Mark White, CCIM 405-605-5885 markw@compassproperty.net Jay Scott Brown 405-414-8402 jayscott.brown@gmail.com HIGHLIGHTS 35 Class A Units - Best of market in location, quality of construction and amenities New Construction - 2 Phases Completed in 2007 and 2017 High historical occupancy and proven operating fundamentals Stable community - balanced tenant mix of professionals, families, students and retired Excellent Unit Mix - 3 Bed, 2 Bath Units with full-sized 2-car attached garages OFFERING TERMS Purchase Price - $4,130,000 Cap Rate - 8.02% Cash on Cash Return - 9.90%
Portfolio boasts a distinct neighborhood configuration for efficiency in operations & marketing appeal Excellent location - Convenient to Oklahoma Baptist & St. Gregory s University - Access via both I-40 & HWY 177 Close proximity to major employers - TDK, Wolverine Tube, GE Oil & Gas, Citizen Potawatomie Nation, Kickapoo Casino and the new St. Anthony Shawnee Hospital Cancer Care Center Golden Acres
Unit Amenities Two-Car Garages Wood & Tile Flooring Granite Countertops Sprinkled Units Electric Fireplace Cathedral Ceilings Stainless Steel Appliances Custom Pantries Built In Microwave Double Sink Vanities Washer Dryer Hookups Ceiling Fans Energy Efficient Units Built In Shelving High Quality Doors & Hardware Walk In Closets Community Features Community Tornado Shelter Splash Pad Basketball Court Turfed Playground Area
EXECUTIVE SUMMARY QUALITY This portfolio of Class A duplex homes provides today s investor an opportunity to own a well built, high quality asset in a market where demand is currently outpacing supply. These two and three bedroom, 2-car garage duplexes successfully attract the high end rental market in Shawnee, OK. Golden Acres Cottages are surrounded by brick pillar fencing and strategically arranged in a neighborhood layout with cul-de-sacs and intersecting streets rather than lined up in an impersonal way. A community tornado shelter, splash pad, basketball court, and children s play area add to its attractiveness to residents. Owner built and managed, Phase I consists of 20 units built in 2007. Phase II consisting of 15 units was completed in May of 2017. STABILITY Golden Acres Cottages occupy a unique niche in the Shawnee market. Demand is high for good quality rentals but the supply is limited. Land scarcity and a protective community make for high barriers into this attractive submarket. Golden Acres vacancy is unusually low and commanding the highest rental rates in the market. The demographics of the resident population is well diversified including students, single professionals, retirees, families and a corporate unit. DISTINCTION The Owners have chosen to include all utilities in their rental contracts although each home is built with separate meters. This practice is atypical for high end offerings however, the Owners have found that the convenience is highly valued by new and existing residents alike. This strategy adds value because a premium is achieved in rents over the actual cost of the utility service and reduces costly turnover. This combination of factors speaks to the long term stability and profitability of this high quality investment.