stratford square apartments...univeristy blvd apartments 40 562 - $499 $599 - $1.00 510 s university...
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Outstanding 18-Unit Community
Stratford Square Apartments
1411 Rebecca Ln Norman, OK 73072
SUBMISSIONS
McGraw Commercial Properties4105 S. Rockford Ave.
Tulsa, OK 74105
Offer Solicitation ProcessPROPERTY VISITATION Prospective purchasers will have the opportunity to visit the property via pre-scheduled appointment. These showings will include access to a representative sampling of units and access to common areas and other similar facilities. In order to accomodate the property’s ongoing opera-tions, visitation will require advance notice and scheduling.
OFFER SUBMISSION Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchaser’s offer including, but not limited to (1) asset pricing, (2) due dilligence and closing time frame, (3) Earnest Money deposit, (4) a description of the debt/equity structure, and (5) qualifications to close. The purchase terms shall require that all cash be paid at closing. Offers should be delivered to the attention of one of the brokers.
Disclaimer/Confidentiality StatementNO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ER-RORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDI-TIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
TABLE OF CONTENTS
1. PROPERTY HIGHLIGHTS The opportunity Property Details Location Overview Area Map
2. INVESTMENT SUMMARY Unit Mix Unit Photos Income and Expense Report
3. RENT COMPARABLES Subject Property Rent Comparables Summary Rent Comparables Photos
4. APPENDIX Marketing Team
PROPERTY HIGHLIGHTS
$PRICE
$1,166,000CAP RATE
6.6%
TOTAL NETRENTABLE SF
14,891
NUMBER OF UNITS
18
YEAR BUILT1968
OCCUPANCY%
Stratford SquareApartments1411Rebecca Ln,
Norman, OK 73072
The OpportunityStratford Square is a boutique, garden style apartment complex that has been fully renovat-ed from the studs out. Offering 1 and 2 bedroom units featuring new wood floors, cabinets, counter-tops, fixtures, finishes and stainless steel appliances with private pool and onsite laundry services. The property is Ideally located just west of the University of Oklahoma and a short distance from I-35 with nearby amenities and conveniences.
Property Details
APARTMENT AMENTITIES • Air Conditioning• Ceiling Fans• Dishwasher and Disposal• Vinyl Flooring and Carpet• Refrigerator, Oven, Microwave• Walk-In Closets• Window Coverings
SITE CHARACTERISTICS• Number of Units - 24• Pool• Laundry Facilities• County - Cleveland
UTILITIES• Gas• Electric• Water• Sewer• Trash*This property is All Bills Paid
A slightly lower cost of living than that of Oklahoma City combined with significantly lower crime rates draw resi-dents to Norman. Families and recent college graduates in particular choose to make their home in the peaceful neighborhood. The typical one-bedroomunit goes for an average rent of $571. Gas runs a wallet-friendly 20 per-cent lower than the national average cost. Locals can save on gas and access Oklahoma City by bus, with a one-way fare of $1.75. You can expect to pay around $4 for a pint at the local pub.
Location Overview
Unit Mix
INVESTMENT SUMMARY
Unit Photos
Unit Type Unit SqFt # of Units Rent/Month Rent/PSF1 Bed/1 Bath 746 10 640.00$ 0.82$
1 Bed/1 Bath w W/D 746 1 650.00$ 0.87$ 2 Bed/1 Bath 955 7 680.00$ 0.71$
Totals/Averages 14,891 18 11,810.00$ 0.80$
Income and Expense ReportStratford Square Cherrystone
Gross Rental Income 141,720.00$ Gross Income 209,220.00$ Vacancy/Loss to Lease (11,337.60)$ Vacancy/Loss to Lease (16,737.60)$ RUBS 4,740.00$ RUBS -$ Other Income 1,695.36$ Other Income 2,580.00$ Net Income 136,817.76$ Net Income 195,062.40$
General & Admin 2,718.12$ General & Admin 3,750.00$ per unit 151.01$ per unit 150.00$
Maintenance and Repairs 10,800.00$ Maintenance and Repairs 15,000.00$ per unit 600.00$ per unit 600.00$
Management 8,209.07$ Management 11,703.74$ Estimated 6% Estimated 6%
Marketing 450.00$ Marketing 625.00$ per unit 25.00$ per unit 25.00$
Contract Services 4,572.88$ Contract Services 5,625.00$ per unit 254.05$ per unit 225.00$
Taxes 13,574.00$ Taxes 18,324.00$ per unit 754.11$ per unit 732.96$
Insurance 6,588.00$ Insurance 8,800.00$ per unit 366.00$ per unit 352.00$
Utilities 13,010.28$ Utilities 26,729.36$ per unit 722.79$ per unit 1,069.17$
Totals 59,922.35$ Totals 90,557.10$ per unit 3,329.02$ per unit 3,622.28$
NOI 76,895.41$ NOI 104,505.30$ Cap Rate 6.6% Cap Rate 6.6%
Pro FormaIncome
OPEX
Pro Forma w/o ReservesIncome
OPEX
Rental Comparables SummaryRent Comparables Summary
1411 Rebecca Ln - Stratford Square Apartments
No. Rent Comps
17Avg. Rent Per Unit
$689Avg. Rent Per SF
$0.89Avg. Vacancy Rate
10.3%RENT COMP LOCATIONS
RENT COMPS SUMMARY STATISTICS
Unit Breakdown Low Average Median High
Total UnitsStudio UnitsOne Bedroom UnitsTwo Bedroom UnitsThree Bedroom Units
240
1480
1493
76617
1310
48460
40448
23017642
Property Attributes Low Average Median High
1965Year BuiltNumber of FloorsAverage Unit SizeVacancy Rate
Star Rating
2543 SF1.7%
19752
775 SF10.3%
19722
774 SF7.5%
19853
963 SF52.8%
2.2
6/15/2018Copyrighted report licensed to McGraw Commercial Properties - 181982.
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Rent Comparables Summary1411 Rebecca Ln - Stratford Square Apartments
Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF
Property Size Asking Rent Per Month Per Unit
-Post Oak Apartments
304 681 $659 $690 $799 - $1.06705 Ridgecrest Ct
1 1985
-The Landing on 9
128 542 - $552 $670 - $1.043231 Conestoga Dr
2 1984
-Hampton Woods
248 615 - $617 $698 - $1.013001 Oak Tree Ave
3 1985
-Univeristy Blvd Apartments
40 562 - $499 $599 - $1.00510 S University Blvd
4 1974
-The Sooner Court Apartm…
160 783 - $649 $749 - $0.922400 W Brooks St
5 1971
-Westwood Park
257 937 - $735 $848 $1,110 $0.901836 W Robinson St
6 1971
-Savannah Square-Harbor
404 756 - $604 $743 $850 $0.89300 36th Ave SW
7 1985
-Patio Apartments
48 616 - $496 $597 - $0.863386 W Robinson St
8 1983
-Landry Apartment Homes
131 773 - $614 $741 - $0.851304 Wylie Rd
9 1975
-Charleston Apartments
163 868 - $635 $763 $1,077 $0.852073 W Lindsey St
10 1972
-Sterling Park Apartments
141 894 - $790 $716 $1,354 $0.831616 E Alameda St
11 1966
-Plaza 24
98 716 - $574 $630 - $0.82917 24th Ave SW
12 1969
-Stratford Square Apartme…
24 815 - $616 $681 - $0.781411 Rebecca Ln
1968
-Springfield Apartments
192 905 - $509 $589 $950 $0.771000 E Lindsey St
13 1981
-Clarendon Townhomes
32 775 - $551 $636 - $0.771300 Crown Point Ave
14 1965
-Camden Oaks Apartments
100 951 - $639 $755 $950 $0.76301 Hal Muldrow Dr
15 1972
-Squire Village
24 747 - $516 $576 - $0.721207-1213 Crown Point Ave
16 1970
-Bentley Hills Apartments
56 963 $450 $550 $653 - $0.60840 SW 24th Ave
17 1970
6/15/2018Copyrighted report licensed to McGraw Commercial Properties - 181982.
Page 6
Rent Comparables Summary1411 Rebecca Ln - Stratford Square Apartments
Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF
Property Size Asking Rent Per Month Per Unit
-Post Oak Apartments
304 681 $659 $690 $799 - $1.06705 Ridgecrest Ct
1 1985
-The Landing on 9
128 542 - $552 $670 - $1.043231 Conestoga Dr
2 1984
-Hampton Woods
248 615 - $617 $698 - $1.013001 Oak Tree Ave
3 1985
-Univeristy Blvd Apartments
40 562 - $499 $599 - $1.00510 S University Blvd
4 1974
-The Sooner Court Apartm…
160 783 - $649 $749 - $0.922400 W Brooks St
5 1971
-Westwood Park
257 937 - $735 $848 $1,110 $0.901836 W Robinson St
6 1971
-Savannah Square-Harbor
404 756 - $604 $743 $850 $0.89300 36th Ave SW
7 1985
-Patio Apartments
48 616 - $496 $597 - $0.863386 W Robinson St
8 1983
-Landry Apartment Homes
131 773 - $614 $741 - $0.851304 Wylie Rd
9 1975
-Charleston Apartments
163 868 - $635 $763 $1,077 $0.852073 W Lindsey St
10 1972
-Sterling Park Apartments
141 894 - $790 $716 $1,354 $0.831616 E Alameda St
11 1966
-Plaza 24
98 716 - $574 $630 - $0.82917 24th Ave SW
12 1969
-Stratford Square Apartme…
24 815 - $616 $681 - $0.781411 Rebecca Ln
1968
-Springfield Apartments
192 905 - $509 $589 $950 $0.771000 E Lindsey St
13 1981
-Clarendon Townhomes
32 775 - $551 $636 - $0.771300 Crown Point Ave
14 1965
-Camden Oaks Apartments
100 951 - $639 $755 $950 $0.76301 Hal Muldrow Dr
15 1972
-Squire Village
24 747 - $516 $576 - $0.721207-1213 Crown Point Ave
16 1970
-Bentley Hills Apartments
56 963 $450 $550 $653 - $0.60840 SW 24th Ave
17 1970
6/15/2018Copyrighted report licensed to McGraw Commercial Properties - 181982.
Page 6
Rent Comparables
Rental Comparables Photos
Hampton Woods3001 Oak Tree Ave248 Units / 2 Stories
Owner: University CommunitiesRent/SF $1.01, Vacancy 8.9%
3The Landing on 93231 Conestoga Dr128 Units / 2 Stories
Owner: Northstar PropertiesRent/SF $1.04, Vacancy 10.2%
2Post Oak Apartments705 Ridgecrest Ct304 Units / 3 Stories
Owner: University CommunitiesRent/SF $1.06, Vacancy 4.0%
1
Westwood Park1836 W Robinson St257 Units / 2 Stories
Owner: BSR TrustRent/SF $0.90, Vacancy 10.1%
6The Sooner Court2400 W Brooks St160 Units / 2 Stories
Owner: Winfield Apartment GroupRent/SF $0.92, Vacancy 6.9%
5Univeristy Blvd510 S University Blvd40 Units / 2 Stories
Owner: Jay R. ThomasRent/SF $1.00, Vacancy 5.0%
4
Landry Apartment Homes1304 Wylie Rd131 Units / 2 Stories
Owner: Cr Rebecca, LLCRent/SF $0.85, Vacancy 5.3%
9Patio Apartments3386 W Robinson St48 Units / 2 Stories
Owner: O'Higgins Properties, IncRent/SF $0.86, Vacancy 4.2%
8Savannah Square-Harbor300 36th Ave SW404 Units / 3 Stories
Owner: Northstar PropertiesRent/SF $0.89, Vacancy 1.7%
7
Rent Comparables Photo Comparison1411 Rebecca Ln
6/15/2018Copyrighted report licensed to McGraw Commercial Properties - 181982.
Page 7
Plaza 24917 24th Ave SW98 Units / 2 Stories
Owner: M5 Norman South LlcRent/SF $0.82, Vacancy 8.2%
12Sterling Park Apartments1616 E Alameda St141 Units / 2 Stories
Owner: Broad Management Group…Rent/SF $0.83, Vacancy 24.8%
11Charleston Apartments2073 W Lindsey St163 Units / 2 Stories
Owner: Altus Equity GroupRent/SF $0.85, Vacancy 52.8%
10
Clarendon Townhomes1300 Crown Point Ave32 Units / 2 Stories
Owner: Dowell PropertiesRent/SF $0.77, Vacancy 6.3%
14Springfield Apartments1000 E Lindsey St192 Units / 2 Stories
Owner: Oklahoma Investment GroupRent/SF $0.77, Vacancy 7.8%
13Stratford Square1411 Rebecca Ln24 Units / 2 Stories
Owner: Altus Equity GroupRent/SF $0.78, Vacancy 12.5%
Subject Property
Bentley Hills Apartments840 SW 24th Ave56 Units / 2 Stories
Owner: Mildred Janet CunninghamRent/SF $0.60, Vacancy 8.9%
17Squire Village1207-1213 Crown Point Ave24 Units / 2 Stories
Owner: Dowell PropertiesRent/SF $0.72, Vacancy 8.3%
16Camden Oaks301 Hal Muldrow Dr100 Units / 2 Stories
Owner: Sai Venkat AvasaralaRent/SF $0.76, Vacancy 6.0%
15
Rent Comparables Photo Comparison1411 Rebecca Ln
6/15/2018Copyrighted report licensed to McGraw Commercial Properties - 181982.
Page 8
MARKETING TEAM
McGraw Commercial Advisor BIOSGary Krisman Carey Velez Ryan Gorman
Gary came to McGraw Commercial Proper-ties with over 45 years of experience in the commercial real estate industry. He has extensive knowledge of Fannie Mae, Fred-die Mac, Bank, Insurance and Institutional Financing. He has investment experience across the CRE spectrum including Multi-family, Office, Retail and Industrial. During his time, Gary has worked with many of the top investment groups and property owners in the nation successfully complet-ing over $1 Billion in transactions. He has been recognized numerous times winning multiple awards for both Apartment Sale of the Year and Deal of the Year.
Carey joined McGraw Commercial Prop-erties in 2014 after 6 years in residential construction and development. During his tenure, he has successfully complet-ed transactions in Multi-tenant Retail, Of-fice, Sale-lease back evaluations, 1031 Exchanges and Multifamily. Specializing in Multifamily and Investment Sales, Carey has worked on transactions and evalua-tions totaling more than $200 Million.
Ryan started in Commercial Real Estate in 2016 after 15 years in restaurant in-vestment and development. He joined McGraw Commercial Properties in 2018 bringing with him an extensive knowledge of multifamily markets and analysis. Ryan has worked with some of the top local and national investors in the market success-fully completing several multi-million dollar transactions.