This property is Off-Market

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

201 Units · Multifamily For Sale

N/A

Print

ORCHARD SPRINGS APARTMENTS

Price N/A Distressed Yes
No. Units 201 Commission Split 2.5%
Building Size 175,656 SF Cap Rate 9%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1967
Property Use Type Investment Lot Size 9.86 AC
Listing ID: 18342948 Date Created: 09/05/2013 Last Updated: 11/15/2013

Description

Exclusively Listed with CRRC.
Orchard Springs is a 201-unit Lender Owned property. Orchard Springs represents one of the last remaining lender owned multifamily assets in Oklahoma City that offers a great location and upside.

Orchard Springs was built in 1967 and was renovated in 2001, including new roofs. The buildings are constructed of brick veneer, wood trim with mansard siding exterior with flat roofs.

The unit mix consists of 41 one-bedroom units, 104 two-bedroom units, and 56 three-bedroom units. These units average approximately 874 square feet each. Unit interiors include refrigerators, range/oven, vent hood and garbage disposal. The apartments are individually metered for electric and HVAC and the tenants pay for their own electric service. The owner pays for common area electricity, water, sewer and trash removal.

The property is located in Midwest City, about three miles north of Tinker Air Force Base and Boeing. The neighborhood is mostly defined as residential with commercial and retail establishments to the south. Tinker is one of three Air Logistic Centers in the nation. Tinker currently employs approximately 26,000 civilian and military personnel. Tinker is a maintenance depot for most of the heavy jet aircraft in service including the B-1, B-52, KC-135, E-3 and the E-6. They also maintain almost every jet engine in the military as well as cruise missile engines and software development for the B-2 Stealth Bomber. The property is also within minutes of Rose State College. This is a desirable area of Midwest City and is considered a stable submarket due to the support of Tinker Air Force Base.

Highlights

  • Lender Owned
  • 201-units with 20% one bedrooms, 52% two bedrooms and 28% three bedrooms
  • Potential upside of $40 to $50 per month in rental rates by adding dishwashers
  • Near Rose State College and Midwest Regional Medical Center
  • No Stated Price. A Bid Deadline May Apply

Research

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

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

Midwest City Market Trends - Asking price index trends, sale price trends, asking rent trends

Mike Buhl's Other Listings

  • 2135 Melrose Court
    2135 Melrose Court

    Norman, OK 73069

    For Sale · $1,960,000

    34,680 SF Building

    Garden/Low-Rise

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

I am a place holder, please don't judge me!!! (no, I judge you!)