The Waller Group is proud to present the 100% occupied, 46- unit value-add property in Altus, OK. The property is available because current ownership is looking to reinvest proceeds.
The property has several value-add opportunities such as renting out the 1 bed / 1 bath managerial suite, converting the 1,500 SF old restaurant at the front of the building into storage facilities and renting them out to tenants, and renting out the two owner suites above the old restaurant. One of the units is completely finished and one needs renovated, both units are 750 SF.
The property has 24/7 camera surveillance system and equipped with well-lit parking. The property is currently in the process of being completely repainted. Current ownership is achieving $149,728 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $127 / unit, which is a $0.19 / sqft bump. With this bump, new ownership can achieve an annual NOI of $243,960. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and application fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
The property is currently operated with several weekly and monthly rentals. The property is currently self-managed. Proforma financials were underwritten with a 5% management fee.