Midwest Manor Apartments
About This Property
Marketing description
Midwest Manor Apartments is a 103-unit community
located in Midwest City, Oklahoma. Built in 1970, the community features an excellent blend
of spacious one and two bedroom floorplans conducive to the strong employment base in the
immediate area.
With its attractive assumable debt featuring a 4.11% rate, significant below todays
rates, and high loan to value, Midwest Manor represents a compelling opportunity for a Buyer to
enter a growing submarket with robust historical rent growth of nearly 4%. Additionally, comparable
properties of similar age and size are renting for nearly $200 more per month. This presents a strong
opportunity to
Investment highlights
$200 DOLLAR POTENTIAL RENT PREMIUMS
Midwest Manor’s floor plans average 749 SF with in-place rents at $692 per
unit. Willow Creek (1.7 mi away) averages 680 SF with asking rents of $890
per unit nearly $200 dollars more for less square feet. The main difference
being in unit washer / dryer’s, new cabinet fronts, and Formica countertops.
ASSUMABLE FIXED LOAN AT 4.11% AND HIGH LTV
With an assumable loan at 4.11% fixed, leverage around 75%, and years
lef t before maturity, Midwest Manor offers Buyers outstanding cash flow at
acquisition. Additionally, with its interior finishes on par to many comparables
and current rents well below market, organic rent growth is likely also on the
table.
ROBUST SUBMARKET RENT GROWTH
In the Midwest City submarket, one bedroom units saw the largest yearover-
year rent growth of 4.8% with rents reaching $804 on average.
Two bedrooms increased 2.4% year-over-year to an average of $946
underscoring the submarket’s continued momentum. Midwest City has
enjoyed average rent growth of 3.9% over the last 5 years and 3.1% over
the last 10 years, thus with little to no new supply in the pipeline rent growth
should continue to stay consistent in the coming years.
STRONG DIVERSE EMPLOYMENT BASE
The property is exceptionally well located with a strong employment base
coming from wide variety of sectors including healthcare, manufacturing /
distribution, education, military, and service sectors. The largest employers in
the immediate area are SSM Health & St Anthony Hospital located across the
street from Midwest Manor, Rose State College with nearly 10,000 students
enrolled, Amazon’s Distribution Facility, Mid-Del School District, and Tinker
AirForce Base to name a few.
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