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Melrose Apartments 6321 E 9th St 52 Unit Apartment Building $3,650,000 ($70,192/Unit) 8.33% Cap Rate Tulsa, OK 74112
INVESTMENT HIGHLIGHTS
- Strong upside potential
- Attractive Assumable Financing
- Well maintained
EXECUTIVE SUMMARY
Loan Assumption
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$497,500
|
$11.46
|
| Other Income |
$11,250
|
$0.26
|
| Vacancy Loss |
$51,295
|
$1.18
|
| Effective Gross Income |
$457,455
|
$10.54
|
| Taxes |
$24,312
|
$0.56
|
| Operating Expenses |
$148,324
|
$3.42
|
| Total Expenses |
$172,636
|
$3.98
|
| Net Operating Income |
$284,819
|
$6.56
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $497,500 |
| Annual Per SF | $11.46 |
| Other Income | |
|---|---|
| Annual | $11,250 |
| Annual Per SF | $0.26 |
| Vacancy Loss | |
|---|---|
| Annual | $51,295 |
| Annual Per SF | $1.18 |
| Effective Gross Income | |
|---|---|
| Annual | $457,455 |
| Annual Per SF | $10.54 |
| Taxes | |
|---|---|
| Annual | $24,312 |
| Annual Per SF | $0.56 |
| Operating Expenses | |
|---|---|
| Annual | $148,324 |
| Annual Per SF | $3.42 |
| Total Expenses | |
|---|---|
| Annual | $172,636 |
| Annual Per SF | $3.98 |
| Net Operating Income | |
|---|---|
| Annual | $284,819 |
| Annual Per SF | $6.56 |
PROPERTY FACTS
| Price | $3,650,000 | Building Class | C |
| Price Per Unit | $70,192 | Lot Size | 1.95 AC |
| Sale Type | Investment | Building Size | 43,400 SF |
| Cap Rate | 8.33% | Average Occupancy | 91% |
| No. Units | 52 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2003 |
| Property Subtype | Apartment | Parking Ratio | 1.96/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM2 - RM-2 zoning is a low-rise residential district that allows for multiple family dwellings, including townhouses, apartments, duplexes, and multi-plexes | ||
| Price | $3,650,000 |
| Price Per Unit | $70,192 |
| Sale Type | Investment |
| Cap Rate | 8.33% |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.95 AC |
| Building Size | 43,400 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2003 |
| Parking Ratio | 1.96/1,000 SF |
| Zoning | RM2 - RM-2 zoning is a low-rise residential district that allows for multiple family dwellings, including townhouses, apartments, duplexes, and multi-plexes |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Disposal
- Heating
- Kitchen
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $687.50 | 650 |
| 2+1 | 36 | $912.50 | 950 |
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PROPERTY TAXES
| Parcel Number | 16300-93-03-03410 | Total Assessment | $315,315 (2024) |
| Land Assessment | $12,422 (2024) | Annual Taxes | $24,312 ($0.56/SF) |
| Improvements Assessment | $302,893 (2024) | Tax Year | 2023 Payable 2024 |
PROPERTY TAXES
Parcel Number
16300-93-03-03410
Land Assessment
$12,422 (2024)
Improvements Assessment
$302,893 (2024)
Total Assessment
$315,315 (2024)
Annual Taxes
$24,312 ($0.56/SF)
Tax Year
2023 Payable 2024
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Melrose Apartments | 6321 E 9th St
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