TITLE:
Near OSU 32 Unit Apartments with land to Build MORE
CONTROL:
Exclusive
VALUE:
$2,650,000
LOAN:
$2,343,632
EQUITY:
$306,368
TYPE:
Multi-Family
HAVE:
In the Shadow of Wal-Mart and across the street from Planet Fitness & Spin City. Just 1 mile from Oklahoma State University. Units are nestled in a quaint land site with 3 small industrial buildings as a buffer between the Wal-Mart site and the property.
ADDRESS:
1020 E. Virginia Ave., Stillwater, Oklahoma
BENEFITS TO NEW OWNER:
Additional Land to at least double unit count and possible contiguous land to add much larger unit count. Great Location to add value
OTHER FILES:
GROSS SCHEDULED INCOME:
$297,600 Projected
VACANCY LOSS:
$29,760
GROSS EFFECTIVE INCOME:
$267,840
EXPENSES:
$125,968
NOI:
$141,872
DEBT SERVICE:
$158,376
CASH FLOW:
$-16,504
CAP RATE:
5.35%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$2,343,632
$11,548
4%
12/31/1969
No
LOAN 2
$330,000
$1,650
10%
12/31/1969
No
BENEFITS SOUGHT:
Owners seek to eliminate management in this area as geographically far from other managed interests. Also need funds to pay down & eliminate debt.
CAN ADD:
143-02 Value Add 62 units in Ponca City
REMARKS:
Exterior updated and concrete parking lot in excellent condition. Laundry on site 4 washers and dryers plus Spin City Laundry Mat short distance across the street. Super close to OSU but not adjacent to campus.
COUNSELOR:
Sheri Dawn Proctor
BHGRE Wostal Realty
245 N Waco, Suite 160
Wichita, Kansas, 67202
