Crossroads Villa

1428 South Little Avenue, Cushing, OK

16.06% return

SP: $1,650,000

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Property Description

INSANE INVESTMENT OPPORTUNITY!! OPPORTUNITY ZONE!!!

Beautiful 50 unit apartment complex with an office, a laundry and a social area. Potential to generate 16%+ return on investment and over $1.3mil+ in equity once renovated!! This is a B+ class property and mostly rents to high income oil and gas workers.

Cushing, OK, known as oil storage and pipeline crossing capital of US, is a major trading hub for crude oil.

5 buildings and an office. 6x 4bed/1.5bath. 12x 3bed/1.5bath. 16x 2bed/1bath. 16x 1bed/1bath. Separate electric meters. City water and sewer.

22 out of 50 units are in need of renovation. Property has new electrical, plumbing, HVAC and appliances in renovated units. Priced to sell quickly.

Easy to show. Please contact us to set up an appointment.

Property Information

Listing statusSold
Property typeMulti Family
Total units50
Total bedrooms108
Total bathrooms59
Building size548117 sq. ft.
Lot size5.0 acres
Year built1973

CountyPayne County
Subdivision
ConstructionBrick
RoofTile
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$1,650,000
Estimated rehab¹$500,000
Total investment$2,150,000

TypeProforma
After repair value$3,500,000
Potential profit$1,350,000

Gross income (annually)$530,400
Operating expenses (annually)$185,092
Net income (annually)$345,308
Gross return24.67%

Gross income (monthly)$44,200
Operating expenses (monthly)$15,424
Net income (monthly)$28,776
Net return16.06%

Property Income & ExpensesMonthlyAnnual

Income

BLDG A
Unit A101: 4 bed / 1.5 bath$1,100/month$13,200/year
Unit A102: 4 bed / 1.5 bath$1,100/month$13,200/year
Unit A103: 4 bed / 1.5 bath$1,100/month$13,200/year
Unit A104: 4 bed / 1.5 bath$1,100/month$13,200/year
Unit A105: 4 bed / 1.5 bath$1,100/month$13,200/year
Unit A106: 4 bed / 1.5 bath$1,100/month$13,200/year
BLDG B
Unit B101: 2 bed / 1 bath$850/month$10,200/year
Unit B102: 2 bed / 1 bath$850/month$10,200/year
Unit B103: 1 bed / 1 bath$750/month$9,000/year
Unit B104: 1 bed / 1 bath$750/month$9,000/year
Unit B105: 1 bed / 1 bath$750/month$9,000/year
Unit B106: 1 bed / 1 bath$750/month$9,000/year
Unit B107: 2 bed / 1 bath$850/month$10,200/year
Unit B108: 2 bed / 1 bath$850/month$10,200/year
Unit B201: 2 bed / 1 bath$850/month$10,200/year
Unit B202: 2 bed / 1 bath$850/month$10,200/year
Unit B203: 1 bed / 1 bath$750/month$9,000/year
Unit B204: 1 bed / 1 bath$750/month$9,000/year
Unit B205: 1 bed / 1 bath$750/month$9,000/year
Unit B206: 1 bed / 1 bath$750/month$9,000/year
Unit B207: 2 bed / 1 bath$850/month$10,200/year
Unit B208: 2 bed / 1 bath$850/month$10,200/year
BLDG C
Unit C101: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit C102: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit C201: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit C202: 3 bed / 1.5 bath$1,000/month$12,000/year
BLDG D
Unit D101: 2 bed / 1 bath$850/month$10,200/year
Unit D102: 2 bed / 1 bath$850/month$10,200/year
Unit D103: 1 bed / 1 bath$750/month$9,000/year
Unit D104: 1 bed / 1 bath$750/month$9,000/year
Unit D105: 1 bed / 1 bath$750/month$9,000/year
Unit D106: 1 bed / 1 bath$750/month$9,000/year
Unit D107: 2 bed / 1 bath$850/month$10,200/year
Unit D108: 2 bed / 1 bath$850/month$10,200/year
Unit D201: 2 bed / 1 bath$850/month$10,200/year
Unit D202: 2 bed / 1 bath$850/month$10,200/year
Unit D203: 1 bed / 1 bath$750/month$9,000/year
Unit D204: 1 bed / 1 bath$750/month$9,000/year
Unit D205: 1 bed / 1 bath$750/month$9,000/year
Unit D206: 1 bed / 1 bath$750/month$9,000/year
Unit D207: 2 bed / 1 bath$850/month$10,200/year
Unit D208: 2 bed / 1 bath$850/month$10,200/year
BLDG E
Unit E1: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E2: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E3: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E4: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E5: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E6: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E7: 3 bed / 1.5 bath$1,000/month$12,000/year
Unit E8: 3 bed / 1.5 bath$1,000/month$12,000/year
Total$44,200/month$530,400/year

Expenses

Maintenance reserve$2,000/month$24,000/year
Lawn care$168/month$2,016/year
Waste Collection$354/month$4,248/year
Water and Sewer$474/month$5,688/year
Gas Utility Bill$2,050/month$24,600/year
Insurance$833/month$10,000/year
Electric bill$2,000/month$24,000/year
Property Management$2,000/month$24,000/year
Vacancy Loss$4,420/month$53,040/year
Property Taxes$900/month$10,800/year
Housekeeping$225/month$2,700/year
Total$15,424/month$185,092/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.