Pennington Place Apartment 3732 NW 23rd St 40 Unit Apartment Building $4,512,849 CAD ($112,821 CAD/Unit) 8.33% Cap Rate Oklahoma City, OK 73107

Pennington Place Apartments
3732 NW 23rd St | Oklahoma City, OK 73107
Pennington Place Apartments presents a rare opportunity to acquire a value-add multifamily asset with a clear path to long-term stability and upside. The property is positioned for a full transformation, with approximately $2.5 million in planned and/or completed capital improvements designed to modernize both major systems and interior finishes.

The capital improvement scope addresses all critical infrastructure, including roofing, HVAC, plumbing, sewer lines, fire suppression, and electrical, significantly reducing deferred maintenance and future capital risk. In addition, the property is slated for comprehensive interior upgrades featuring new sheetrock, paint, cabinets, flooring, trim, doors, fixtures, and appliances, creating a modernized living environment that supports rent growth and tenant retention.

Exterior and common-area improvements include new sidewalks, parking lot enhancements, and stairwells, further elevating curb appeal and safety while improving overall tenant experience.

With an estimated NOI of approximately $275,000, Pennington Place offers investors the opportunity to step into a repositioned asset with stabilized operations, reduced maintenance exposure, and strong upside potential through continued operational efficiencies and market-supported rent growth.

This is an ideal acquisition for investors seeking a substantially renovated multifamily property in Oklahoma City with major systems addressed, long-term durability, and a compelling value-add narrative.