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Browse More Listings in Multifamily For Sale, Oklahoma City, OK or Oklahoma

Multifamily Property For Sale

Northridge Apartments

8114 W. Britton Rd., Oklahoma City, OK 73132

Price:
$9,750,000
No. Units:
216
Building Size:
166,400 SF
Price/Unit:
$45,138.89
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8.50%
Year Built:
1983
Lot Size:
7.96 SF
Find Out More...

Last Verified 11/17/2009 Listing ID 16429325

Highlights

OFFERS DUE NOVEMBER 20, 2009
Attractive assumable financing at 5.73% interest
Priced well below new construction costs

Located near a dynamic retail market/hub populated with numerous national retailers
Less than six miles from the largest regional mall in Oklahoma City
Good common area amenities

Description

OFFERS DUE NOVEMBER 20, 2009

Qualified investors are invited to acquire Northridge on a cash to existing mortgage basis. The existing mortgage offers an investor 77% leverage with an interest rate of 5.73%. The offering price represents a cap rate of 8.5% (Pro Forma) and an attractive cash return of 13.6%. The existing owner purchased Northridge in 1992 from the RTC in the Affordable Housing Program. 160 of the units are set aside for individuals and families that meet low (68 units) and very low (92 units) income qualification standards.

Northridge is located on Britton Road just west of Council. The site is also just one block south of Northwest Expressway. The area surrounding this property is the most popular growth submarket in Oklahoma City.

Northridge is best described as a B property in an A location. This property is situated in an area comprised of quality single family housing with growing retail services. Access to this prime suburban location is very convenient via Northwest Expressway, Council Road and the Kilpatrick Turnpike.

Financial Summary

Unit Mix Information

Debt & Equity Information

Actual
Scheduled Gross Income
$1,393,248
Effective Gross Income
$1,448,910
Operating Expenses
$565,079
Net Operating Income
$883,831

Description	No. Units	Avg. Mo. Rent	Sq. Ft.
1 br x 1 ba	32	$445	525
1 br x 1 ba	64	$490	650
2 br x 2 ba	120	$600	900

Map of 8114 W. Britton Rd., Oklahoma City, OK 73132 (Oklahoma County)

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William Forrest (405) 272-5357

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Created 10/13/2009

Additional Information for 8114 W Britton Road, Oklahoma City, OK 73132

Active For Sale - 1 Listing
Active For Lease - 0 Listing
Previously Listed - 0 Historic Listing
Sales Comparables Available - 0 RecentSales Record

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Multifamily Property For Sale - Northridge Apartments

8114 W. Britton Rd., Oklahoma City, OK, 73132