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Providing professional apartment brokerage and marketing services for over 31 years
Arkansas Oklahoma Kansas
Mike Buhl
CRRC-OKC
405.360.5966 [email protected]
Darla Knight
CRRC-Tulsa
918.557.5966
Stonegate at Stillwater Apartments 1815 North Boomer Road
St i l lwater, Oklahoma 74075
www.crrc.us
Offering Highlights $825,000 in Holdback Reserve Account that transfers
to Buyer at no cost. 300-unit Value-add Opportunity within One Mile of the
Oklahoma State University Campus Significant Upside in Rents through completion of
interior upgrades 119-units have been upgraded with new lighting and
fixtures that compliment the new hardwood floors, carpet, paint, and new appliances.
Recent Capital Improvements include New Roofs, Windows, Siding and HVAC
Near Lakeview Pointe Shopping Center anchored by Lowe’s, Best Buy, Ross and Belk
Across from Class-A Student Housing
2
Stonegate at Stillwater Apartments
Table of Contents
Section 1
Disclaimer Photographs Neighborhood Map Submarket Map Aerial Map Site Map Property Description Unit Mix Floor Plans Interior Photographs
Section 2
Purchase Price and Terms Financing
Section 3
Operating Data Highlights Pro forma Spreadsheet Reconstructed Spreadsheet
Section 4
Rent Comps Sale Comps
Section 5
Stillwater Facts
Section 6
CRRC Contacts Oklahoma Broker Relationship Act
Pages
4 5-8 9
10 11-12
13 14-18
19 20
21-24
26 27
29 29-A 29-B
31-40 41-44
46-47
49 50
This package has been prepared to provide summary information to prospective buyers and to establish an initial and preliminary level of interest in the property described herein. It is not intended to present all material information regarding the subject property, and is not a substitute for a complete and thorough due diligence investigation. Commercial Realty Resources has not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to the actual number of appliances being conveyed or any potential environmental problems that may exist and makes no warranty or representation whatsoev-er concerning these issues. The information contained in this package has been obtained from sources we believe to be reliable; however, Commercial Realty Resources and Seller have not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any proformas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. Commercial Realty Resources and Seller recommend that prospective buyers conduct an in-depth investi-gation of the physical and financial aspects of the property to determine if the property meets their needs and expectations. We also recommend that prospective buyers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent con-sequences of ownership. Commercial Realty Resources and Seller recommend that prospective buyers consult with qualified pro-fessionals regarding the presence of any molds, funguses, or other organisms that may adversely affect the property and the health of individuals. The material contained in this document is not to be copied and/or used for any purpose or made availa-ble without the express written consent of Commercial Realty Resources.
Stonegate at Stillwater Apartments
4
14
Offering Description
Stonegate at Stillwater is a 300 unit property located just one mile north of Oklahoma State University. The property was purchased by current ownership in May 2013 and repositioned with new signage, exterior improvements, and interior upgrades. Prior to the 2013 sale, the property remained under the same ownership since its construction and was in need of upgrading and new management. Current ownership has been successful in upgrading about 119 of the 300 units and implementing new market rents. Due to one of the partners wanting to exit the partnership early, they are having to sell the asset before finishing the complete upgrade program. This creates the value-add opportunity for a new owner to finish the upgrades and take the value to its full potential. The location of the asset, across from up-scale student hous-ing, north of the OSU campus, and next to Stillwater High School provides for a great long-term investment. The site is located at 1815 North Boomer Road, which is an extension of Main Street. The two-story community was built in four phases between 1970 and 1976. The property offers three floor plans ranging from 660 square feet to 1,300 square feet. Property amenities include a swimming pool, clubhouse, three laundry facilities and a picnic area. Stonegate had new roofs in 2011, new boiler/chiller systems over the past 8 years, and new dual pane thermal insulated windows over the past 8 years. Current ownership has completed interi-or upgrades to 54 of the 156 one-bedroom units and 65 of the 140 two-bedroom units. They have also completed a sealcoat and restriped the parking lot, redone concrete retaining wall, new landscaping throughout the property, and a salt water system on swimming pool. Stonegate is an all bills paid community, which makes it highly desirable for residents and students. With all bills paid, residents and students don't have the inconvenience of establishing their own utilities or deposits. Stillwater High School that is just south of Stonegate has provisional plans to redevelop the adja-cent retail center into state of the art athletic facilities for the school, which will have a signifi-cant impact on the desirability of the neighborhood. This development is planned through a future public bond issue.
Stillwater High School Athletic Field
15
Offering Description
Acquisition Structure: The Buyer will be required to assume the CMBS loan with Citigroup Global Markets Realty Corp. and serviced by Berkadia with the Principal Balance of $6,300,000. The Buyer agrees to pay the application fee, assumption fee, and legal fees required by the Lender. Additionally, the Buyer will purchase the escrow accounts held by the Lender for taxes, insurance and reserves. As with all mortgage assumptions, the escrow balances become a wash because the Buyer maintains the accounts as the New Borrower. Any excess funds for taxes and insur-ance become refundable to the New Borrower after closing as overage amounts from those escrow accounts, or as reimbursement for property improvements from the Replacement Reserve Account. There are two reserve accounts held with the Lender; a Replacement Reserve Account and a Holdback Reserve Account. The Replacement Reserve Account has a balance of roughly $185,000 that the Buyer will purchase at Closing which will then be available to the Buyer as reimbursement for property replacements and improvements. The second account is a Holdback Reserve Account that has a balance of $825,000 that will transfer at Closing to the Buyer at no cost. These are funds that can be used for the remaining renovations and upgrades to the property and can be released pursuant to the conditions of the Loan Agreement. This is significant to the structure of the offering because the Buyer can upgrade the property and improve the income stream with escrowed funds that are available at no cost. The structure of the offering is that the Buyer assumes the existing loan of $6,300,000 with an equity amount of $1,700,000. It is estimated that the remaining upgrades to fully reposition the property will be approximately $1,000,000. This is funded from $175,000 of initial Buyer funds and $825,000 from the Holdback Reserve Account. The return potential on the Stabilized oper-ations is 31.75% on the $1,875,000 ($1,700,000 equity + $175,000 Buyer Funds for Upgrades) and then goes to 35% once the Buyer receives reimbursement of the initial $175,000 from the Replacement Reserve Account, as specified in the Loan Agreement.
16
Offering Description
Offering Highlights: 300-unit Value-add Opportunity with Significant Upside in Rents through completion of inte-
rior upgrades 119-units have been upgraded with new lighting and fixtures that compliment the new
hardwood floors, carpet, paint, and new appliances and have been priced with new market rents.
Within One Mile of the Oklahoma State University Campus Adjacent to Stillwater High School and South of Boomer Lake 11 Buildings with Pitched Composition Roofs - 1 Building with flat mansard style Recent Capital Improvements include New Roofs, Windows, Siding and HVAC Near Lakeview Pointe Shopping Center anchored by Lowe’s, Best Buy, Ross and Belk Oklahoma State University is expanding in the direction of Stonegate with the addition of
an athletic village and practice facilities north of Boone Pickens Stadium. Across from Class-A Student Housing
Property Description: Stonegate is a two-story garden style apartment community locat-ed at 1815 N. Boomer Road. The property has an exceptional loca-tion just north of the Oklahoma State University campus. It is also located near numerous retail and restaurant establishments and just south of Boomer Lake. The state of the art Stillwater High School sits just south of the Stonegate community.
Number of Units: 300 units
Number of Buildings: 12 two-story apartment buildings and 1 single-story clubhouse build-ing.
Year Built: Built in four phases between 1970 and 1976
Apartment Features: Fully equipped kitchens with frost-free refrigerator, dishwasher and garbage disposal. All bills paid, Ceiling fans, Large walk-in closets. 119-units have been upgraded with new lighting, fixtures, hardwood floors, carpet, paint, and new appliances.
Property Amenities: Salt -water Swimming Pool and Sundeck Three Laundry Facilities Clubhouse Multi-use Gazebos
Construction:
Style: Two -Story Garden Style
Exterior: Wood frame with brick, vinyl and wood shingle siding. Asphalt park-ing areas with concrete curbs and sidewalks.
Roof: Pitched with asphalt composition shingles for 260 units and flat roofs covering 40 units. New roofs were installed in 2011
Mechanical System:
Electrical Metering: Master Metered
HVAC: Boiler / chiller system. New equipment within the past 8 years
Hot Water: Central boilers (two locations)
Water: Provided by Property
Site/Land Area: 11.62 acres (according to courthouse records)
Density: 25.82 units per acre
Current Occupancy: See Rent Roll
17
18
Real Estate Taxes: Payne County ID 600011771 Assessed Value: 816,888 Tax Rate per 1,000 of Assessed Value : 104.63 Tax Amount : $77,949 Assessment Ratio: 12.5% of Market Value Taxable Market Value: $6,535,100
Unit Mix / Market Rents
Distribution Ratio
19
Distribution Ratio
2 Bed / 1 Bath46%
3 Bed / 2 Bath1%
1 Bed / 1 Bath52%
No. Sq.Ft. Type Total Sq.Ft. Market Rent Market/Sq.Ft. Market Gross/Mo. Market Gross/Yr.
102 660 1 Bedroom / 1 Bath 67,320 525.00$ 0.80$ 53,550$ 642,600$
54 660 1 Bedroom / 1 Bath Upgrade 35,640 625.00$ 0.95$ 33,750$ 405,000$
74 910 2 Bedroom / 1 Bath 67,340 625.00$ 0.69$ 46,250$ 555,000$
65 910 2 Bedroom / 1 Bath Upgrade 59,150 700.00$ 0.77$ 45,500$ 546,000$
4 1060 3 Bedroom / 2 Bath 4,240 1,025.00$ 0.97$ 4,100$ 49,200$
1 Off ice -
300 779 233,690 610.50$ ## # 0.78$ 183,150$ 2,197,800$
26
Purchase Price & Terms
Purchase Price:
$8,000,000
Terms of Sale:
Assumption of Existing Loan $1,700,000 Equity, plus costs of assumption See Acquisition Structure on Page 15
Price Per Apartment Unit:
$26,667
Price Per Net Rentable Sq. Ft.
$34.23
27
Original Amount/Date:
$6,300,000 (June 2015)
Current Balance/Date:
$6,300,000 (July 2016)
Interest Rate:
4.30%
Interest Only Period:
2-years (June 2017)
Payment:
$374,123 P&I $270,900 I.O.
Amortization:
30-years
Maturity Date:
10-years (May 2025)
Lender: Citigroup Global Markets Realty Corp.
Buyer’s Cost of Assumption: 1% Assumption Fee, Application Fee, Legal
EXISTING CMBS FINANCING
29
Operating Data Highlights
Income Pro forma Income is based on the June 2016 Rent Roll. Other Income and Laundry Income is based on the actual
Trailing 12 for May 2016.
Expenses Real Estate taxes are based on actual, or adjusted to the Stabilized Value
Insurance is based on $300 per unit per year Utilities are based on 2015 Actual Management fee is based on 3% Payroll is based on $900 per unit per year Replacement Reserves are included at $250 per unit Total Expenses are calculated at $4,091 on Pro forma and
$4,392 on Stabilized
Mortgage and Debt Service
Debt service is based upon the actual existing loan to be assumed
Market Rent versus Rent Roll
The current average rental rate is $610.50 per month and $0.78 per square foot. See Spreadsheet on Page 29-A. The market rates at Stonegate are comparable to market rates where tenants pay their own utilities. This creates the oppor-tunity for new management to finish the interior upgrades and raise rents to the new Market Rates, making the average rental rate $663.00 per month and $0.85 per square foot for all-bills-paid. See Rent Comps in Section 4. Using an offering cap rate of 8.50 creates a potential value of $11,405,000, or $38,018 per unit once the higher rental rates reach full penetration and loss-to-lease is recaptured. It is esti-mated by ownership that the balance of interior upgrades would run around $3,000 per unit in order to achieve the higher rental rates. See the Reconstructed Spreadsheet on Page 29-B and the Sale Comps in Section 4.
Project: Stonegate at Stillwater Apartments Offering Price: 8,000,000$ Cap Rate on Proforma 6.58%Street: 1815 N. Boomer Road Offering Price Per Unit: 26,667$ Cash-On-Cash on Proforma 8.98%City, State: Stillwater, OK 74075 Offering Price Per SF: 34.23$ Cash-On-Cash with I.O Pmt 15.05%Number of Units: 300 Existing Mortgage Balance: 6,300,000$ 79%Date: 1-Aug-16 Equity Requirement: 1,700,000$ 21%
No. Sq.Ft. Type Total Sq.Ft. Market Rent Utility Chg Rent + Utility Market/Sq.Ft. Market Gross/Mo. Market Gross/Yr.
102 660 1 Bedroom / 1 Bath 67,320 525.00$ -$ 525.00$ 0.80$ 53,550$ 642,600$
54 660 1 Bedroom / 1 Bath Upgrade 35,640 625.00$ -$ 625.00$ 0.95$ 33,750$ 405,000$
74 910 2 Bedroom / 1 Bath 67,340 625.00$ -$ 625.00$ 0.69$ 46,250$ 555,000$
65 910 2 Bedroom / 1 Bath Upgrade 59,150 700.00$ -$ 700.00$ 0.77$ 45,500$ 546,000$
4 1060 3 Bedroom / 2 Bath 4,240 1,025.00$ -$ 1,025.00$ 0.97$ 4,100$ 49,200$
1 Office -
300 779 233,690 610.50$ #REF! #REF! 0.78$ 183,150$ 2,197,800$
Utility Charge #REF! #REF!
2014 2015
2016 May
Trailing 12 ProformaINCOME Per Unit
Market Rent - - - 2,197,800 7,326 Original Bal. Jun-15 6,300,000$ Loss-to-Lease - - - (277,332) Current Bal. Jun-16 6,300,000$ Gross Potential Rent - - - - 1,920,468 6,402 Interest Only Jun-17 2(Concessions) - - - - - Maturity Date May-25 10
(Bad Debt) - - - (Vacancy) - - - - 15.9% 305,400 1,018 Amortization 30Effective Rental Income 1,772,232 1,507,290 1,426,520 - 1,615,068 5,384 Interest Rate 4.30%Other Income 117,367 102,312 88,758 - 88,758 296 Constant 5.938%Utility Charge - - - - - - Debt Service 374,123$ Laundry Income 20,718 51,219 50,287 - 50,287 168 I.O. Debt Service 270,900$
Gross Operating Income 1,910,317 1,660,821 1,565,565 - 1,754,113 5,847
EXPENSESR E Taxes 28,508 40,213 94,727 - 77,949 260 Insurance 99,663 81,370 121,629 - 90,000 300 Utility Other 14,823 35,590 6,966 - 6,966 23 Electricity ABP 408,988 230,065 244,820 - 230,065 767 Electricity Vacant - - - - - Sewer - 42,054 44,213 - 42,054 140 Gas 78,443 53,976 41,524 - 53,976 180 Trash 16,852 28,591 28,641 - 28,591 95
Water / Sanitation 14,577 78,567 89,080 - 78,567 262 Pest Control 27,875 15,138 13,687 - 7,500 25 Repairs & Maintenance 174,196 173,030 174,609 - 120,000 400 Landscaping 15,978 22,272 26,100 - 26,100 87 Wages & Payrol Taxes 148,348 148,333 162,423 - 270,000 900 Management Fee 101,275 89,685 85,452 - 3.0% 52,623 175 Advertising 20,333 15,775 17,998 - 18,000 60 Administration 62,739 49,793 49,947 - 50,000 167
Capital / Replacement Reserves - - - - 75,000 250 Total Operating Expenses 1,212,598 1,104,452 1,201,816 - 1,227,391
Per Unit 4,042 3,682 4,006 - 4,091 5.19
Net Operating Income 697,719 556,369 363,749 - 526,722 1,756 Non-Recurring Capital Expenditures - - - - -
Debt Service 263,550 278,579 275,415 - 374,123 1,247 Cash Flow 434,169 277,790 88,334 - 152,599 509
Real Estate Tax Information: 2015 Assessed Value: 816,888 Rate/$1000: 104.63 Value:Tax Amount: 77,949$ Tax Dist: 0 Per Unit: 21,783.67$
6-16-2016 Rent Roll $134,589 annualized is $1,615,0682015 Real Estate Taxes have been reduced by $90,723 for an Escrow Payment
6,535,100.00$ Account: 600011771
Existing CMBS Loan
Annual Property Operating Data
29 A
Project: Stonegate at Stillwater Apartments Estimated Value: 11,405,518$ 38,018$ Applied Cap Rate 8.50%Street: 1815 N. Boomer Road Less Acquisition Cost: (8,000,000)$ (26,667)$ Cash-On-Cash on Proforma 31.75%City, State: Stillwater, OK 74075 Buyer Funds for Upgrades: (175,000)$ (583)$ Number of Units: 300 Reserve Funds for Upgrades: 825,000$ Date: 19-Aug-16 Value-add Potential: 3,230,518$ 10,768$
Equity + Buyer Funds for Upgrades: 1,875,000$
No. Sq.Ft. Type Total Sq.Ft. Market Rent Utility Chg Rent + Utility Market/Sq.Ft. Market Gross/Mo. Market Gross/Yr.
102 660 1 Bedroom / 1 Bath Upgrade 67,320 625.00$ -$ 625.00$ 0.95$ 63,750$ 765,000$
54 660 1 Bedroom / 1 Bath Upgrade 35,640 625.00$ -$ 625.00$ 0.95$ 33,750$ 405,000$
74 910 2 Bedroom / 1 Bath Upgrade 67,340 700.00$ -$ 700.00$ 0.77$ 51,800$ 621,600$
65 910 2 Bedroom / 1 Bath Upgrade 59,150 700.00$ -$ 700.00$ 0.77$ 45,500$ 546,000$
4 1060 3 Bedroom / 2 Bath 4,240 1,025.00$ -$ 1,025.00$ 0.97$ 4,100$ 49,200$
1 Office -
300 779 233,690 663.00$ 0.85$ 198,900$ 2,386,800$
Utility Charge #REF! #REF!
StabilizedINCOME Per Unit
Market Rent - - 2,386,800 7,956 Original Bal. Jun-15 6,300,000$ Loss-to-Lease - - - Current Bal. Jun-16 6,300,000$ Gross Potential Rent - - - 2,386,800 7,956 Interest Only Jun-17 2(Concessions) - - - - Maturity Date May-25 10
(Bad Debt) - - - (Vacancy) - - - 10.0% 238,680 796 Amortization 30Effective Rental Income - - - 2,148,120 7,160 Interest Rate 4.30%Other Income - - - 88,758 296 Constant 5.938%Utility Charge - - - - - Debt Service 374,123$ Laundry Income - - - 50,287 168 I.O. Debt Service 270,900$
Gross Operating Income - - - 2,287,165 7,624
EXPENSESR E Taxes - - - 152,262 508 Insurance - - - 90,000 300 Utility Other - - - 6,966 23 Electricity ABP - - - 230,065 767 Electricity Vacant - - - - Sewer - - - 42,054 140 Gas - - - 53,976 180 Trash - - - 28,591 95
Water / Sanitation - - - 78,567 262 Pest Control - - - 7,500 25 Repairs & Maintenance - - - 120,000 400 Landscaping - - - 26,100 87 Wages & Payrol Taxes - - - 270,000 900 Management Fee - - - 3.0% 68,615 229 Advertising - - - 18,000 60 Administration - - - 50,000 167
Capital / Replacement Reserves - - - 75,000 250 Total Operating Expenses - - - 1,317,696
Per Unit - - - 4,392 -
Net Operating Income - - - 969,469 3,232 Non-Recurring Capital Expenditures - - - -
Debt Service - - - 374,123 1,247 Cash Flow - - - 595,346 1,984
Real Estate Tax Information: 2015 Assessed Value: 816,888 Rate/$1000: 104.63 Value:Tax Amount: 77,949$ Tax Dist: 0 Per Unit: 21,783.67$
6,535,100.00$ Account: 600011771
Existing Loan
Reconstructed Annual Property Operating Data
29 B
RENT COMPS In order to estimate market rents for Stonegate, four apartment communities were selected as most competitive. Each property has been chosen due to its similarity with regard to quality, location, age, or amenities. While each property may not be directly comparable in all aspects, collectively they represent the rental market for Stonegate. Rental Rates are based on market rates only and do not include any concessions or specials. Rental rates at Stonegate for All Bills Paid are comparable to market rates where tenants pay their own utilities.
The Pines Apartments 110 E. Lakeview Road, Stillwater, OK
81 Units
North Country Commons Apartments 3602 N. Washington, Stillwater, OK
104 Units
Monticello Village Apartments 606 E. Redbud Drive, Stillwater, OK
160 Units
Cowboy Town Apartments 2001 N. Perkins, Stillwater, OK
208 Units
31
The Pines Apartments 81 Units
1988 Construction 110 E. Lakeview Road
32
All Bills Paid
Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.
1 1 450 $625 $1.39
1 1 760 $650 $0.86
2 2 865 $815 $0.94
North Country Commons 104 Units
1971 Construction 3602 N. Washington
34
Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.
1 1 633 $534 to $544 $0.84 to $0.86
1 1 620 $564 to $574 $0.91 to $0.93
1 1 768 TH $684 $0.89
2 1 806 $669 to $679 $0.83 to $0.84
2 1.5 983 TH $769 to $779 $0.78 to $0.79
36
Monticello Village 160 Units
1969 Construction 606 E. Redbud Drive
Gas Heat Paid by Property
Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.
1 1 700 $500 to $585 $0.71 to 0.84
2 1 925 $585 to $660 $0.63 to $0.71
38
Cowboy Town 208 Units
1969 Construction 2001 N. Perkins Road
Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.
1 1 630 $579 to $639 $0.92 to $1.01
1 1 725 $599 to $632 $0.83 to $0.87
1 1 743 $625 to $687 $0.84 to $0.92
2 1 888 $667 to $763 $0.75 to $0.86
2 1.5 1012 $672 to $791 $0.66 to $0.78
2 2 1190 $798 to $844 $0.67 to $0.71
3 1 1050 $779 to $881 $0.74 to $0.84
Sold Comparison There have been no recent sales of similar properties in Stillwater for comparison. Each sale comp selected was either a master-metered property with all-bills-paid, located in a market with a major university, or a secondary market.
41
Ashton Place
Property Address: 4810 Spring Ridge Road, Enid Size and Age: 108-units, Built in 1974 Price: $4,400,000 Price Per Unit: $40,740 Closing Date: June, 2016 Total Square Footage: 103,092 Price Per Sq. Ft: $42.68
Property Address: 930 S. Boulevard, Edmond Size and Age: 97-units, Built in 1970 Price: $3,920,000 Price Per Unit: $40,412 Closing Date: May, 2016 Total Square Footage: 81,513 Price Per Sq. Ft: $48.09
Oakwood West
Sunset Ridge
Property Address: 1432 24th Avenue SE, Norman Size and Age: 60-units, Built in 1971 Price: $2,350,000 Price Per Unit: $39,166 Closing Date: December, 2015 Total Square Footage: 56,928 Price Per Sq. Ft: $41.28 Reported Cap Rate: 8.06
Sold Comparison There have been no recent sales of similar properties in Stillwater for comparison. Each sale comp selected was either a master-metered property with all-bills-paid, located in a market with a major university, or a secondary market.
42
Property Address: 4200 N. Drexel, Oklahoma City Size and Age: 165-units, Built in 1964 Price: $5,500,000 Price Per Unit: $33,333 Closing Date: November, 2015 Total Square Footage: 150,478 Price Per Sq. Ft: $36.55 Master Metered All-bills-Paid
Property Address: 1402 SW 59th Street, Oklahoma City Size and Age: 148-units, Built in 1960 Price: $4,330,000 Price Per Unit: $29,256 Closing Date: November, 2015 Total Square Footage: 149,723 Price Per Sq. Ft: $28.92 Master Metered All-bills-Paid
Property Address: 6624 S. May, Oklahoma City Size and Age: 192-units, Built in 1971 Price: $5,275,000 Price Per Unit: $27,474 Closing Date: October, 2015 Total Square Footage: 144,007 Price Per Sq. Ft: $36.63 Master Metered All-bills-Paid Reported Cap Rate: 8.14
Drexel on the Park
Hillcrest Residence
Cinnamon Square
Sale Comp Summary
Property
Price/Unit
Overall Price
No. Unit
Year Built
Price Per Sq Ft
Oakwood West $40,740 $4,400,000 108 1974 $42.68
Sunset Ridge $40,412 $3,920,000 97 1970 $48.09
Ashton Place $39,166 $2,350,000 60 1971 $41.28
Drexel on the Park $33,333 $5,500,000 165 1964 $36.55
Hillcrest Residence $29,256 $4,330,000 148 1960 $28.92
Cinnamon Square $27,474 $5,275,000 192 1971 $36.63
Average / Total $33,474 $25,775,000 770 $37.59
Stonegate $26,667 $8,000,000 300 1973 $34.23
43
$40,740
$40,412
$39,166
$33,333
$29,256
$27,474
$26,667
$‐
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Price per Unit Average
49
Mike Buhl CRRC Oklahoma City 611 24th Avenue SW, Suite 100 Norman, OK 73069 405-360-5966 [email protected]
Darla Knight CRRC Tulsa 4137 S. Harvard, Suite E Tulsa, OK 74135 918-557-5966 [email protected]
OKLAHOMA REAL ESTATE COMMISSION
What You Need to Know About Broker Services
A real estate broker may work with one or both parties to a real estate transaction. The Oklahoma BrokerRelationships Law (Title 59, Oklahoma Statutes, §858-351 – 858-363) allows a real estate firm to provide brokerageservices to both parties to the transaction. This could occur when a firm has contracted with a seller to sell their propertyand a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer onthe property, the firm must now provide a written notice to both the buyer and seller that the firm is now providingbrokerage services to both parties to the transaction.
Oklahoma real estate brokers have mandatory duties and responsibilities to all parties in a real estatetransaction. These duties and responsibilities shall be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option or exchange real estate. These duties and responsibilities are to:
Treat all parties with honesty and exercise reasonable skill and care.
Receive all written offers and counteroffers, reduce offers or counteroffers to a written form upon request ofany party to a transaction and present timely all written offers and counteroffers (unless specifically waived inwriting by a party).
Timely account for all money and property received by the broker.
Disclose information pertaining to the property as required by the Residential Property Condition DisclosureAct.
Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes andrules.
Keep confidential information received from a party or prospective party confidential unless written consent isgranted by the party, the disclosure is required by law, or the information is public or becomes public as theresults of actions from a source other than the broker. Confidential information includes:
o That a party is willing to pay more or accept less than what is being offeredo That a party or prospective party is willing to agree to financing terms different from those offeredo The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or
exchanging the propertyo Any information specifically designated as confidential by the party unless such information is public.
A broker has additional duties and responsibilities only to a party for whom the broker is providing brokerageservices. These duties and responsibilities shall also be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option and exchange real estate. These duties are to:
Inform the party in writing when an offers is made that the party will be expected to pay certain costs,brokerage services costs and approximate amount of the costs.
Keep the party informed regarding the transaction.
If a broker intends to provide fewer brokerage services than those required to complete a transaction, the brokershall provide written disclosure to the party for whom the broker is providing services. The disclosure shall includea description of those steps in the transaction that the broker will not provide and state that the broker assisting the otherparty in the transaction is not required to provide assistance with these steps in any manner.
Disclosure of these duties and responsibilities is required in writing. The duties and responsibilities disclosed by thebroker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract topurchase, option or exchange real estate.
Services provided to a tenant do not automatically create a broker relationship. When a broker provides brokerageservices to a landlord under a property management agreement, the services provided to the tenant by the broker shallnot be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to inwriting; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
OREC BROKER SERVICES INFORMATION (11-2013)
For more information, visit www.orec.ok.gov