Description
Introducing a 15-unit apartment complex in Historic Lincoln Terrace. This well-located property is close to OU Medical Center and Downtown OKC. The complex features 12 one-bedroom units and 3 studios, all variably updated as tenants moved out with new flooring, kitchen and bathroom updates, fresh paint, and more. Each unit has a balcony or porch, there are no Section 8 tenants, and on site laundry room. Other improvements include replacing all 4 sewer lines, a new roof on one building in 2022, a repaved parking lot. Currently 80% occupied, with 3 vacant units for lease (one being filled in August.) All but 3 units metered separately for Electric, and some units have utility chargebacks and could be added to others. There is still room for additional upside with increasing rents of at least 7 units and there are 3 basement units that could be converted or used to provide storage for every unit. Ideal for investors seeking a historic yet modernized property in a prime location. Don't miss this opportunity!
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15BEDS
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0.34ACRES
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15BATHS
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01/2 BATHS
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9,092SQFT
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$154$/SQFT
School Information
Listing provided courtesy of Kaci Kaiser of Solas Real Estate Llc : 405-451-0000.
©2023 MLSOK, Inc.
Description
Introducing a 15-unit apartment complex in Historic Lincoln Terrace. This well-located property is close to OU Medical Center and Downtown OKC. The complex features 12 one-bedroom units and 3 studios, all variably updated as tenants moved out with new flooring, kitchen and bathroom updates, fresh paint, and more. Each unit has a balcony or porch, there are no Section 8 tenants, and on site laundry room. Other improvements include replacing all 4 sewer lines, a new roof on one building in 2022, a repaved parking lot. Currently 80% occupied, with 3 vacant units for lease (one being filled in August.) All but 3 units metered separately for Electric, and some units have utility chargebacks and could be added to others. There is still room for additional upside with increasing rents of at least 7 units and there are 3 basement units that could be converted or used to provide storage for every unit. Ideal for investors seeking a historic yet modernized property in a prime location. Don't miss this opportunity!
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