620 Park Rd Woodward, OK 73801

This Woodward, Oklahoma multifamily investment presents a compelling value-add opportunity. The property, Park Place Apartments, comprises 28 units situated on a 2.61-acre lot at 620 Park Rd, Woodward, OK 73801. The building, constructed in 1962, is classified as Class C and currently boasts 90% occupancy. The unit mix includes eight one-bedroom/one-bathroom units and twenty two-bedroom/one-bathroom units, totaling approximately 21,440 rentable square feet. Residents enjoy the convenience of an on-site laundry facility. Water and trash services are provided by the owner, while tenants are responsible for electricity. Significant improvements have already been made, including brand new roofs installed in 2021 across all buildings and a sewer system upgrade featuring PVC pipes. The property benefits from a historically high occupancy rate within a stable market. This presents a strong foundation for a new owner to implement a unit upgrade plan and a utility bill-back program, thereby increasing net operating income and maximizing the property's potential. The property's size and unit mix, combined with recent capital improvements and the stable market, make this a highly attractive investment.