Lawton OM

Page 1

Lawton Offering Memorandum

CONTENTS

LEAD AGENTS

Jordan Dickman

First Vice President Investments

Cincinnati Office

D. 513.878.7735

jordan.dickman@marcusmillichap.com

Nick Andrews

First Vice President Investments

Cincinnati Office

D. 513.878.7741

nicholas.andrews@marcusmillichap.com

Austin Sum

Senior Associate

Cincinnati Office

D. 513.878.7747

austin.sum@marcusmillichap.com

“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE

AND PRESERVE WEALTH BY PROVIDING THEM WITH

THE BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.”

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY DISCLAIMER

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

01 - THE INVESTMENT 02 - financials 03 - local market SECTIONS
CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES

UNRIVALED SUCCESS IN THE MIDWEST

your team

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

JD SCHMERGE INVESTMENT ASSOCIATE

BRIAN JOHNSTON INVESTMENT ASSOCIATE

TIM VANWINGERDEN INVESTMENT ASSOCIATE

AUSTIN Hall INVESTMENT ASSOCIATE

ALDEN SIMMIS INVESTMENT ASSOCIATE

BROKER SUPPORT

SAM PETROSNIO

VALUATION & RESEARCH

CORPORATE SUPPORT

LIZ POPP

MIDWEST OPERATIONS MANAGER

JOSH CARUANA

VICE PRESIDENT

REGIONAL MANAGER

INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY

JOHN SEBREE

SENIOR VICE PRESIDENT

NATIONAL DIRECTOR

NATIONAL MULTI HOUSING GROUP

MICHAEL GLASS

SENIOR VICE PRESIDENT

MIDWEST DIVISION MANAGER

NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP

SKLYER WILSON

CLIENT RELATIONS MANAGER

BRITTANY CAMPBELL-KOCH

DIRECTOR OF OPERATIONS

ALEX PAPA

MARKETING COORDINATOR

THE INVESTMENT

01

PARAGON

Property Address: 5348 Northwest Cache Road

City, State, Zip: Lawton, OK

Year Built: 1965

Number Of Units: 68

Rentable Sqft: 47,100

Number of Buildings: 4

Lot Size (Acres): 3.67

Occupancy: 97%

Foundation: Foundation

Framing: Wood

Roof: Pitched Composiiton Shingles

Wiring: Copper

Heating/Cooling: Electric

Exterior: Brick

UTILITIES

Electric: Tenant Paid

Gas: Property Paid

Water / Sewer Property Paid

Trash: Property Paid

PROPERTY SNAPSHOT

regency

Property Address: 20 Northwest Mission Blvd

City, State, Zip: Lawton, OK

Year Built: 1970

Number Of Units: 152

Rentable Sqft: 112,272

Number of Buildings: 13

Lot Size (Acres): 4.50

Occupancy: 89%

Foundation: Poured Slab

Framing: Wood

Roof: Flat

Wiring: Copper

Heating/Cooling: Electric

Exterior: Brick

UTILITIES

Electric: Tenant Paid

Gas: Property Paid

Water / Sewer Property Paid

Trash: Property Paid

PROPERTY SNAPSHOT

RAINTREE

Property Address: 1401 Southwest B Ave

City, State, Zip: Lawton, OK

Year Built: 1978

Number Of Units: 164

Rentable Sqft: 95,480

Number of Buildings: 12

Lot Size (Acres): 4.96

Occupancy: 84%

Foundation: Poured Slab

Framing: Wood

Roof: Pitched Composition Shingle

Wiring: Copper

Heating/Cooling: Electric

Exterior: Wood/Brick

UTILITIES

Electric: Tenant Paid

Gas: Property Paid

Water / Sewer Property Paid

Trash: Property Paid

PROPERTY
SNAPSHOT

RENT COMPETITORS

02

THE BRISTOL

COUNTRY CLUB VIEW

LAWTON
Property Summary Address 2202 SW B Avenue Lawton, OK Units 246 Year Built 2007 Occupancy 95.5% # of units Square Feet Asking Rent Rent per SF One Bedroom 24 675 $920 $1.36 Two Bedroom 170 1000 $997 $1.00 Three Bedroom 52 1189 $1,127 $1.18
RENT COMPETITORS
1 Property Summary Address 4654 West Grove Blvd Lawton, OK Units 229 Year Built 1966 Occupancy 69% # of units Square Feet Asking Rent Rent per SF Studio 4 485 $685 $1.41 One Bedroom 100 905 $746 $0.82 Two Bedroom 119 1021 $934 $0.91 Three Bedroom 6 1495 $1,060 $0.87
2 Property Summary Address 5535 Cache Road Lawton, OK Units 216 Year Built 1969 Occupancy 95.8% # of units Square Feet Asking Rent Rent per SF One Bedroom 128 749 $635 $0.85 Two Bedroom 88 948 $868 $0.92
3
CROSBY PARK

DISTRICT SIX 10

FLATS AT MCARTHUR

Property Summary Address 610 SW 52nd Street Lawton, OK Units 228 Year Built 2007 Occupancy 98.7% # of units Square Feet Asking Rent Rent per SF One Bedroom 114 777 $830 $1.07 Two Bedroom 114 1004 $828 $0.82
4 Property Summary Address 3089-3099 McHenry Ave Cincinnati, OH Units 228 Year Built 2008 Occupancy 100% # of units Square Feet Asking Rent Rent per SF One Bedroom 72 620 $978 $1.58 Two Bedroom 72 920 $1,094 $1.19 Three Bedroom 72 1120 $1,116 $1.38
5 Property Summary Address 3501 East Gore Blvd Lawton, OK Units 364 Year Built 2010 Occupancy N/A # of units Square Feet Asking Rent Rent per SF One Bedroom 144 742 $1,130 $1.52 Two Bedroom 175 1053 $1,360 $1.29 Three Bedroom 42 1202 $1,462 $1.41
6
LEGEND PARK

ONE BEDROOM RENT SORT

RENT COMPETITORS - LAWTON
One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Legend Park 2010 361 742 $1,130 $1.52 The Flats at Macarthur 2008 216 620 $978 $1.58 The Bristol 2007 246 675 $920 $1.36 District SIX10 2007 228 777 $830 $1.07 Pecan Valley 1973 100 1140 $827 $0.73 Willowpark 1985 160 624 $755 $1.21 Country Club View 1966/2017 229 905 $746 $0.82 Timbers 1968 149 780 $660 $0.85 Crosby Park 1969 216 749 $635 $0.85 Subject Pro Forma 1965, 1970, 1978 384 585 $600 $1.03 Oak Hill 1978 105 637 $594 $0.93 Subject Average Effective 1965, 1970, 1978 384 585 $556 $0.95

TW0 BEDROOM RENT SORT

COMPETITORS - LAWTON
RENT
Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Legend Park 2010 361 1053 $1,360 $1.29 The Flats at Macarthur 2008 216 920 $1,094 $1.19 The Bristol 2007 246 1000 $997 $1.00 Country Club View 1966/2017 229 1021 $934 $0.91 Crosby Park 1969 216 948 $868 $0.92 District SIX10 2007 228 1004 $828 $0.82 Pecan Valley 1973 100 1160 $827 $0.71 Subject Pro Forma 1965, 1970, 1978 384 849 $800 $0.94 Sheridan Square 1985 276 843 $770 $0.91 Timbers 1968 149 930 $761 $0.82 Oak Hill 1978 105 1016 $753 $0.74 Subject Average Effective 1965, 1970, 1978 384 849 $742 $0.87
Two

FINANCIALS

03

UNIT MIX SUMMARY

AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL SUMMARY One Bedroom 279 Units 579 SF 161,495 SF $556.33 $0.96 $155,216 $560.41 $0.97 SF $156,353 $688.15 $1.19 SF $191,995 Two Bedroom 105 Units 840 SF 88,207 SF $742.39 $0.88 $77,951 $796.09 $0.95 SF $83,589 $873.76 $1.04 SF $91,745 Totals / Wtd. Averages 384 Units 650 SF 249,702 SF $607.21 $0.93 SF $233,167 $624.85 $0.96 SF $239,942 $738.91 $1.14 SF $283,740
UNIT DISTRIBUTION UNIT RENTS
LAWTON FINANCIALS

LAWTON FINANCIALS

UNIT MIX BREAKDOWN

AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL One Bedroom 1BR/1BA - Sky - A 42 Units 480 SF 20,160 SF $479.12 $1.00 SF $20,123 $525.00 $1.09 SF $22,050 $655.00 $1.36 SF $27,510 1BR/1BA - Sky - B 63 Units 515 SF 32,445 SF $493.10 $0.96 SF $31,065 $525.00 $1.02 SF $33,075 $665.00 $1.29 SF $41,895 1BR/1BA - Sky - C 39 Units 550 SF 21,450 SF $523.53 $0.95 SF $20,418 $550.00 $1.00 SF $21,450 $685.00 $1.25 SF $26,715 1BR/1BA - Sky - D 8 Units 685 SF 5,480 SF $544.29 $0.79 SF $4,354 $575.00 $0.84 SF $4,600 $715.00 $1.04 SF $5,720 1BR/1BA - Paragon 31 Units 600 SF 18,600 SF $656.00 $1.09 SF $20,336 $694.00 $1.16 SF $21,514 $725.00 $1.21 SF $22,475 1BR/1BA - Regency 96 Units 660 SF 63,360 SF $613.75 $0.93 SF $58,920 $559.00 $0.85 SF $53,664 $705.00 $1.07 SF $67,680 Totals / Wtd. Averages 279 Units 579 SF 161,495 SF $556.33 $0.96 SF $155,216 $560.41 $0.97 SF $156,353 $688.15 $1.19 SF $191,995 Two Bedroom 2BR/1BA - Sky - A 12 Units 885 SF 10,620 SF $665.91 $0.75 SF $7,991 $700.00 $0.79 SF $8,400 $850.00 $0.96 SF $10,200 2BR/1BA - Paragon 37 Units 775 SF 28,675 SF $760.31 $0.98 SF $28,131 $869.00 $1.12 SF $32,153 $885.00 $1.14 SF $32,745 2BR/1BA - Regency - A 32 Units 825 SF 26,400 SF $730.30 $0.89 SF $23,370 $749.00 $0.91 SF $23,968 $865.00 $1.05 SF $27,680 2BR/1BA - Regency - B 12 Units 891 SF 10,692 SF $754.33 $0.85 SF $9,052 $779.00 $0.87 SF $9,348 $875.00 $0.98 SF $10,500 2BR/1.5BA - Regency 12 Units 985 SF 11,820 SF $783.89 $0.80 SF $9,407 $810.00 $0.82 SF $9,720 $885.00 $0.90 SF $10,620 Totals / Wtd. Averages 105 Units 840 SF 88,207 SF $742.39 $0.88 SF $77,951 $796.09 $0.95 SF $83,589 $873.76 $1.04 SF $91,745
LAWTONFINANCIALS CURRENT YEAR 1 GROSS POTENTIAL RENT % of GPR Per Unit % of GPR Per Unit All Units at Market Rent $2,912,748 RR 7,585 $3,404,880 8,867 Gain (Loss) to Lease ($99,996) 3.43% (260) ($68,098) 2.00% (177) GROSS SCHEDULED RENT $2,812,752 RR 7,325 $3,336,782 8,690 OTHER INCOME Late Fee $23,444 T3 0.83% 61 $27,405 0.82% 71 Application Fee Income $5,404 T3 0.19% 14 $6,317 0.19% 16 Pet Fee-Non Refundable $4,600 T3 0.16% 12 $5,377 0.16% 14 Pet Rent $3,700 T3 0.13% 10 $4,325 0.13% 11 Total Other Income $48,637 1.73% 127 $56,854 1.70% 148 GROSS POTENTIAL INCOME $2,861,389 7,452 $3,393,637 8,838 Physical Vacancy ($335,143) T3 Economic 11.92% (873) ($166,839) 5.00% (434) Non Revenue Units ($44,052) T3 1.57% (115) ($50,052) 1.50% (130) Bad Debt $0 T3 0.00% 0 ($66,736) 2.00% (174) EFFECTIVE GROSS INCOME $2,482,194 83.09% 6,464 $3,110,010 89.50% 8,099 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit % of EGI 2020 Taxes Paid $76,624 Auditor 3.09% 200 $76,624 2.46% 200 Total Real Estate Taxes $76,624 3.09% 200 $76,624 2.46% 200 Insurance $124,823 T12 5.03% 325 $153,600 4.94% 400 Utilities Electric $76,408 T12 3.08% 199 $77,936 2.51% 203 Water & Sewage $384,798 T12 15.50% 1,002 $392,494 12.62% 1,022 Trash Removal $8,631 T12 0.35% 22 $8,804 0.28% 23 Total Utilities $469,838 18.93% 1,224 $479,234 15.41% 1,248 Total Non-Controllable $671,285 27.04% 1,748 $709,458 22.81% 1,848 CONTROLLABLE Contract Services Snow Removal $1,785 T12 0.07% 5 $3,840 0.12% 10 Landscaping/Grounds $21,216 T12 0.85% 55 $38,400 1.23% 100 Pest Control $15,024 T12 0.61% 39 $13,440 0.43% 35 Total Contract Services $38,024 1.53% 99 $55,680 1.79% 145 Repairs & Maintenance $200,985 T12 8.10% 523 $230,400 7.41% 600 Marketing & Promotion $8,191 T12 0.33% 21 $19,200 0.62% 50 On-Site Payroll $356,990 T12 14.38% 930 $345,600 11.11% 900 Payroll Taxes & Benefits $0 0.00% 0 $57,600 1.85% 150 General & Administrative $8,835 T12 0.36% 23 $28,800 0.93% 75 Management Fee $0 0.00% 0 $124,400 4.00% 324 Telephone & Internet $36,423 T12 1.47% 95 $36,480 1.17% 95 Replacement & Reserves $97,920 Note 1 3.94% 255 $99,878 3.21% 260 Total Controllable $747,369 30.11% 1,946 $998,039 32.09% 2,599 TOTAL EXPENSES $1,418,654 57.15% 3,694 $1,707,497 54.90% 4,447 NET OPERATING INCOME $1,063,540 42.85% 2,770 $1,402,513 45.10% 3,652 EXPENSE INCOME
INCOME & EXPENSES
YEAR 2 YEAR 3 % of GPR Per Unit % of GPR Per Unit $3,507,026 9,133 $3,612,237 9,407 ($70,141) 2.00% (183) ($72,245) 2.00% (188) $3,436,886 8,950 $3,539,992 9,219 $28,227 0.82% 74 $29,074 0.82% 76 $6,507 0.19% 17 $6,702 0.19% 17 $5,539 0.16% 14 $5,705 0.16% 15 $4,455 0.13% 12 $4,589 0.13% 12 $58,560 1.70% 152 $60,317 1.70% 157 $3,495,446 9,103 $3,600,309 9,376 ($171,844) 5.00% (448) ($177,000) 5.00% (461) $0 0.00% 0 $0 0.00% 0 ($68,738) 2.00% (179) ($70,800) 2.00% (184) $3,254,864 91.00% 8,476 $3,352,510 91.00% 8,730 % of EGI Per Unit % of EGI Per Unit $76,624 2.35% 200 $76,624 2.35% 200 $76,624 2.35% 200 $76,624 2.35% 200 $156,672 4.81% 408 $159,805 4.91% 416 $79,495 2.44% 207 $81,085 2.49% 211 $400,344 12.30% 1,043 $408,351 12.55% 1,063 $8,980 0.28% 23 $9,160 0.28% 24 $488,819 15.02% 1,273 $498,596 15.32% 1,298 $722,115 22.19% 1,881 $735,025 22.58% 1,914 $3,917 0.12% 10 $3,995 0.12% 10 $39,168 1.20% 102 $39,951 1.23% 104 $13,709 0.42% 36 $13,983 0.43% 36 $56,794 1.74% 148 $57,929 1.78% 151 $235,008 7.22% 612 $239,708 7.36% 624 $19,584 0.60% 51 $19,976 0.61% 52 $352,512 10.83% 918 $359,562 11.05% 936 $58,752 1.81% 153 $59,927 1.84% 156 $29,376 0.90% 77 $29,964 0.92% 78 $130,195 4.00% 339 $134,100 4.00% 339 $37,210 1.14% 97 $37,954 1.17% 99 $101,876 3.13% 265 $103,913 3.19% 271 $1,021,306 31.38% 2,660 $1,043,034 31.93% 2,706 $1,743,421 53.56% 4,540 $1,778,059 54.63% 4,630 $1,511,443 46.44% 3,936 $1,574,451 48.37% 4,100
CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YE FEB-2024 YE JAN-2025 YE JAN-2026 YE JAN-2027 YE JAN-2028 YE JAN-2029 YE JAN-2030 YE JAN-2031 YE JAN-2032 YE JAN-2033 GROSS POTENTIAL RENT All Units at Market Rent $2,912,748 $3,404,880 $3,507,026 $3,612,237 $3,720,604 $3,832,222 $3,947,189 $4,065,605 $4,187,573 $4,313,200 $4,442,596 Gain (Loss) to Lease ($99,996) ($68,098) ($70,141) ($72,245) ($74,412) ($76,644) ($78,944) ($81,312) ($83,751) ($86,264) ($88,852) GROSS SCHEDULED RENT $2,812,752 $3,336,782 $3,436,886 $3,539,992 $3,646,192 $3,755,578 $3,868,245 $3,984,293 $4,103,821 $4,226,936 $4,353,744 Total Other Income $48,637 $56,854 $58,560 $60,317 $61,523 $62,753 $64,008 $65,289 $66,594 $67,926 $69,285 GROSS POTENTIAL INCOME $2,861,389 $3,393,637 $3,495,446 $3,600,309 $3,707,715 $3,818,331 $3,932,254 $4,049,581 $4,170,416 $4,294,862 $4,423,029 Physical Vacancy ($335,143) ($166,839) ($171,844) ($177,000) ($182,310) ($187,779) ($193,412) ($199,215) ($205,191) ($211,347) ($217,687) Non Revenue Units ($44,052) ($50,052) $0 $0 $0 $0 $0 $0 $0 $0 $0 Bad Debt $0 ($66,736) ($68,738) ($70,800) ($72,924) ($75,112) ($77,365) ($79,686) ($82,076) ($84,539) ($87,075) EFFECTIVE GROSS INCOME $2,482,194 $3,110,010 $3,254,864 $3,352,510 $3,452,482 $3,555,441 $3,661,477 $3,770,681 $3,883,148 $3,998,977 $4,118,267 Real Estate Taxes $76,624 $76,624 $76,624 $76,624 $78,156 $79,720 $81,314 $82,940 $84,599 $86,291 $88,017 Insurance $124,823 $153,600 $156,672 $159,805 $163,002 $166,262 $169,587 $172,979 $176,438 $179,967 $183,566 Utilities $469,838 $479,234 $488,819 $498,596 $508,567 $518,739 $529,114 $539,696 $550,490 $561,500 $572,730 Contract Services $38,024 $55,680 $56,794 $57,929 $59,088 $60,270 $61,475 $62,705 $63,959 $65,238 $66,543 Repairs & Maintenance $200,985 $230,400 $235,008 $239,708 $244,502 $249,392 $254,380 $259,468 $264,657 $269,950 $275,349 Marketing & Promotion $8,191 $19,200 $19,584 $19,976 $20,375 $20,783 $21,198 $21,622 $22,055 $22,496 $22,946 On-Site Payroll $356,990 $345,600 $352,512 $359,562 $366,753 $374,089 $381,570 $389,202 $396,986 $404,925 $413,024 Payroll Taxes & Benefits $0 $57,600 $58,752 $59,927 $61,126 $62,348 $63,595 $64,867 $66,164 $67,488 $68,837 General & Administrative $8,835 $28,800 $29,376 $29,964 $30,563 $31,174 $31,798 $32,433 $33,082 $33,744 $34,419 Management Fee $0 $124,400 $130,195 $134,100 $138,099 $142,218 $146,459 $150,827 $155,326 $159,959 $164,731 Telephone & Internet $36,423 $36,480 $37,210 $37,954 $38,713 $39,487 $40,277 $41,082 $41,904 $42,742 $43,597 Replacement & Reserves $97,920 $99,878 $101,876 $103,913 $105,992 $108,112 $110,274 $112,479 $114,729 $117,023 $119,364 TOTAL EXPENSES $1,418,654 $1,707,497 $1,743,421 $1,778,059 $1,814,937 $1,852,592 $1,891,041 $1,930,301 $1,970,389 $2,011,323 $2,053,122 NET OPERATING INCOME $1,063,540 $1,402,513 $1,511,443 $1,574,451 $1,637,545 $1,702,849 $1,770,436 $1,840,380 $1,912,760 $1,987,654 $2,065,145 INCOME EXPENSE LAWTONFINANCIALS
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable 5344 NW Cache Rd 02N12W-28-1-29979-281-0007 1963 3.67 $2,665,504 $181,482 101.670000 $18,451.00 20 NW Mission Blvd 02N11W-19-1-29975-191-0019 4.50 $5,760,689 $273,137 101.670000 $27,769.00 01401 SW B AVE 02N12W-36-1-19300-001-0007 4.00 $615,693 $57,321 101.670000 $5,827.00 02N12W-36-1-19300-006-0001 5.00 $678,108 $66,201 101.670000 $6,730.00 01401 SW B AVE 02N12W-36-1-19300-007-0000 1.00 $612,821 $61,883 101.670000 $6,291.00 01401 SW B AVE 02N12W-36-1-19300-007-0000 1.00 $652,358 $64,342 101.670000 $6,541.00 01401 SW B AVE 02N12W-36-1-19300-007-0000 1.00 $527,613 $49,335 101.670000 $5,015.00 Total 20.17 $11,512,786 $753,701 $76,624.00
CASH FLOW

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 Income Gross Potential Rent 16.90% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Other Income 16.90% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Expenses Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Management Fee** 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 1.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 8.50% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%

local market

04

LAWTON, OKLAHOMA

Lawton, approximately 85 miles southwest of Oklahoma City and 55 miles north of Wichita Falls, TX. The Properties are strategically located within the city, minutes to Interstate 44 and U.S. Highway 62 intersection, two of the region’s major thorough fares. Lawton has an unemployment rate of 4.2%.

The US average is 6.0% The Lawton MSA has a current population over 126,000 and is anchored by the Fort Sill Army Base which is the largest employer in the MSA, with nearly 40,000 military personnel, and the fifth largest in the state, contributing approximately $2.3 billion to the local econo-

my. Lawton allow for unique cultural experiences, including the Museum of the Great Plains, the Fort Sill Museum, and the Comanche National Museum and Cultural Center.

Lawton is home to the Apache Casino and Comanche Nation Casino, and you can catch a live performance at McMahon Memorial Auditorium. Lawton is also known for its hiking the trails and wildlife. At the Wichita Mountains Wildlife Refuge, you can see Bison roaming freely in the wild.

GOODYEAR PLANT

At the beginning of April 2021 Goodyear took part in a ground breaking ceremony for a $50 million expansion of the plant. The expansion will add 45,100 square feet to the 2.94-millionsquare-foot facility. The Lawton plant is just one of 46 facilities in 21 countries for the Akron, Ohio-based tire company, one of the largest tire companies in the world. About 3,000 of Good year’s 62,000 employees work at the Lawton facility. Since the Lawton plant was built for $216 million in the late 1970s, Good year has continually invested in modernization and expansion projects, over the years investing more than $1 billion in the facility. Goodyear’s Lawton plant is the largest manufacturing facility in the state.

The company’s commitment to investing in modernization has helped it weather the storm of COVID-19, according to the com pany’s financial statements. Production was temporarily halted for a week at the Lawton plant and throughout the Americas around this time one year ago, as a result of the “sudden de cline in market demand resulting from the spread of COVID-19,” according to a corporate press release. Since inception, they have continued operations through two world wars, econom ic depressions, cycles of recession and political and cultural change worldwide. In every instance, they adjusted to the dy namic conditions and emerged stronger.

FORT SILL

• Military first came to Comanche County in 1834. In 1851 Captain Randolph Marcy first suggested building a fort. Following the Civil War, Colonel Benjamin Grierson and the Buffalo Soldiers constructed the old post site named Camp Wichita in 1868. In 1869 permanent buildings were erected and the name changed to Fort Sill. It is the namesake of Brigadier General Joshua Sill, a West Point graduate killed at the battle of Stones River, TN in 1862. Fort Sill maintains the holding cell and grave of Chief Geronimo, the famous Chiricahua Apache warrior.

• Home to the Field Artillery Training Command, Fort Sill is located in Comanche County, Southwest Oklahoma, adjacent to the city of Lawton and 90 miles Southwest of Oklahoma City. All soldiers in Field Artillery receive skills training at Fort Sill. US Marines and international students from allied nations are also trained there.

• As the artillery training center for the US Army and Marines they train day and night to put “steel on target.” Fort Sill’s approach to training and preparedness makes it one of the best Army training posts and the largest field artillery complex in the free world. The two major commands are FORSCOM (Forces Command) and TRADOC (Training and Doctrine Command).

FACTS

• Military first came to Comanche County in 1834

• Occupies 146 square miles

• Current population: 53,000

• 20,000 military and civilian personnel

• 33,000 military family members

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