This is a group of 9 duplexes for a total of 18 rental units built in 1978. There are 13 two bedroom units and 5 three bedroom units. The three bedroom units range from 1045 sq feet to 1150 square feet in size, the two bedroom units range from 870 to 930 square feet in size.
Rent is currently $1050-$1160 for 3 bedroom units and $870-$990 for the 2 bedroom units. Rents vary based upon the condition and remodeled state of each unit. The property is 100% occupied. Gross monthly rents is $17,200 ($206,400 annually). CAP rate is currently 6.5% and projected to be well over 7.5% in 2020.
There is a “value added” component room for rent increases if the new owner is willing to invest in remodeling some units. These units tend to rent fast either way, and are fairly easy to keep totally occupied.
These duplexes are located in the desirable Putnam City School District, which has the fifth largest number of Oklahoma Scholars.
List of 9 duplexes and full brochure/OM attached