Skip to main content

Multifamily

Collinsville Garden Apartments

114 S 19th St, Collinsville, OK 74021

Listing Price: $1,900,000

Cap Rate
6.27%
Number of Units
24
GRM
8.08
Occupancy
97.0%
Price/Unit
$79,167

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Collinsville Garden Apartments, a 24-unit apartment complex in Collinsville, Oklahoma. Strategically located one mile East of HWY 169 (15,000+ vehicles-per-day), providing convenient accessibility to Owasso and Tulsa.

Built in 1980, Collinsville Garden comprises of three two-story structures, set on a 1.3 acre plot. The property has a dedicated on-site laundry facility for resident convenience and offers one-bedroom and two-bedroom layouts, with an average space of approximately 800 square feet.

The Property is meticulously maintained, vinyl siding covers the exterior while each unit has central heat and air, and a covered porch. The interior has a variety of granite and laminate countertops while the flooring consists of luxury vinyl, ceramic tile, or carpet. New stairwells have been recently added, while the complex has plenty of parking for residents and guests.

Collinsville Garden is 100% occupied and stays completely full due to the property’s location and overall lack of competition in the Collinsville submarket. Investors will be attracted to the lack of multifamily inventory and development in the Collinsville market. The location also helps retain residents with its proximity to the high school and middle school. Collinsville Schools is a top ranked school district in the Tulsa MSA. Main Street, the heart of Collinsville, is walking distance to numerous restaurants and retail stores.

Current ownership will consider seller financing and any reasonable terms/structure is negotiable. Current in-place rents are under market so there is upside in organic rent growth. Collinsville has a low supply of multifamily properties further supporting rent increases. Additionally, 6 of the 24 units have been renovated and receive an average premium of $92/month and $127/month for 1-bedroom and 2-bedroom units, respectively. Paybacks for water, trash, and sewer are another means to add income. An investor can increase income by over $25,000 annually which would be over a 12% increase in top-line revenue. This does not include capturing organic rent growth.

Please reach out to the brokers to learn more about this opportunity and/or schedule a tour.

Investment Highlights

  • Seller Financing Available
  • Strong Historical Occupancy
  • Proven On-Site Value Add Strategy

Exclusively Listed By

Multifamily

Collinsville Garden Apartments

Listing Price: $1,900,000

Cap Rate
6.27%
Number of Units
24
GRM
8.08
Occupancy
97.0%
Price/Unit
$79,167

Investment Highlights

  • Seller Financing Available
  • Strong Historical Occupancy
  • Proven On-Site Value Add Strategy

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Collinsville Garden Apartments, a 24-unit apartment complex in Collinsville, Oklahoma. Strategically located one mile East of HWY 169 (15,000+ vehicles-per-day), providing convenient accessibility to Owasso and Tulsa. Built in 1980, Collinsville Garden comprises of three two-story structures, set on a 1.3 acre plot. The property has a dedicated on-site laundry facility for resident convenience and offers one-bedroom and two-bedroom layouts, with an average space of approximately 800 square feet. The Property is meticulously maintained, vinyl siding covers the exterior while each unit has central heat and air, and a covered porch. The interior has a variety of granite and laminate countertops while the flooring consists of luxury vinyl, ceramic tile, or carpet. New stairwells have been recently added, while the complex has plenty of parking for residents and guests. Collinsville Garden is 100% occupied and stays completely full due to the property’s location and overall lack of competition in the Collinsville submarket. Investors will be attracted to the lack of multifamily inventory and development in the Collinsville market. The location also helps retain residents with its proximity to the high school and middle school. Collinsville Schools is a top ranked school district in the Tulsa MSA. Main Street, the heart of Collinsville, is walking distance to numerous restaurants and retail stores. Current ownership will consider seller financing and any reasonable terms/structure is negotiable. Current in-place rents are under market so there is upside in organic rent growth. Collinsville has a low supply of multifamily properties further supporting rent increases. Additionally, 6 of the 24 units have been renovated and receive an average premium of $92/month and $127/month for 1-bedroom and 2-bedroom units, respectively. Paybacks for water, trash, and sewer are another means to add income. An investor can increase income by over $25,000 annually which would be over a 12% increase in top-line revenue. This does not include capturing organic rent growth. Please reach out to the brokers to learn more about this opportunity and/or schedule a tour.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower