Esplanade by the Lake
4601 West Nicklas Avenue
Oklahoma City, OK 73132-6912
Description
Newmark is pleased to present an outstanding opportunity to acquire Esplanade by the lake in Oklahoma City, Oklahoma. Built in 1970, the subject property is a 136-unit gated garden-style property featuring a large 1,038 SF average unit size and exceptional location in Northwest Oklahoma City near retail, top area employers, principal arterials, higher education, and major healthcare providers.
Residents enjoy quality amenities including a community pool, fitness center, and children’s playground. The property’s spacious floor plans feature faux-wood flooring in kitchens and bathroom(s), washer/dryer connections, and balcony/patios; with select units offering fireplaces, pantries, and standup showers.
SOLID PROPERTY CONDITION WITH OPPORTUNITIES TO RAISE RENTS
The subject property’s wide range of floor plans and desirable location within 20 minutes of all major Oklahoma City employers (less than 15 minutes to downtown) create attractive options for a broad cross-section of the renter demographic, from graduates entering the workplace to families with young children. Esplanade by the Lake benefits from proactive upkeep and represents an attractive reposition opportunity thanks to barriers to entry and demonstrated premiums on units with basic upgrades: Units with refreshed paint and faux-wood flooring currently lease at monthly premiums of up to $100 per unit for one- and two-bedroom units and over $130 per unit for three-bedroom units. New ownership will have the opportunity to realize increased revenues through a structured infusion of capital for exterior improvements, enhancements to community amenities, and upgrades to unit interiors: Renovations that are supported by the community’s significant rent deltas with repositioned submarket-comparable assets and the submarket’s 4.8% 4- and 5-star vacancy rate.
EXCELLENT LOCATION AND MULTIFAMILY FUNDAMENTALS
Esplanade by the Lake lies adjacent to the Northwest Expressway retail corridor and traffic counts exceeding 53,000 cars daily. Tenants enjoy easy access to the wider opportunities of the Oklahoma City MSA via Northwest Expressway and connections to Interstates 44 and 35 as well as the Kilpatrick Turnpike. Over 4,900 businesses are located within a three-mile radius of the subject property with the employee demographic trending 62.4% white-collar and nearly 44% employed in the Healthcare, Professional / Technical, Educational, Finance, and Insurance fields (ESRI). Submarket fundamentals are extremely favorable, with CoStar noting it as one of the MSAs most renter-heavy with one of the area’s highest concentrations of 20 to 34-year-olds.
Esplanade by the Lake
