ada portfolio - loopnet · 2019-02-22 · ada portfolio sleepy hollow apartments 825-829 south...
TRANSCRIPT
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www.cbre.us/oklahomacity
CONTACT US
EVA WILLSFirst Vice President+1 405 607 [email protected]
WILLIAM FORRESTFirst Vice President+1 405 607 [email protected]
ADA PORTFOLIO
SLEEPY HOLLOW APTS
ADA MAP
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THE LEGENDS DUPLEXES
www.cbre.us/oklahomacity
INVESTMENT OPPORTUNITY
ADA PORTFOLIO
SLEEPY HOLLOW APARTMENTS | 24 UNITS | ADA, OKTHE LEGENDS DUPLEXES APARTMENTS | 12 UNITS | ADA, OK
PRICE TO BE DETERMINED BY MARKET
+ Excellent location in the heart of Ada
+ Separately metered for electricity and water
+ Good physical condition – original developer
+ Located in close proximity to major employers, retail and restaurants
+ Pitched roofs
+ Convenient access to Ada Central Business District and East Central University
+ Attractive property setting and layout
PROPERTIES INVESTMENT HIGHLIGHTS
Current Rent
Unit Description Units SF/Unit (±) Per Unit Per SF
2 Bed | 1 Bath 24 810 $650 $0.80
TOTAL 24 19,440 $15,600 $0.80
UNIT MIX
PRO FORMA
INCOME 2018 PER UNIT
Gross Potential Rent $187,200 $7,800.00 Vacancy Loss (18,720) (780.00)
Total Rental Income 168,480 7,020.00 Rent Concessions 0 0.00
Effective Rental Income $168,480 $7,020.00 Other Income 0 0.00 Credit/Collection Loss 0 0.00
Effective Gross Income $168,480 $7,020.00
EXPENSES 2018 PER UNIT
Advertising (640) (26.67)Equipment Rental (2,725) (113.54)Grounds Maintenance (2,058) (85.75)Repair/Maintenance (12,332) (513.83)Utilities (2,335) (97.29)Insurance (6,902) (287.58)Property Taxes (6,751) (281.29)Management Fee (8,424) (351.00)
Total Expenses ($42,167) ($1,756.96)Net Operating Income $126,313 $5,263.04
ADA PORTFOLIO
SLEEPY HOLLOW APARTMENTS825-829 SOUTH MISSISSIPPI, ADA, OK 74820Sleepy Hollow is a 24 unit garden apartment community, built in 2009, representing an excellent opportunity for an investor to acquire this well located property. The property consists of three two-story residential buildings.
EAST CENTRAL UNIVERSITY
+ East Central is divided into 5 academic units (three colleges and two schools) with 70 degree programs. They are: − The Harland C. Stonecipher School of Business
− College of Education and Psychology
− College of Health and Sciences
− College of Liberal Arts and Social Sciences
− School of Graduate Studies
+ ECU serves around 4,500 students and is perhaps best known internationally for its cartography program, as only a few such programs exist. ECU is also home to an Environmental Health Science Program, one of only 30 programs nationally accredited by the National Environmental Health Science and Protection Accreditation Council.
ADA INVESTMENT HIGHLIGHTS
NOTE: All bills paid by resident. Individually metered for electricity and water.
THE LEGENDS DUPLEXES1000-1422 SOUTH MISSISSIPPI, ADA, OK 74820The Legends Duplexes are a 12 unit, 6 building duplex community built in 2010.
Current Rent
Unit Description Units SF/Unit (±) Per Unit Per SF
2 Bed | 2 Bath 6 1,050 $825 $0.79
3 Bed | 2 Bath 6 810 $850 $0.68
TOTAL 12 11,160 $10,050 $0.90
UNIT MIX
PRO FORMAINCOME 2018 PER UNIT
Gross Potential Rent $120,600 $10,050.00 Vacancy Loss 0 0.00
Total Rental Income 120,600 10,050.00 Rent Concessions 0 0.00
Effective Rental Income $120,600 $10,050.00 Other Income 0 0.00 Credit/Collection Loss 0 0.00
Effective Gross Income $120,600 $10,050.00
EXPENSES 2018 PER UNIT
Advertising (640) (53.33)Equipment Rental (472) (39.33)Grounds Maintenance (2,058) (171.50)Repair/Maintenance (2,394) (199.50)Utilities (770) (64.17)Insurance (6,902) (575.17)Property Taxes (10,334) (861.17)Management Fee (6,030) (502.50)
Total Expenses ($29,600) ($2,466.67)Net Operating Income $91,000 $7,583.33
ADA INVESTMENT HIGHLIGHTS (CONT.)
JOBS/EMPLOYMENT
+ Outstanding access to East Central University by way of Stadium Drive.
+ Pontotoc County unemployment rate was 3.4%1 (December 2017).
+ Property located just off of Highway 377 which is the main retail corridor.
+ Large number of employers located within minutes of site. Employers include East Central University, Solo Cup Company, The Chickasaw Nation and Legal Shield.
THE ECONOMY/MARKET
+ Ada is very diverse economy with a significant public university (enrollment 4500) and the county seat of Pontotoc County.
+ Ada’s population was estimated at 16,810 in 2017.
NOTE: All bills paid by resident. Individually metered for electricity and water.