One Five Apartments

6919 East 15th Place, Tulsa, Oklahoma 74112
Description

Subject to Offers

 

One Five Apartments are a perfect opportunity to acquire a well located asset that is positioned well for a new owner to continue to add value. Built in 1962, this property has all of the physical attributes that investors and residents prefer. The property consists of two story buildings with full brick exteriors and pitched roofs. Located in desirable midtown Tulsa, the property is surrounded by a nice residential neighborhood, Leisure Lanes, primarily consisting of single family homes in the $150,000 range. The property is also next door to Jones Elementary School and is a few blocks from St. Pius X Parochial School. The property has good visibility from East 15th Street which works well for leasing traffic and access. There is a commercial and industrial area to the north of 15th Street which drives more traffic to the area. The lack of surrounding multifamily property providing direct competition gives the One Five Apartments an advantage in leasing and provides the residents a quiet, peaceful setting. In the last year, the owners have invested nearly $1M in the property correcting deferred maintenance and updating the property. Updates include construction of a new office, landscaping, new signage, fencing, swimming pool rehab, and much more. Additionally, 20 units received mildly updated interiors which is already leading to a significant rent bump on those units. Investors have the opportunity to acquire an asset that is truly a proven value-add, with potential to capitalize on the updates the current owner has already started. Upgraded units provide investors with an approximate 27 percent return on their capital, making this truly the stereotypical "value-add" property investors have been trying to find.

 

  • Highly Desired Value Add Opportunity
  • Substantial Recent Capital Improvements
  • Convenient Central Tulsa Location
  • New Financing
  • Proven Upside with Updated Units
  • Good Unit Mix