Buy&Hold (Multifamily): (40 Units) Apt Complex, Stillwater, OK 74074+ $3,500,000
- Promise Land Realty
- 5 days ago
- 7 min read
Multifamily Investment Opportunity
Price
$3,500,000
CREEKSIDE COMMONS
Confidential Off-Market 40-Unit Multifamily Investment Opportunity
3398 E. 6th Avenue | Stillwater, Oklahoma 74074
OFFERING PRICE: $3,500,000
40 Units | $87,500/Unit | 5.18% Adjusted Going-In Cap | 6.71% Target Pro Forma Cap
Creekside Commons is a 40-unit garden-style multifamily community located in Stillwater, Oklahoma, offering investors an attractive combination of existing cash flow, a favorable per-unit acquisition basis, embedded loss-to-lease, and a clearly identifiable path to NOI expansion through targeted rent growth and operational improvements.
The property consists of 8 one-bedroom and 32 two-bedroom units, providing significant concentration in the two-bedroom floor plans where third-party rent comparables indicate the greatest mark-to-market opportunity. The December 2025 rent roll reflects the property's established tenant base and provides an incoming owner with existing revenue from which to execute a measured value-add strategy.
Creekside is a two-story, approximately 31,800-square-foot garden apartment community constructed in 2008 on approximately 3.35 acres.
INVESTMENT HIGHLIGHTS
Offering Price: $3,500,000
Total Units: 40
Price Per Unit: $87,500
Property Type: Garden-Style Multifamily
Year Built: 2008
Unit Mix: 8 One-Bedroom / 32 Two-Bedroom
Approx. 1BR Size: 575 SF
Approx. 2BR Size: 850 SF
2025 Gross Income: $387,111
2025 Rental Revenue: $383,532.65
Adjusted Going-In NOI: Approx. $181,161
Adjusted Going-In Cap Rate: Approx. 5.18%
Target Stabilized Pro Forma NOI: Approx. $235,000
Target Pro Forma Cap on Cost: Approx. 6.71%
Upside NOI Scenario: Approx. $250,000
Upside Cap on Cost: Approx. 7.14%
December 2025 Scheduled Market Rent: Approx. $35,200/month
December 2025 Lease Rent: Approx. $32,210/month
Identified Annual Loss-to-Lease: Approx. $35,880
CURRENT FINANCIAL PERFORMANCE
The property's 2025 operating statement reports $387,111 in total income, including $383,532.65 in rental revenue. Reported accounting expenses totaled $318,007.31.
Importantly for acquisition underwriting, the reported expense figure includes approximately $84,922.71 of mortgage interest and $27,134.78 of capital improvements. Removing those identified financing and capital items for purposes of evaluating property-level operations results in an indicative adjusted NOI of approximately $181,161.
At the $3,500,000 offering price, the adjusted NOI equates to an approximately:
5.18% ADJUSTED GOING-IN CAP RATE
The acquisition basis equates to approximately:
$87,500 PER UNIT
This provides investors with existing cash flow at acquisition while preserving meaningful potential for yield expansion through improved property-level operations.
EMBEDDED LOSS-TO-LEASE
A key component of the investment thesis is the property's existing spread between scheduled market rents and in-place lease rents.
The December 2025 rent roll reflects approximately $35,200 per month of scheduled market rent versus approximately $32,210 per month of lease rent, representing roughly:
$2,990 PER MONTH OF EXISTING LOSS-TO-LEASE
$35,880 OF ANNUALIZED RENTAL UPSIDE
This represents potential revenue growth available primarily through normal lease turnover and renewal activity before underwriting more aggressive market-rent assumptions.
RENT COMPARABLES & MARK-TO-MARKET OPPORTUNITY
The most significant value-add opportunity appears within Creekside's 32 two-bedroom units, which comprise 80% of the property.
The April 2026 CoStar rent-comparable analysis reports Creekside's two-bedroom asking rent at approximately $884/month, while the competitive set averaged approximately $1,060/month.
Selected two-bedroom asking rents included:
Maple 500: $1,162/month
The Lodge: $1,104/month
Reflections at Stillwater: $1,037/month
Bricktown Apartments: $1,030/month
Creekside: $884/month
This represents a meaningful spread between Creekside and competing two-bedroom product and provides support for a measured mark-to-market strategy, subject to unit condition, renovations, tenant retention and buyer underwriting.
Current broader-market data also supports continued underwriting attention to rent growth. As of July 2026, Apartments.com reports average Stillwater apartment rents of approximately $845 for one-bedroom units and $916 for two-bedroom units, with apartment rents up approximately 3.1% year over year.
VALUE-ADD STRATEGY
The Creekside investment thesis does not require a speculative redevelopment or major repositioning. Instead, the opportunity is centered on fundamental multifamily operations and disciplined NOI growth.
A prospective purchaser may have the ability to create additional value through:
Capturing existing loss-to-lease as leases renew and turn
Gradually moving below-market two-bedroom rents toward demonstrated market levels
Implementing selective interior renovations where supported by achievable rent premiums
Improving revenue-management and renewal practices
Maintaining occupancy while increasing effective rents
Reducing avoidable turnover costs
Controlling repairs, maintenance and utility expenditures
Improving overall operating efficiency
Converting incremental revenue growth into sustainable NOI expansion
The strategy is designed to allow an investor to acquire an operating asset at a 5.18% adjusted going-in cap rate while targeting a materially higher yield on acquisition cost following stabilization.
CURRENT FINANCIALS
PRO FORMA NOI & CAP RATE
Based upon the supplied financials, documented loss-to-lease and demonstrated rental spread within the competitive set, the offering can be evaluated under the following illustrative value-add scenarios:
Underwriting Scenario | NOI | Cap Rate on $3.5MM |
Adjusted Going-In | $181,161 | 5.18% |
Existing Loss-to-Lease Captured | ~$217,041 | 6.20% |
Target Stabilized Pro Forma | ~$235,000 | 6.71% |
Upside Pro Forma | ~$250,000 | 7.14% |
TARGET STABILIZED NOI: APPROX. $235,000
TARGET PRO FORMA CAP RATE: APPROX. 6.71%
The $235,000 target stabilized NOI represents approximately $53,839 of incremental NOI, or nearly 30% NOI growth compared with the adjusted going-in NOI.
At the $3.5 million acquisition basis, this would increase the property's yield on cost from approximately 5.18% to 6.71%.
An upside scenario approaching $250,000 of NOI would represent an approximately 7.14% pro forma yield on acquisition cost. This should be viewed as an upside case rather than the base stabilized underwriting.
Pro forma figures are illustrative projections, not current operating results or guarantees, and should be independently underwritten by prospective purchasers.
EXISTING FINANCING
Another potentially significant component of the opportunity is the property's existing Freddie Mac small-balance financing.
Based upon the supplied loan documentation, the financing was originated in April 2022 with an original principal balance of approximately $2,405,000 and includes:
Original Loan Amount: $2,405,000
Initial Fixed Interest Rate: 3.620%
Amortization: 360 Months
Monthly Principal & Interest: Approx. $10,961.27
Maturity: May 1, 2042
Fixed-Rate Period: 84 Months
First Floating-Rate Change: May 1, 2029
The existing financing may represent additional strategic value to a purchaser; however, buyers should independently investigate the current outstanding balance, loan-assumption eligibility, lender approval requirements, prepayment/yield-maintenance provisions and post-2029 floating-rate terms.
LOCATION & DEMAND DRIVERS
Creekside Commons is located at 3398 E. 6th Avenue in Stillwater, Oklahoma, providing convenient access to the broader Stillwater employment and rental market as well as Oklahoma State University.
Stillwater maintains an active university-related rental ecosystem, with Oklahoma State maintaining a dedicated off-campus housing marketplace for students, faculty and staff.
The asset's location and traditional one- and two-bedroom unit mix provide potential exposure to a resident base broader than purpose-built, by-the-bedroom student housing.
PROPERTY FEATURES
The community offers a practical amenity package including:
In-unit washer/dryer
Private balconies and patios
Walk-in closets
Pantries
Air conditioning
Tenant-controlled HVAC
On-site parking
Two-story garden-style configuration
Third-party property records identify Creekside as a 40-unit, 31,800-SF garden apartment community constructed in 2008.
INVESTMENT THESIS
Creekside Commons offers a multifamily investor the opportunity to acquire 40 units at approximately $87,500 per door with an estimated 5.18% adjusted going-in capitalization rate and multiple identifiable avenues for NOI expansion.
The investment thesis is straightforward:
Acquire at an attractive basis → Preserve occupancy → Capture existing loss-to-lease → Mark rents toward supported market levels → Selectively improve units → Increase NOI → Expand yield on cost.
At stabilization, a target NOI of approximately $235,000 would produce an approximately 6.71% pro forma cap rate on the original $3.5 million acquisition cost, while further operational and rental upside could potentially move NOI toward the $250,000 range and yield on cost above 7%.
OFFERING SUMMARY
Offering Price: $3,500,000
Units: 40
Price Per Unit: $87,500
Adjusted Going-In NOI: ~$181,161
Adjusted Going-In Cap Rate: ~5.18%
Target Stabilized NOI: ~$235,000
Target Pro Forma Cap Rate: ~6.71%
Upside NOI Scenario: ~$250,000
Upside Cap Rate on Cost: ~7.14%
Identified Annual Loss-to-Lease: ~$35,880
Confidential Off-Market Offering
T-12 operating statements, current rent roll, rent-comparable analysis, existing loan documentation and additional due-diligence materials are available to qualified purchasers upon request.
All information is believed to be reliable but has not been independently verified. Adjusted NOI excludes identified mortgage interest and capital improvements for preliminary property-level underwriting purposes. Pro forma NOI, rent-growth assumptions, capitalization rates and other forward-looking figures are illustrative only and are not guarantees of future performance. Prospective purchasers should independently verify all financial, physical, legal, tax, financing, market and operating information and conduct their own underwriting and due diligence prior to acquisition.
Property Map
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All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors & Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.
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PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors and Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.
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