THE INVESTMENT OPPORTUNITY YOU'VE BEEN LOOKING FOR!
AUTUMN RUN APARTMENTS OKC
THIS PROPERTY IS A 90 UNIT MULTI FAMILY APARTMENT COMPLEX ON THE NORTH SIDE OF OKLAHOMA CITY JUST MINUETS AWAY FROM I-235 AND THE JOHN KILPATRICK TURNPIKE. ONLY 2 MILES FROM THE HOTTEST NEW GROWTH IN OKLAHOMA CITY- CHISOLM CREEK WHICH FEATURES TOPGOLF, CABELLAS, MAIN EVENT ENTERTAINMENT AREA, RETAIL AND RESTAURANTS.
THERE IS A GOOD POPULATION BASE IN THE AREA WITH SIMILAR PROPERTIES RUNNING AT OR NEAR FULL OCCUPANCY.
FOR QUESTIONS, PRICE OR SHOWINGS CALL:
GRANT WORTMAN AT 405-308-7509 OR EMAIL GRANT@CHAMBERLAINREALTYLLC.COM
THIS IS AN OFF MARKET PROPERTY THAT I'VE BECOME VERY FAMILIAR WITH AND I'D LOVE TO CONNECT YOU WITH THE SELLERS IF YOU ARE INTERESTED!
ABOUT THE PROPERTY
This property was sorely neglected for several years before the current owners came into play. The current owners purchased the property and began to clean it up, take care of the neglect, get rid of unsavory tenants and turn the property around. While there is still much work to be done, this property is on the upswing and ready to become a cash cow with the right skill and know how.
The complex had two separate fires which burned two buildings on the interiors taking down 16 units. Those units have been cleaned up but are still only studs. Some electrical and plumbing work has begun but is not currently being renovated.
As it sits today, Aug 2018, there are 40 out of the 90 total units that are rent ready. Of those 40 rent ready apartments, 36 are leased currently.
For an approximate $25,000 more, the owners estimate another 10 units would be rent ready (light turns).
As mentioned already 16 units are fire units and need full renovation. The remaining 24 units are considered hard turns and need medium to significant repair to become rent ready.
It has been estimated that an investment of $600,000-$800,000 would bring the property back to full rentability and make it a very attractive property in the area.
Once renovated and stabilized, we estimate the property could appraise anywhere from $41,000-$47,000 a door, which would put it at a low value of $3,690,000 or up to $4,230,000. Which means that if you are careful and wise, you likely will be able to purchase the property, make the investment needed, and once stabilized have less than 80% of the new appraised value in the property, which would allow you to refinance it and pull your capital out to tackle another investment project.
WATCH THE WALK THROUGH TOUR BELOW
LAYOUTS, COMPLEX MAP AND SURVEY
The owners have put together the documents you need to be able to analyze this deal. However this is sensitive information and is password protected.
If you'd like a deeper look call Grant Wortman at 405-308-7509 or email firstname.lastname@example.org to receive the password to the documents.
LOCATION LOCATION LOCATION!
VIEW DETAILED PICTURES BELOW
THANKS FOR CHECKING OUT AUTUMN RUN APARTMENTS
FOR MORE INFORMATION CONTACT
BROKER OWNER CHAMBERLAIN REALTY LLC