Gated Apartment Community with
For Sale
$10,500,000
215 Meadow Dr, Newcastle, OK 73065
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 Market79
Property Features for 215 Meadow Dr
General Information
Standard status
Active
Size
45,600 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
36 x 1BR/1BA, 2 x 2BR/2BA
Multifamily Units
38
Amenities
gated community
clubhouse
Building Details
Year Built
2021
Listing Agency:
Black Label Realty
Listed By:
Tiffany Trimble
(405) 812-5499
Source:
Alloverok
Added: Aug 8
Changed: Oct 15
Last Checked: Oct 7 at 3:39PM
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
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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 / Yr
$394,378
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
38
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 73065, OK
9,725
Population
4,413
Households
2.2
Avg Household Size
38
Median Age
32%
College-Educated
91%
High-School Grad
51.8 sq mi
ZIP Area
188
Density / Sq Mi
$93,451
Median Household Income
$51,717
Median Earnings
$990
Median Rent
$240,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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
