6321 9Th St Tulsa, OK 74112
- Commercial real estate
- 44,500 SF
- 2.50 lot acres
Current Use by Public Records
- Melrose Apartments / Apartment Building
Property Details for 6321 9Th St
- Year built
- 1974
- Lot size
- 2.50 lot acres
- Property size
- 44,500 SF
- Property type
- Commercial real estate
Description
This exceptional value-add multifamily investment opportunity presents a compelling case for astute investors. The Melrose Apartments, located at 6321 E 9th St, Tulsa, OK 74112, comprises a 52-unit apartment complex situated on a 2.5-acre lot. Built in 1974 and renovated in 2019, the property consists of six, two-story buildings totaling 44,500 square feet, with 42,800 square feet of net rentable space. Currently boasting a 92% occupancy rate (projected 100% by 10/28/2024), the property offers a mix of spacious one and two-bedroom units, each featuring washer and dryer connections. The property includes 74 parking spaces and is zoned RS-2. The current NOI is $259,010, with a pro-forma NOI of $295,250, resulting in a current cap rate of 6.91% and a pro-forma cap rate of 7.87%. The asking price is $3,750,000, translating to $72,115.38 per unit and $84.27 per square foot. Significant upside potential exists through further interior and exterior upgrades, capitalizing on the property's proximity to historic Route 66 and its strong potential for increased rental income. This is a rare opportunity to acquire a well-located, value-add apartment complex in a growing market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tulsa
- County
- Tulsa
- State
- Oklahoma
- Longitude
- -95.905785
- Latitude
- 36.150091
