1900 10Th St Oklahoma City, OK 73106

Property Details for 1900 10Th St

Year built

1910

Property size

28,956 SF

Property type

Retirement homes

Description

This exceptional redevelopment opportunity presents a 2.28-acre site in Oklahoma City's vibrant Ten-Penn district. The property, located at 1900 NW 10th St, encompasses a 28,956 square foot, historically significant building constructed in 1910 and renovated in 1980, currently vacant. Zoned R4, it offers significant potential for multifamily development, including senior living options. The site's 99,316 square foot lot boasts a land value of $15 per square foot, significantly below comparable Midtown properties. Plans include 47 units, combining 31 units within the existing building and 16 in a new annex. The property is eligible for Historic Tax Credits, further enhancing its investment appeal. A Simplified Planned Unit Development (SPUD) is in place, streamlining the development process. The projected NOI is $270,000, resulting in an attractive 11.33% cap rate. The asking price is $1,200,000, representing a price per square foot of $51.80. This prime location offers proximity to Saint Anthony Hospital and the revitalized Midtown area, benefiting from ongoing streetscaping and infrastructure improvements. The property's potential for high returns makes it an ideal investment for experienced developers seeking a unique and lucrative project in a rapidly growing market. The project's location within a Qualified Census Tract (QCT) may also qualify for Low-Income Tax Credits (LIHTC).