Two 16-Unit Multifamily Properties for Sale in Lawton, Oklahoma

[William Goolsby]

I have two 16-unit Multifamily properties under contract in Lawton, OK.  The asking price is  $1,060,000 for both properties together.  The buildings are only one block from each other, so they can be advertised for lease as one complex of 32 units.  The total square footage is approximately 32,000 sq. ft, since the average unit size is about 1,000 sq. ft.  Each 2-story, 16-unit property is in one building, and therefore each is under one roof.  All units are 2-Bedroom, 1-Bath, and all have washer/dryer hookups. They were built by the same contractor, one in 2009 and the other in 2011.  The Seller is willing to finance $200,000 of the purchase price (with excellent terms)!

The roofs, exterior, grounds, and parking lot are in great condition. Some deferred maintenance is needed on some of the interiors, yet nothing significant.  The units are all electric (no gas), and the tenants pay their own electric expenses. The Seller currently pays the water, sewer, and cable bills, which could be at least partially recovered by instituting a RUBS.  

• Lawton, OK is home to Fort Sill, one of the U.S. Army's major training facilities.  There are evidently plans to add 5,000 more troops to the base in the near future.  Cameron University, a state university, is also located in Lawton, and is about 1/2 mile from the properties.  The town also has one of the largest Goodyear manufacturing plants in the U.S.  One of the biggest attractions to the area is the Wichita Mountain Wildlife Refuge, a great area for hiking and sightseeing.

• The 2017 NOI for both properties together (supplied by the Seller) is $99,042 with a cap rate of 9.34%.  The price per unit is $33,125 for properties that are only 7 and 9 years old!   Please contact William Goolsby at (214) 460-9615 or by email at [email protected] with any questions or to discuss the deal.