TITLE:
Mansions, Museums and Parks Oh My! 62 Unit Value Add MF
CONTROL:
Exclusive
VALUE:
$3,999,000
LOAN:
$3,569,897
EQUITY:
$429,103
TYPE:
Multi-Family
HAVE:
62 Units just a block from the Marland Mansion and next door to the Pioneer Woman Museum and Park has been over 50% completed. New roof in early 2023, new: sewer lines, plumbing windows, electric, HVAC's too! Dev Agreement adds $200K Bonus to Open!
WEBSITE URL:
ADDRESS:
715 Monument Road, Ponca City, Oklahoma
BENEFITS TO NEW OWNER:
Seeking all opportunity for $3M capital partner or sell entire project
See Cost Subrogation to add Year 1 tax depreciation deductions to save $119K-$155K @ 35% Tax Bracket in 2025
OTHER FILES:
GROSS SCHEDULED INCOME:
$659,400 Projected
VACANCY LOSS:
$65,940
GROSS EFFECTIVE INCOME:
$593,460
EXPENSES:
$261,686
NOI:
$331,774
DEBT SERVICE:
$269,331
CASH FLOW:
$62,443
CAP RATE:
8.30%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$2,869,897
$310,356
10%
02/25/2025
No
LOAN 2
$700,000
$60,000
8%
01/19/2025
No
BENEFITS SOUGHT:
Get the construction finished and fill the units to kick start the income
CAN ADD:
Other Properties with equity to balance Apartments cash flowing in Stillwater, Durant and St Louis what you need to make the deal.
REMARKS:
The Owners have spent over $1 Million more than asking price to get the project to this point. Expenses based on Appraisal June 2024, Income based on last years market rates, note these owners are willing to add other projects to make a deal, Motivated!
COUNSELOR:
Sheri Dawn Proctor
BHGRE Wostal Realty
245 N Waco, Suite 160
Wichita, Kansas, 67202
