First Commercial Real Estate Services is pleased to present a new multifamily offering at 500 North Garfield, in Sand Springs, OK. This 16-unit property consists of one-bedroom units located in one two-story building. The building is a full brick construction with a pitched roof and balconies on each side. The building has a unique midcentury modern architectural style. The property is nicely landscaped with mature trees and an attractive rear yard area. Also, there is ample off-street parking on the east and south sides.

The units are all one bedroom, one bath units identical in layout. The units are in very clean condition, with updated carpet, paint, and tile in select units. Individual wall combination units provide heating and cooling. Each unit has its own hot water tank. The property is individually metered for electricity. The residents pay their own electric. The owner pays water, sewer and trash collection. This property represents an opportunity for a new owner to take over a clean and well-maintained property from long term owners and add value by increasing occupancy to market averages.

Location Description:

The property is located at the corner of 5th Street and North Garfield Avenue. This location is just north of Downtown Sand Springs. It is conveniently located near retail, restaurants, and major industrial employers. Sand Springs is also very near Downtown Tulsa, making it an easy option for people who work downtown. Sand Springs is a strong rental market with low vacancies. Sand Springs is also the home of the popular Keystone State Park and Keystone Lake. The park offers 22 lake view cabins, RV sits and full service Pier 51 Marina.

Highlights:

>> Well maintained

>> Individually metered for electricity

>> One bedroom units

>> Strong submarket

>> Value add opportunity

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