Frederick, OK Portfolio

Address: 1621 N 13th St 1321 N 13th St 122 N 19th St, Frederick, Oklahoma, US

Texas + Apartments

Created date: November 3, 2023

Date last updated: November 3, 2023

- The portfolio consists of 3 properties: Chevelle Apartments, Caprise Apartments, and Frederick Apartments, totaling 68 units
- All of the HVAC units in the Chevelle Apartments have been replaced since the owner purchased
- Current owner has replaced 50% of HVAC units in the Frederick Apartments
- Properties are all within 1.6 miles of each other and are located less than 10 minutes from downtown Frederick
- Properties are well positioned in the area with quick access to Highway 183, which is a major thoroughfare that leads south to Austin, TX and other major cities
- Major employers in the area state that there is strong demand for market workforce housing

Property Description

Waller Group is proud to present this Value-Add, 60-unit portfolio located in Frederick, OK. The portfolio consists of 3 properties: Chevelle Apartments, Caprise Apartments, and Frederick Apartments. In total, the 3 properties consist of 60 total units, 10 units are rent ready and the remaining 50 units require make-ready an estimated capital investment of $6,500 / unit to become rent ready. The property is currently self-managed. An annual NOI of $245,703 can be achieved by: the implementation of professional property management, increasing monthly rents to $500 for the 2Bedx1Bath units and $750 for the 2Bedx1.5Bath units, adding ancillary income drivers, and through heavy unit turns. In speaking with major employers in the area, they state there is strong demand for market workforce housing. Chevelle Apartments – 1621 N 13th StThe Chevelle Apartments are comprised of 36 total units (all units are 2 bed/1bath ~563sqft). Four (4) of the 36 units are currently rented as extended stays (30-day leases) - which are fully furnished. There are currently 8 occupied units. The units that are not rented need new flooring, paint, and windows. There is a coin operated laundry facility with 2 washers/2 dryers. All of the HVAC units have been replaced since the owner purchased. The current owner does not charge for covered parking. Caprise Apartments – 1321 N 13th StThe Caprise Apartments are comprised of 16 total units (all units are 2 bed/1bath ~563sqft). The entire property is vacant and needs extensive work. The following needs completed: flooring, water heaters, painting, windows, some small plumbing work, and HVACs for each unit. The current owner does not charge for covered parking. There is a coin operated laundry facility with 2 washers/2 dryers. Frederick Apartments – 122 N 19th StThe Frederick Apartments are comprised of 8 total units (all units are two bedrooms with 1.5 bath ~850sqft). Currently, 5 of the 8 units are occupied. This property needs the least number of renovations completed compared to the other properties. The owner has replaced 4 of the 8 HVAC units. The roof age is approximately 15 years old. The current owner does not charge for covered parking.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Price:	$1,300,000
No. of Units:	60
Lot Size:	40,684.00 Sq ft
Opportunity Zone:	No
Price per unit:	$21,667
Property Website	Click Here