315-321 W Broadway St, Altus, OK 73521
Great Rehab/ Redevelopment opportunity in an area with high rental demand:
Sold on Warranty Deed with clear title
No back taxes- No liens.
Two adjacent low-Rise Multi- Family Apartment buildings close to excellent amenities located in a good location in an area with strong demand and low supply of housing.
Strong demand generated by the presence of the Altus Air Force military base who is expanding their aircraft crew members training.
The city has low unemployment level at 2.8%.
Investment opportunity:
Large low-rise residential 18 units buildings in Downtown Altus, ideally located on Hwy 62 close to all main facilities including large supermarket, C-Store, gas station, a shopping mall, McDonnell’s, Subway, Papa Johns and Domino’s Pizza.
Description
Built in 1950, the property consists of two interconnected 2-story residential apartment buildings of a total area of about: 10,200 sq ft plus basement located on a lot of about 0.29 acres (12,600 sq ft). At the entrance to the west building there is a front office with bathroom, clerk room, storage, back office, a large front room and a communal room. Some of this space may be converted to create an additional unit. The rest of the building and the east building have 18 units, with each unit having its own bathroom. The units are mostly efficiency /studio apartments, some one Bedroom and a few two bedrooms apartments. The entrances to the apartments exit into a hallway rather than external entrances.
Property condition
The property needs a full and comprehensive rehab. Bricks of the wall on the western side have been fallen off and the city is requesting that this is attended urgently to so it doesn’t injure any pedestrians walking nearby. A building permit has been obtained for this purpose and can be obtained by the buyer within 48 hours. Otherwise the city is very supportive of the rehab of the property and would like to see these buildings coming restored.
Location:
Altus, OK with a population of about 20,000 is located south-west of Oklahoma City at about two hour’s drive. The property itself is in Downtown Altus and is in an ideal location being located on Highway US62 which is the main street in the city. It is within walking distance of stores, restaurants, banks, Altus Plaza Shopping Center & Mall, Bunker Hill Shopping Center and various local businesses, services and local amenities.
The property is also just 3.8 miles from Altus Air Force military base, a large Air Force training and military base.
The property is close to many excellent schools and comprehensive local facilities and amenities:
Restaurants
Taqueria A La Mexicana (0.1mi), Phat Boy Phil's Steakhouse (0.1mi), Fortune Cookie Oriental Restaurant (0.1mi), Taqueria Hernandez (0.1mi), Pickup Taco (0.3mi), Sakura (0.3mi), McDonald's (0.3mi), Roberts Drive-Inn (0.4mi), Papa John's Pizza (0.4mi), Roma's Italian Restaurant (0.4mi), The Plaza (0.5mi), Subway (0.5mi), Val's It's About Time (0.6mi), Val's (0.6mi), Fat Daddy's Grill (0.6mi), Buena Vista Restaurant (0.6mi), Billy Sims BBQ (0.8mi), Domino's Pizza (0.8mi), Sonic Drive-In (0.8mi), Arby's (0.9mi), The Plaza IV (0.9mi), Long John Silver's (0.9mi), Benny's Mexican Food & Pizza (0.9mi), Little Caesars Pizza (1mi), Wei's Garden (1.1mi), Subway (1.1mi), Taco Mayo (1.2mi), Pizza Hut (1.2mi), Taco Bell (1.3mi), Luigi Pizzeria (1.4mi), Fred's Famous Fish & Steak House (1.6mi), Jersey Mike?s Subs (1.7mi), Friendship Inn Restaurant (1.8mi), The Plaza Resturant (1.9mi), Whataburger (2mi), Chicken Express (2mi), Burger King (2.2mi), Western Sizzlin (2.2mi), El Rey Mexican Grill (2.3mi), Luigi's Italian Restaurant & Grill (2.7mi),
Coffee
Just Brew It (0.2mi), Sunrise Café (0.8mi)
Bars
Woody's Sports Grill (2.2mi), Applebee's Neighborhood Grill & Bar (2.5mi)
Groceries
United Supermarket (0.6mi), Altus Package Store (0.8mi), Falcon Road Liquor Store (0.9mi), GNC (1.1mi), Bar-S Foods Co. (2.5mi), Nayyarsons Deli Bakery At Altus Afb Commissary (2.9mi)
Parks
Lincoln Park (0.9mi)
Schools
Altus Christian Academy (1mi), Altus High School (1.1mi), Altus Intermediate School (1.1mi), Altus Primary School (1.2mi), Altus Elementary School (1.4mi), Altus Junior High School (1.6mi), Rivers Elementary School (2.8mi)
Shopping
Mr Bill's Gas & Food (0.05mi), H & H Furniture Sales (0.06mi), D & D Unique Outdoor Furniture (0.1mi), Smalts Furniture (0.1mi), Jones Pawn Shop (0.2mi), Cotton Patch The (0.2mi), The Enchanted Door (0.2mi), On The Corner (0.2mi), Crown Jewelry (0.2mi), Booterie (0.2mi), Broadway Fashionista (0.2mi), Belles & Beaux (0.2mi), Action Pawn (0.3mi), The Market Place (0.4mi), One Stop Smoke Shop (0.4mi), Blossom Shop (0.5mi), Petal Pushers Flowers & Gifts (0.6mi), Stripes (0.7mi), Go Pawn (0.7mi), Family Dollar Store (0.8mi), Zales Jewelers (0.8mi), The Wishing Well (0.8mi), U.S. Cellular (0.8mi), Save-A-Lot (0.8mi), Tunnel (0.8mi), Dave's Vapors (0.8mi), Rogers Electronics (0.8mi), Dusty Covers Book Store (0.9mi), Cotton Candi Creations (0.9mi), H & H Furniture Sales (0.9mi), Dog House (0.9mi), Vintage Revival (1mi), Verizon Wireless (1mi), Gems Etc (1mi), Maurices (1.1mi), Payless Shoe Source (1.1mi), Sprint (1.1mi), David M Huey (1.1mi), Hobby Lobby (1.3mi), Black Orchid Florist (1.4mi), Stripes (1.5mi), US Cellular Authorized Agent (1.6mi), Main Express Mart (1.6mi), Rexco Drug & Gifts (1.7mi), Atwoods (1.7mi), Cato (1.8mi), Shoe Department (1.8mi), Dollar Tree (1.9mi), Dollar General (2mi), Aaron's (2mi), Ez Go Food Store (2.2mi), Sears Hometown Store (2.5mi)
Entertainment
Redbox (0.7mi), Historical Society Oklahoma (0.9mi), Town & Country Lanes (1.5mi), Scooters (1.8mi), Heritage Park 7 Theatres (3.2mi)
Errands
US Post Office (0.2mi), Hair Strategy (0.4mi), Herring Bank (0.5mi), Suds-Ur-Duds (0.6mi), Rexco Discount Drugstore (0.8mi), Attitudes Ink (0.8mi), Walgreens (0.9mi), Hello Gorgeous Salon (0.9mi), Ahead Of Times (0.9mi), Altus Laundry & Cleaners (0.9mi), Ace Hardware (0.9mi), Razor's Edge (1mi), Century 7 Hair Styling Salon (1mi), Ace Hardware (1.1mi), Clinic Pharmacy (1.2mi), Shear Excellence (1.2mi), Park Lane Barber Shop (1.2mi), Hair Tracks (1.4mi), UPS Customer Center (1.6mi), Whatchamacallit Styling Salon (1.6mi), Sally Beauty (1.7mi), SmartStyle (1.8mi), Red River Federal Credit Union (2mi), Ace Hardware (2mi), Salon Rouge (2.1mi), Main Exchange Barber Shop (2.4mi), US Post Office (3.2mi)
(walkscore.com)
Demographics*:
Total population 21,636
% White alone 62.19%
% Hispanic 23.29%
% African American 8.91%
Average Household Income $47,500
Median House Value: $124,558
Current Unemployment Level: 2.8%
Projected population growth within 1 mile of the property) 2019-2024 (Loopnet.com): +0.50%
*https://oklahoma.hometownlocator.com/zip-codes/data,zipcode,73521.cfm
https://www.zipdatamaps.com/73521
Great Investment opportunity:
UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A SUBSTANTIAL HIGH-INCOME PROPERTY FOR A DISCOUNTED PRICE.
Great income potential
Rental housing is in demand particularly with the expanding needs of the Altus military Air Force. The air force does the training of more than 3,000 students each year and is doing additional training and maintenance which will bring several hundred new jobs to Altus. Rental Housing will be likely in very high demand and as a result, rental demand for the units in this property once rehabbed will be strong particularly that there is a shortage of supply.
Once rehabbed the property offer excellent income potential with low vacancy expected due to the housing shortage.
The following similar properties in Altus currently have no availability with 100% occupancy:
There is a mixture of units and the overall estimated average monthly rent per unit based on demand and available units: $550/ month
(estimated using apartmentfinder.com, realtor.com)
Estimated Gross Income potential of the 18 units with current layout is therefore: $ 118,800 / year
The apartments expected to rent out quickly when the rehab work is completed, and the building expected to have low vacancy due to high demand and real housing shortage.
Real Estate Taxes:
Jackson County, OK parcel ID: 0005-00-026-007-0-000-00 and 0005-00-026-008-0-000-00
Low Real Estate Taxes: parcel 007: $341/ year and parcel 008: $251/year (Total $592/ year)
PROPERTY IS SOLD AS IS, WHERE IS- Warranty deed- Clear title – No liens, No back taxes
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
There is no document preparation fee or auction premium for this auction.
10% non-refundable deposit, is due within 48 hours of auction close to be paid into escrow.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Sale is ‘As IS’ and Buyers are responsible for building code violations (if any). Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
OVER 200 AUCTIONS ALREADY SOLD ON BID4ASSETS, CHECK OUT OUR PROPERTY PAGE FOR CURRENT AUCTIONS:
http://www.bid4assets.com/v5/search/#t=s|s=507829|sc=bidclosetime|so=ASC
