Historical Multifamily Sale Listing - ORCHARD SPRINGS APARTMENTS

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ORCHARD SPRINGS APARTMENTS

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

N/A

201 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
201
Building Size:
175,656 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Distressed:
Yes
Commission Split:
2.5%
Cap Rate:
9%
No. Stories:
2
Year Built:
1967
Lot Size:
9.86 AC
Listing ID
18342948
Last Updated
over 1 year ago

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

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.

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

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