Not 1 but 2 quadplexes? Take a look at these unicorns with great cashflows
516 & 518 N Lincoln Avenue, Sand Springs, OK 74063
516 N Lincoln Avenue, Sand Springs, OK 74063
As always, spreadsheets, comps, and anything else mentioned will be found at the bottom of this letter for you to play around with. Current | Proforma
The quick information:
2 Quadplexes, (8 units), sold together. Includes empty lot 514 next door.
List Price: $199,000/ building ($400k total)
Current
Estimated current rent per unit: $550/mo
Annual COCROI: 10.2% (includes repairs, CapEx, and property mgmt.)
Cap Rate: 11.68%
Proforma
Proforma rent per unit: $625/mo
Annual COCROI: 14.84% (includes repairs and CapEx budgets.
Cap Rate: 14.4%
$35,000 budgeted for repairs. $50,000
Assumptions made on 20% down @ 3.5% rate
4 Plex! A Great Buy! Living Room! Kitchen with breakfast area, bedroom & bath (each unit)! Tenants pay gas & electric! Owner pays for water and furnishes stove and refrigerator! Blocks from downtown Sand Springs and The River West development. It is fully rented. This is 1 of 2 Quadplexes that are next to each other. 516 N Lincoln Ave and 518 N Lincoln Ave and must be purchased as a pair with MLS # 2110032. There is an adjacent lot 514 N Lincoln that will be part of the sale!
-Listing Agent
Due to time constraints, not going too far into detail on this one.
This is a very interesting deal for anybody looking to pick up lots of units and hold for a very long time. From everything that I’ve been able to gather on these properties, there is definitely a nice value-add potential. With the proposed proforma, you’ll be able to quickly build equity by making the needed repairs and of course, maximise your rent per unit.
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Take a look at both the current and the proforma breakdowns here:
Current Condition Analysis
Proforma Analysis
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