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Fairgrounds Communities LLC 900 Fairgrounds Rd 14 Unit Apartment Building $2,100,000 ($150,000/Unit) 4% Cap Rate Stillwater, OK 74074



Executive Summary
Fairgrounds Communities presents an exceptional investment opportunity combining immediate cash flow, outstanding operational efficiency, and significant development potential. This fully operational 14-unit residential income property is strategically positioned on 52 acres with prime frontage on Fairgrounds Road near Highway 51.
PROPERTY OVERVIEW
• 14 Income-Producing Rental Units (13 single-family homes + 1 duplex)
• Total Building Area: 9,485 square feet
• Lot Size: 52 acres with high traffic/commercial road frontage
• Current Occupancy: 92.9% (13 of 14 units rented)
• Property Type: Stabilized residential income with value-add potential
• Location: Prime frontage on Fairgrounds Road near Highway 51
EXCEPTIONAL FINANCIAL PERFORMANCE
• Annual Gross Income: $100,057 (2025 actual)
• Net Operating Income: $84,001
• Cap Rate: 4.00% - Competitive for residential income with land value component
• Expense Ratio: 16% - Exceptionally low, well below industry average of 35-45%
• Monthly Operating Expenses: Only $1,338
• Cash Flow Efficiency: 84% of gross income flows to NOI
• Price per Unit: $150,000
• Asking Price: $2,100,000
UNIT MIX & RENTAL RATES
• 6 One-Bedroom Units (1 bath each) - $600/month
• 8 Two-Bedroom Units (1 bath each) - $800/month
• Total: 14 units across 13 single-family homes and 1 duplex
• Construction: Primarily single-story (one 2-story unit)
• Average Unit Size: 677 square feet
PROPERTY FEATURES & AMENITIES
• Large stocked fishing pond - unique amenity for tenants
• Prime location on Fairgrounds Road
• Excellent access near Highway 51 - major transportation corridor
• Rental community with stable tenant base
• On-site parking for all units
• Mostly single-story construction for easy maintenance
TECHNOLOGY & SYSTEMS - SIGNIFICANT COMPETITIVE ADVANTAGE
The seller has invested substantially in creating a professional, technology-driven property management operation that transfers completely to the new owner. This infrastructure provides immediate operational capability and represents significant added value:
Innago Property Management Platform:
• Cloud-based system accessible from anywhere
• Complete accounting and financial reporting
• Automated rent collection and payment processing
• Online tenant application and screening
• Digital lease signing and document management
• Maintenance request tracking and vendor management
• Tenant communication portal
• Mobile app for iOS and Android
• All 14 units fully configured with complete history
• Financial records, lease documents, and tenant data organized
• Scalable platform ready for additional units
Professional Website (FairgroundsCommunities.com):
• Custom property website with professional design
• Integrated tenant portal
• Vacancy listings and online applications
• Property information and photos
• Contact forms and inquiry management
• SEO optimized for local search
• Hosting and domain transfer included
Business Phone System:
• Dedicated business phone number
• Professional voicemail and call routing
• Established contact number for tenants
• Continuity for existing tenant communications
Combined Value: These systems represent a capital investment of $5,000-$10,000+ in setup, configuration, and ongoing subscriptions. The new owner receives this complete infrastructure, enabling immediate operations without the typical startup phase required when acquiring rental properties.
Operational Impact: This technology infrastructure is a key contributor to the exceptional 16% expense ratio. Automated processes reduce management time, minimize errors, improve tenant satisfaction, and decrease operational costs. The new owner can manage the property efficiently from day one, whether on-site or remotely.
SIGNIFICANT UPSIDE POTENTIAL
• Immediate Opportunity: Fill 1 current vacancy to increase NOI to $91,201+ (4.34% cap rate)
• Value-Add Project: Vacant 4-unit, 2-story apartment building on-site ready for restoration
• Rent Growth: Current rents are conservative with room for increases
• Land Development: 52 acres total, 40 acres undeveloped land provides substantial expansion opportunities
• Pro-Forma Performance: 4.34%-4.46% cap rate at full occupancy
INVESTMENT HIGHLIGHTS
• Turnkey cash-flowing investment with immediate income
• Exceptional 16% expense ratio demonstrates operational excellence
• Stable 93% occupancy proves consistent tenant demand
• Diversified income stream across 14 separate units
• Strong location with highway access and visibility
• Significant land value component (52 acres)
• Multiple value-add opportunities for increased returns
• Ideal for 1031 exchange buyers
PROPERTY WEBSITE
For additional photos and information, visit: https://FairgroundsCommunities.com
OFFERING TERMS
• Asking Price: $2,100,000
• Earnest Money Deposit: $63,000 (3% )
• Due Diligence Period: 45 days
• Closing Period: 30 days after due diligence
• Broker Co-op: Yes (2% to buyer's agent)
Showings by appointment only. Proof of funds or pre-approval required.
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer Hookup
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Views
- Carpet
- Yard
- Attic
- Deck
- Dining Room
- Family Room
- Porch
Site Amenities
- 24 Hour Access
- Gas Range
- Walking/Biking Trails
- Lake Access
- Pond
- Private Bathroom
About 900 FAIRGROUNDS RD , STILLWATER, OK 74074
Fairgrounds Road Acreage, East of Stillwater, Oklahoma, Surface and surface only in a tract of land in the North 52.35 acres of the South Ninety-five (95) acres of the Northwest Quarter (NW/4) of Section Twenty-one (21), Town ship Nineteen ( 19) North, Range Three (3) East, of the Indian Meridian, more particularly described as follows, to-wit: Stillwater, Payne County, State of Oklahoma, according to the recorded plat thereof: BEGINNING AT A POINT 664.3 feet North of the Southwest Corner (SW/C) of said Northwest Quarter (NW/4); thence North 919.56 feet; thence South 88 degrees 46' 06" East a distance of 507.19 feet; thence South 918.05 feet; thence North 88 degrees 56' 20" West a distance of 507 .19 feet to the point of beginning, said tract of land containing 10.7 acres, more or less. (14 rental units) Fair Grounds Road Acreage, East of Stillwater, Oklahoma, (Vacant Land) Surface and surface only in a tract of land in the North 52.35 acres of the South Ninety-five (95) acres of the Northwest Quarter (NW/4) of Section Twenty-one (21), Township Nineteen (19) North, Range Three (3) East of the Indian Meridian, more particularly described as follows, to-wit: BEGINNING AT A POINT 664.3 feet North and South 88 degrees 56' 20" East a distance of 507.19 feet from the Southwest corner (SW/C) of said Northwest Quarter (NW/4); thence North 918.05 feet; thence South 88 degrees 46' 06'' East a distance of 400.00 feet; thence South 448.56 feet; thence South 88 degrees 56' 20" East a distance of 1321.06 feet; thence 468.31 feet South; thence North 88 degrees 56' 20" West a distance of 1721.06 feet to the point of beginning, said tract of land containing 22.5 acres, more or less. Fair Grounds Road Acreage, East of Stillwater, Oklahoma, (Vacant Land) Surface and surface only in a tract of land in the North 52.35 acres of the South Ninety-five (95) acres of the Northwest Quarter (NW/4) of Section Twenty-one (21), Township Nineteen (19) North, Range Three (3) East of the Indian Meridian, more particularly described as follows, to-wit: BEGINNING AT A POINT 664.3 feet North and South 88 degrees 56' 20" East a distance of 2228.25 feet from the Southwest corner (SW/C) of said Northwest Quarter (NW/4); thence North 468.31 feet; thence North 88 degrees 56' 20" West a distance of 1321. 06 feet; thence North 448.56 feet; thence South 88 degrees 46' 06" East a distance of 1732.43 feet; thence South O degrees 43' 00" West a distance of 911.75 feet; thence North 88 degrees 56' 20" West a distance of 400 feet to the point of beginning, said tract of land containing 22.0 acres, more or less. LESS AND EXCEPT: ~ •• State of OKLAHOMA , parties of the second part, the following described real property and premises situate in PAYNE County, State of OKLAHOMA to-wit· . A tract of land in the Northwest Quarter (NW/ 4) of Section Twenty-one (21), Township Nineteen (19) North, Range Three (3) East, Indian Mend1an, Payne County, Oklahoma, being more particularly described as follows: Beginning at a point 1365.32 feet North from the Southwest Corner of the Northwest Quarter (NW/ 4) of said Section Twenty-one (21) ; thence South. .88°46' East a distance of 312. 45 feet,· thence around a curve to the right having a radius of 281.65 feet, a distance of 159. 92 feet; thence around a curve to the left having a radius of 545.0 feet, a distance of 51.63 feet; thence North a distance of 288.42 feet; thence North 88°46'06" West a distance of 507.19 feet; Thence South a distance of 218.54 feet to the point of beginning. Said tract of land contains 2.65 acres more or and.subject to recorded easements and rights-of-way thereof affecting herein above described land, less and except all oil, gas and other minerals with the full rights of ingress and egress and any other rights pertinent there to which Grantors. specifically reserve unto themselves.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $600.00 | - |
| 2+1 | 8 | $800.00 | - |
Property Taxes
| Parcel Number | 600005288 | Improvements Assessment | $179 |
| Land Assessment | $81,928 | Total Assessment | $82,107 |
Property Taxes
Presented by
Hadleys Industries
Fairgrounds Communities LLC | 900 Fairgrounds Rd
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