3398 6Th Ave, Stillwater, OK 74074

Property Details for 3398 6Th Ave

Year built

2007

Property type

Commercial real estate

Description

This exceptional 40-unit apartment complex, built between 2007 and 2008, presents a lucrative investment opportunity in Stillwater, Oklahoma. Located at 3398 E 6th Ave, this Class B property boasts 100% occupancy as of November 11, 2024, and features four buildings in a garden-style design. The property benefits from high visibility on Highway 51, with daily traffic counts exceeding 12,500 vehicles. Its prime location offers convenient access to major employers, national retailers, restaurants, medical services, recreation, and entertainment, all within a 10-minute radius. Furthermore, its proximity to Oklahoma State University (a Power 4 University with a large and growing student population) ensures a consistent demand for rental units. The property offers desirable unit amenities, including washers/dryers, private balconies, pantries, and walk-in closets. Recent leases have been signed at full asking rates, reflecting strong market demand. An assumable debt with a fixed 3.6% interest rate until 2029 further enhances the investment appeal. Market analysis reveals superior fundamentals, with low vacancy rates (2.2% average for comparable properties) and significant rent growth (3.2% average annual growth and 14.2% three-year growth). The property also benefits from a high tenant retention rate (66% of tenants residing for over a year) and a lack of new competing developments in the foreseeable future. The location is highly desirable, with a cost of living 10-20% below the national average. This property offers a compelling combination of strong occupancy, desirable amenities, and a prime location in a thriving market. The asking price is $3,500,000.

Location Insight

City

Stillwater

County

Payne

State

Oklahoma

Longitude

-97.017286017076

Latitude

36.11620045244