3708 Franks Way
- Built in 2023: eleven one-story duplexes, 22 units, fully leased
- Priced below the county's 2026 market value and HRE's estimated cost to build new
- One floor plan: all three-bedroom, two-bath units with tankless water heaters
- Tenants pay utilities; landscaping included in the HOA; third-party management in place
- Each duplex on its own parcel: hold together or sell individually
- Tightening Oklahoma City rental market, with new supply concentrated north of the metro
- 7.0% Pro Forma cap rate at an estimated $1,650 market rent
- 14 of 22 leases roll within 12 months: near-term path to market rent
- In-place rents of $1,522 against an estimated $1,650 market
Property Description
Bethany Duplexes is a rare chance to buy newer rental housing in the Oklahoma City metro without taking on construction or lease-up risk. The offering includes eleven one-story duplexes with 22 three-bedroom, two-bath units on Franks Way and N Divis Ave in Bethany Village. All eleven buildings were completed in 2023, and every unit is leased. The price compares well with the cost of building new. At $363,636 per duplex, the offering sits below Oklahoma County's 2026 market value for these buildings, which averages about $393,000 each. It also sits below HRE's estimate of what a comparable duplex would cost to build today, including the lot: roughly $380,000 to $410,000. New construction keeps management simple. Every unit shares the same three-bedroom, two-bath floor plan, so turns, parts and pricing stay consistent. Units are one story, tenants pay their own utilities, landscaping is handled through the HOA, and each unit has a tankless water heater. With roofs, HVAC and plumbing dating from 2023, repair costs have been modest, and a third-party manager is already in place. Each duplex sits on its own parcel, so an owner can hold all eleven buildings together or sell individual buildings over time. Year 1 income reflects in-place rents. The pro forma reflects an estimated market rent of $1,650 and a 5% market management fee; the current third-party manager's terms are shown in the T-12. In-place rents average $1,522, below HRE’s estimated market rent of $1,650 for new three-bedroom duplexes. Fourteen of the 22 leases expire within the first year of ownership, so a buyer can move most of the property toward market quickly.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $4,000,000 |
| No. of Units: | 22 |
| Year Built: | 2024 |
| Opportunity Zone: | No |
| Price per unit: | $181,818 |
| Property Website | Click Here |
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