The Crossings in Anadarko
Multifamily | 7.19% CAP | 80 Units
Marketing description
SVN Oak Realty Advisors is pleased to present The Crossings in Anadarko, a 40-unit, 1973-vintage affordable multifamily community at 1302 Watson Drive in Anadarko, Oklahoma. Offered at $2,950,000, this well-maintained asset features a balanced mix of spacious one-, two-, and three-bedroom layouts. Positioned near major developments like the Western Farmers Electric Cooperative expansion, the property benefits from strong demand drivers. Representing a compelling opportunity for core-focused investors.
Delivered in 1973, the property is stabilized with a consistent occupancy history and excellent physical condition. It offers large units averaging 915 SF, a low-density footprint of 10 units per acre, and amenities supporting long-term tenancy. Although fully occupied, in-place rents of $630 per unit trail the submarket asking of $695, providing a mark-to-market opportunity through operational efficiencies. A $2,500 per unit capital reserve is allocated for day-one maintenance, positioning the asset to drive rental increases with minimal ongoing capital outlay.
At the $2,950,000 offering price, the property presents a 7.19% going-in capitalization rate based on a trailing 12-month net operating income of $212,073. The current rent gap provides a meaningful opportunity for near-term income growth through unit turnover. The property's excellent physical condition and proximity to major employers continue to drive leasing velocity and long-term renter demand.
Investment highlights
- Positioned near major employers and developments such as the Western Farmers Electric Cooperative expansion, the property benefits from strong local demand, supporting long-term rental stability and consistent leasing activity.
- Offered at $2.95M, the asset delivers an attractive 7.19% going-in cap rate based on a T12 NOI of $212,073. The investment is projected to yield a 5-year levered IRR of 12.41% and a 1.72x equity multiple.
- Current average in-place rents of $695 sit 15% below the competitive submarket average of $803, presenting a clear mark-to-market opportunity. By capturing this upside and implementing operational efficiencies, Year 5 pro forma operations project NOI to reach $256,403, driving significant long-term value creation.
- The 40-unit community features a highly desirable mix where 80% of the property consists of spacious two- and three-bedroom layouts. This configuration caters to local families and ensures strong tenant retention.
- Situated on a spacious 4.00-acre site, the property offers a low-density footprint of just 10 units per acre. The grounds feature 61 surface parking spaces, outdoor grills, and a picnic area, providing residents with ample outdoor space.
- The 1973-vintage masonry property is exceptionally well-maintained. An initial capital reserve of $100,000 is allocated for immediate needs, complemented by ongoing replacement reserves of $2,500 per unit.
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