Preston Grove | 24-Unit Duplex Community | Midwest City, OK
Multifamily | 6.20% CAP | 24 Units
Marketing description
Will Bryant with Adwon Properties Inc. is pleased to present for sale Preston Grove, a 24-unit duplex community located at 9077 NE 13th Street in Midwest City, Oklahoma. Comprised of 12 all-brick duplex buildings on 2.0 acres, Preston Grove represents one of the most compelling small-portfolio multifamily opportunities currently available in the OKC metro.
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Effective new construction with a stabilized rent roll, Preston Grove generates a blended $1,444 per unit per month in residential rents across its 24 units - with 18 units at the HUD Housing Choice Voucher rate of $1,475 and 6 units at $1,350 under existing leases, representing near-term upside as those leases roll to market. The current owner additionally bills utilities at $100 per unit monthly - a cost-recovery structure that may be continued or restructured at the buyer's discretion.
An 18-unit storage building on the property provides meaningful ancillary income. Each of the 12 duplex buildings features a dedicated single-car garage per unit with electric vehicle charging outlets. All 24 units are 3-bedroom, 2-bathroom floor plans at 1075 square feet, finished with granite countertops, 9-foot ceilings throughout, and quick-connect generator plugs - builder-installed features that are uncommon in this housing segment and drive the property's strong occupancy and tenant retention profile. An on-site management office and an oversized 24' x 24' maintenance garage round out the operational campus.
Preston Grove is offered at $5,885,000 - a 6.2% capitalization rate on stabilized NOI of $362,400, with a clear path to 6.3% as six below-market leases roll to the HUD HCV rate of $1,475. The combination of build quality, a Section 8-validated rent ceiling, in-unit washer/dryer rentals, and the diversified income structure position this property as a reliable, low-maintenance income vehicle with strong long-term hold characteristics.
Investment highlights
- Brick construction across all 12 buildings reduces long-term exterior maintenance costs, provides superior energy performance, and signals quality to prospective tenants and future buyers. Effective new construction condition means minimal deferred maintenance and no near-term capital requirements.
- The property operates with a stabilized rent roll and no lease-up risk, no concession drag, and no value-add repositioning required - the buyer steps into a cash-flowing asset from day one.
- Preston Grove was built with a finish level that punches well above its price class. Every unit features granite countertops, 9-foot ceilings throughout, quick-connect generator plugs, and a dedicated single-car garage with an electric vehicle charging outlet. These are original builder installations - not renovations - which means no deferred maintenance risk and a consistent, marketable amenity set across all 24 units.
- Residential rents ($415,800), washer/dryer rentals ($21,600), and storage income ($16,200) combine for $453,600 in core annual income. In-unit washer/dryer rentals at $75/month per unit are tenant-paid and provide a reliable recurring income stream with minimal overhead. The storage building operates as a passive, low-maintenance income stream with no additional staffing required. Six units currently under lease at $1,350/month represent near-term upside of $9,000 annually as those leases roll to the HUD HCV market rate of $1,475 - no capital investment required. The current owner bills utilities at a flat $100 per unit monthly as a cost-recovery mechanism; this structure is at the discretion of the owner and is not underwritten as a profit center.
- At a blended $1,444/month per unit, the rent roll reflects current in-place leases with a clear path to $1,475 across all 24 units as below-market leases roll. The $1,475 rate is the HUD Housing Choice Voucher payment standard for this unit type in this submarket - a government-validated market ceiling that anchors rent assumptions with institutional credibility and supports low vacancy risk. At a 6.2% cap rate, the offering is priced at $245,208 per unit - compelling relative to replacement cost for effective new construction with brick exteriors, granite countertops, 9-foot ceilings, EV-ready garages, and generator connectivity.
- Workforce housing demand in the OKC metro continues to outpace supply, particularly in Midwest City. Proximity to Tinker Air Force Base and a diversified employment base support durable rental demand for this unit type - fundamentals that underpin the property's stabilized rent roll.
- The Oklahoma City metropolitan area benefits from population growth, a diversified economy, and below-national-average housing costs. Rent growth of 2.0-3.2% annually provides a natural tailwind to income over the hold period without requiring operational improvements.
- The on-site management office and oversized 24' x 24' maintenance garage provide the operational infrastructure of a professionally managed community - both convey with the sale. A new owner steps into a fully equipped asset without the need to source or build out management facilities from scratch.
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