Gated Apartment Community with
For Sale
$10,500,000
215 Meadow Dr, Newcastle, OK
Fully occupied community for residents aged 55 and older, with attached garages and shared clubhouse amenities.
Property Size45,600 SF
Price / SF$230.26
Days on Market34
Property Features for 215 Meadow Dr
General Information
Standard status
Active
Size
45,600 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
36 x 1BR/1BA, 2 x 2BR/2BA
Multifamily Units
38
Amenities
gated community
clubhouse
Listing Agency:
Black Label Realty
(405) 812-5499
Listed By:
Tiffany Trimble
(405) 812-5499
Source:
Exprealty
Added: Jul 8
Changed: Aug 9
Last Checked: Aug 9 at 12:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Black Label Realty
Investment Insights
Based on property information with market context.
Located at 215 Meadow Dr in Newcastle, Oklahoma, this gated apartment community includes 38 residences serving residents aged 55 and older. The unit mix comprises 36 one-bedroom, one-bath homes of approximately 800 square feet and two two-bedroom, two-bath homes measuring 1,270 square feet. Attached one-car garages accompany the residences, which include major appliances, tile flooring, and walk-in showers.
A 1,200-square-foot clubhouse adds a full kitchen, gathering area, office, restroom, safe room, and oversized garage. The owner pays water, sewer, trash service, and HOA dues. The property is fully occupied and situated near the planned Indian Health Service hospital. A rent roll is available with a signed NDA.
A 1,200-square-foot clubhouse adds a full kitchen, gathering area, office, restroom, safe room, and oversized garage. The owner pays water, sewer, trash service, and HOA dues. The property is fully occupied and situated near the planned Indian Health Service hospital. A rent roll is available with a signed NDA.
Key Highlights
- 38‑unit gated apartment community serving residents aged 55 and older
- 36 one‑bedroom units at approximately 800 square feet; 2 two‑bedroom units at 1,270 square feet
- Each residence includes an attached one‑car garage, major appliances, tile flooring, and walk‑in showers
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$394,378
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,887,560
$7.9M
Cap Rate 7%
$5,633,971
$5.6M
Cap Rate 9%
$4,381,978
$4.4M
Market Conditions
NOI Build-Up for 45,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$766.1K $16.80/SF
− Vacancy
−$49.0K −$1.08/SF
EGI
$717.1K $15.72/SF
− OpEx
−$322.7K −$7.08/SF
NOI
$394.4K $8.65/SF
Area
McClain County, OK
Vacancy
6.40%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,887,560
Cap Rate 7%
$5,633,971
Cap Rate 9%
$4,381,978
Alternative Uses
Best Use
Apartment 5plus
$5.63M
$4.93M – $6.57M
NOI $394,378 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.02M
$9.64M – $12.86M
NOI $771,552 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
38
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied community for residents aged 55 and older, with attached garages and shared clubhouse amenities.
Where is this apartment building located?
The property is located at 215 Meadow Dr Newcastle, OK.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 38‑unit gated apartment community serving residents aged 55 and older; 36 one‑bedroom units at approximately 800 square feet; 2 two‑bedroom units at 1,270 square feet; Each residence includes an attached one‑car garage, major appliances, tile flooring, and walk‑in showers
