This property is Off-Market

1312 N. Midwest Blvd.
Midwest City, OK 73110 ·

201 Units · Multifamily For Sale

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Orchard Springs Apartments

Price N/A Property Use Type Investment
No. Units 201 Cap Rate 9.90%
Building Size 175,703 SF No. Stories 2
Property Type Multifamily Year Built 1971
Property Sub-type Garden/Low-Rise Lot Size 9.86 AC
Listing ID: 14220841 Date Created: 05/26/2005 Last Updated: 12/14/2005

Description

The units are individually metered, with electric appliances, and electric heat and air. The unit interiors include wall-to-wall carpet with vinyl tile in kitchens and baths, frost-free refrigerators, range/ovens, garbage disposals, large closets, mini-blinds, and ceiling fans. There are two new on-site laundry facilities. The current ownership has just completed a rehab in excell of $1,200,000 which includes the following items: 95% of the interiors have been renovated with new carpet, paint, updating of the appliances where necessary, lighting packages, mini-blinds, and replaced or refinished countertops where necessary. The exterior of the property has been updated including new siding, paint, new roof and gutter system, playgrounds, barbeque grills and benches added, approximately 1,000 square feet added to the downstairs of the clubhouse/leasing office, new furniture purchased for the clubhouse/leasing office, new signage, parking lot was repaired, sealed, and striped, new perimeter fence, controlled access entry gates, repairs to both pools, new exterior lighting, and additional landscaping. A one bedroom unit was also added above the clubhouse/leasing office.

The immediate area surrounding Orchard Springs is characterized by middle income, single-family residential neighborhoods. The site is located approximately one-quarter mile north of Northeast 10th Street on the east side of Midwest Boulevard. Midwest Boulevard is a main arterial road in Midwest City offering excellent access to shopping and major employers in the area such as Tinker Air Force Base. Other employers located in close proximity include Midwest City Regional Hospital, City of Midwest City offices, General Motors, Heritage Park Mall, and downtown Oklahoma City. Interstate 40 is located three miles south and Interstate 35 is located four miles west of the site. The State Capitol is also easily accessible by way of Northeast 23rd Street.

Highlights

  • Excellent condition
  • Renovation in excess of $1,200,000
  • Large units - average size 874 square feet
  • Individually metered for electric
  • Priced well below replacement cost
  • Available all cash

Research

1312 N. Midwest Blvd., Midwest City, OK 73110 (Oklahoma County)

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