Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Cowboy Town Apartments in Stillwater, Oklahoma. Cowboy Town includes 208 market-rate multifamily units on 12.04 acres. The Property consists of 22 two-story walk-up buildings constructed in 1972. The Property provides great street frontage on Perkins Road which encounters 22,900+ vehicles-per-day. The location also provides tenants convenient access to retail, dining, and entertainment options in the surrounding area. Additionally, the Property is located less than two miles from Oklahoma State University. Stillwater High School is located within 1.5 miles from Cowboy Town and is ranked the 44th best high school in Oklahoma putting it in the top 8th percentile of best public educations in the state. Cowboy Town Apartments is being offered as an assumption of the current HUD mortgage. The Property boasts a strong operational history consistently remaining 92% occupancy. Although the Property is located less than two miles from Oklahoma State University, it is not a student property by the agency lender definition. Oklahoma State University set two enrollment records for the 2023-24 school year including the largest freshman class and the highest enrollment ever on the Stillwater campus. There were no deliveries of apartment units in the trailing twelve months and there are no future deliveries in the upcoming twelve months. Current ownership has owned the asset for 15+ years. During current ownership’s tenure they have focused on turning units and maintaining occupancy. Cowboy Town is currently $0.31/PSF and $174/month below the market average of comparable properties. Based on a market rent comparable study, the Property is well positioned for a value-add program to achieve $175/month- $200/month in rent premiums depending on unit size. Competitive properties have renovated interiors including stainless steel appliances, faux granite countertops, quartz countertops, upgraded cabinetry, LVP flooring, modern paint, and light fixtures. One of the 2Bd/1.5Ba units (S-207) at Cowboy Town received interior upgrades and is rented for $960/month which is a $238/month premium compared to the average in-place lease of the other 2Bd/1.5Ba units. Additionally, there is a large footprint above the office being used as storage. A new owner can convert the space into a common area amenity for tenants to socialize and interact. Currently on-site is a bakery that operates on an as-ordered delivery service. The space is nearly 1,500 square feet providing a new owner the opportunity to increase the leased rent or convert to an amenity/ common area space. Cowboy Town is a well-located cash flowing asset ready to capture future rental upside through a value-add strategy.