Conveniently located approx. 1 block off of Hwy 33. Building has approx. 4554 S.f., lots of possibilities with this building, formally has been used as a dance and tumbling studio. Plenty of parking. Large back area with large office and back storage area occupied at this time.
Companion Park is a newly constructed 17-unit build-to-rent multifamily community located minutes from Stillwater and Oklahoma State University. Completed in phases with the final duplexes delivered in August and September 2025, the community consists of 16 modern duplexes and one detached single-family home, offering a premium rental product in a supply-constrained market with strong workforce housing demand. The property is 100% occupied with lease expirations staggered through 2026 and 2027, demonstrating strong tenant retention and durable cash flow. Tenant turnover has averaged approximately 15 days, reflecting consistent demand in the Perkins-Stillwater corridor. Current in-place rents generate approximately $316,200 in annual gross rental income. Four duplexes already lease for $1,600/month, while the remaining twelve lease for $1,500/month, creating embedded rent growth as leases renew. The detached single-family home currently leases for $1,950/month and is scheduled to increase to $2,000/month this fall. Operating expenses remain exceptionally low due to the property's new construction, tenant-paid utilities, and minimal maintenance requirements. The property operates with an expense ratio of approximately 15%, producing an estimated NOI of $268,544 and an owner-operator cap rate of approximately 5.12% at the current asking price. Utilities are already stubbed in the center of the community, with plans completed for future expansion, providing additional value-add potential. Recent capital improvements include perimeter privacy fencing, with decorative stone entry monuments and ranch-style frontage fencing planned to further enhance curb appeal.
Perkins is located in Oklahoma. Perkins, Oklahoma has a population of 3,265. Perkins is more family-centric than the surrounding county with 36.16% of the households containing married families with children. The county average for households married with children is 29.22%.
The median household income in Perkins, Oklahoma is $46,273. The median household income for the surrounding county is $43,686 compared to the national median of $69,021. The median age of people living in Perkins is 27.6 years.
The average high temperature in July is 93 degrees, with an average low temperature in January of 23.4 degrees. The average rainfall is approximately 37.6 inches per year, with 6 inches of snow per year.
