% of Sewer
Tenant Lease Term (12) Month Average
* Source: Data Provided By Owner.
