The Waller Group is proud to present the 89% occupied, 64-unit property in Lawton, OK. The property is available because current ownership is looking to reinvest proceeds.
All units have new tile in the kitchens and bathrooms and new carpet in the bedrooms. 1 building, consisting of 16 units, was completely redone down to the studs and mold remediation was done. 70% of HVACs have been replaced and the parking lots have been recently restriped. All units feature baseboard heaters and all new laminate flooring. Approximately 30% of tenants are military families. 80% of the units have Federal Pacific breaker boxes, and proforma financials have included $2,000 / unit to replace the breaker boxes in these units. Additionally, per the inspection report provided in deal room, the roofs on Building B & Building E will likely need to be replaced soon. 2 of the units were burned down.
Current ownership is achieving $189,614 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $99 / unit, which is a $0.15 / sqft bump. With this bump, new ownership can achieve an annual NOI of $240,584. Copper Ridge features an on-site laundry facility which collects additional income. There is also the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees.
The property is currently self-managed and proforma financials were underwritten at 5% of EGI.