Pennington Place Apartment | 3732 NW 23rd St
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Pennington Place Apartment 3732 NW 23rd St
40 Unit Apartment Building $3,495,000 ($87,375/Unit) 8.85% Cap Rate Oklahoma City, OK 73107
Executive Summary
Property Overview
Discover Pennington Place, a prime investment opportunity in the thriving west side of Oklahoma City. This fully renovated 40-unit apartment community sits on a generous 1.7-acre lot, strategically located on the iconic NW 23rd Street—one of the metro's most dynamic and revitalized corridors. Surrounded by retail, restaurants, and large medical facilities, Pennington Place offers unparalleled convenience for tenants, ensuring strong occupancy rates as units are completed and leased.
Oklahoma City’s progressive vision for urban growth and the ongoing revitalization of NW 23rd Street make this property a key asset in the city’s booming rental market.
Property Highlights:
40 Units: Positioned for consistent cash flow and long-term appreciation.
New Systems Throughout: All new electric, HVAC, plumbing, and a modern fire sprinkler system ensure low maintenance costs.
Enhanced Safety and Infrastructure: Includes a newly installed water line and fire hydrant.
Comprehensive Exterior Renovations: New roofs and fully updated exteriors elevate curb appeal and tenant satisfaction.
Recent Rehab Completion: All work finalized in Spring 2022, positioning the property as a turnkey investment.
Neighborhood Features
Located in the Pennington/Musgrave neighborhood, this property benefits from a community dedicated to revitalization and growth. The area supports high renter demand due to its proximity to:
Major Employment Centers: Retail, service, and healthcare industries thrive here.
Ease of Access: Conveniently connected to Oklahoma City’s key districts and amenities.
Neighborhood Revitalization: A growing movement to modernize and beautify NW 23rd Street enhances the area's appeal.
Why Pennington Place?
This property is not just an investment—it's a gateway to Oklahoma City’s booming rental market. With all major systems replaced, fully renovated exteriors, and a prime location, Pennington Place Apartments is poised to deliver strong returns for years to come.
Don't miss your chance to own a pivotal piece of NW 23rd Street’s resurgence. Schedule your tour today and secure your position in Oklahoma City’s bright future.
Discover Pennington Place, a prime investment opportunity in the thriving west side of Oklahoma City. This fully renovated 40-unit apartment community sits on a generous 1.7-acre lot, strategically located on the iconic NW 23rd Street—one of the metro's most dynamic and revitalized corridors. Surrounded by retail, restaurants, and large medical facilities, Pennington Place offers unparalleled convenience for tenants, ensuring strong occupancy rates as units are completed and leased.
Oklahoma City’s progressive vision for urban growth and the ongoing revitalization of NW 23rd Street make this property a key asset in the city’s booming rental market.
Property Highlights:
40 Units: Positioned for consistent cash flow and long-term appreciation.
New Systems Throughout: All new electric, HVAC, plumbing, and a modern fire sprinkler system ensure low maintenance costs.
Enhanced Safety and Infrastructure: Includes a newly installed water line and fire hydrant.
Comprehensive Exterior Renovations: New roofs and fully updated exteriors elevate curb appeal and tenant satisfaction.
Recent Rehab Completion: All work finalized in Spring 2022, positioning the property as a turnkey investment.
Neighborhood Features
Located in the Pennington/Musgrave neighborhood, this property benefits from a community dedicated to revitalization and growth. The area supports high renter demand due to its proximity to:
Major Employment Centers: Retail, service, and healthcare industries thrive here.
Ease of Access: Conveniently connected to Oklahoma City’s key districts and amenities.
Neighborhood Revitalization: A growing movement to modernize and beautify NW 23rd Street enhances the area's appeal.
Why Pennington Place?
This property is not just an investment—it's a gateway to Oklahoma City’s booming rental market. With all major systems replaced, fully renovated exteriors, and a prime location, Pennington Place Apartments is poised to deliver strong returns for years to come.
Don't miss your chance to own a pivotal piece of NW 23rd Street’s resurgence. Schedule your tour today and secure your position in Oklahoma City’s bright future.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,495,000 | Building Class | C |
| Price Per Unit | $87,375 | Lot Size | 1.71 AC |
| Sale Type | Investment | Building Size | 32,720 SF |
| Cap Rate | 8.85% | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2022 |
| Property Subtype | Apartment | Parking Ratio | 0.58/1,000 SF |
| Apartment Style | Garden |
| Price | $3,495,000 |
| Price Per Unit | $87,375 |
| Sale Type | Investment |
| Cap Rate | 8.85% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.71 AC |
| Building Size | 32,720 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2022 |
| Parking Ratio | 0.58/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 786 |
| 2+1 | 20 | - | 850 |
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PROPERTY TAXES
| Parcel Number | 133801055 | Improvements Assessment | $229,120 |
| Land Assessment | $26,559 | Total Assessment | $255,679 |
PROPERTY TAXES
Parcel Number
133801055
Land Assessment
$26,559
Improvements Assessment
$229,120
Total Assessment
$255,679
zoning
| Zoning Code | RM1 |
| RM1 |
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Pennington Place Apartment | 3732 NW 23rd St
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