Oaklawn Apartments
Multifamily | 25 Units
Marketing description
Oaklawn Apartments is a 25-unit multifamily community located in Lawton, Oklahoma, offering investors the opportunity to acquire a well-located asset with clear operational and revenue upside. Built in 1979, the property consists primarily of one-bedroom units averaging approximately 646 square feet, catering to workforce housing demand.
Current rents average approximately $548 per unit, significantly below comparable properties in the submarket, supporting a clear path to revenue growth through lease renewals and operational improvements.
Additionally, ownership is currently absorbing most utility expenses, creating an opportunity to enhance net operating income through the implementation of utility recovery and improved expense management.
Oaklawn Apartments represents a straightforward repositioning opportunity in a market supported by military, healthcare, and manufacturing employment, offering investors a clear path to increased cash flow through execution.
Investment highlights
1. Mark-to-Market Rent Upside
Current rents average approximately $548 per unit, materially below submarket comparables averaging approximately $712, indicating a significant gap between in-place income and achievable market rents.This spread provides a clear opportunity for a new owner to increase revenue through a phased rent growth strategy driven by lease renewals and unit turns. Given the affordability positioning of the asset, rent increases can be implemented incrementally while maintaining competitive positioning within the workforce housing segment.
2. Immediate Operational Upside
The current lease structure provides flexibility to implement near-term rent adjustments, allowing a new owner to accelerate income growth without being constrained by long-term leases.
In addition, ownership is currently absorbing the majority of utility expenses. Transitioning to a utility reimbursement structure (RUBS or direct billing) offers a straightforward and immediate opportunity to increase effective income while aligning operating expenses more closely with tenant usage. Lastly, the property has an unfurnished laundry facility providing immediate upside in additional income.
3. Location & Employment
Oaklawn Apartments is strategically positioned within a dense employment corridor in Lawton, Oklahoma. Within a 3-mile radius, the property is supported by approximately 18,676 employees across 1,274 businesses, while the broader 5-mile radius includes over 31,500 employees and 2,671 businesses, highlighting a substantial and diversified employment base.
The surrounding area demonstrates strong economic activity, with an employee-to-resident ratio approaching 45 employees per 100 residents, supporting consistent housing demand driven by both local workforce and commuter patterns.
Lawton’s economy is anchored by Fort Sill, which supports a population of approximately 53,000 military personnel, civilian employees, and family members, providing a stable foundation for workforce housing demand. This is complemented by major employers across healthcare, education, manufacturing, and government sectors.
The market is also experiencing growth in defense and advanced manufacturing, highlighted by Firehawk Aerospace’s planned $22–$45 million facility expected to create approximately 100 jobs, along with continued expansion at the FISTA Innovation Park by companies such as BlueHalo and CAMGIAN.
These factors position Oaklawn Apartments within a market supported by both established employment drivers and emerging industry growth, reinforcing long-term demand for affordable housing.
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