1010 Lovers Lane

Perkins, OK 74059

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.

Listing courtesy of AJ Lang of Canopy Realty Inc



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Last checked: 2026-09-07 04:32 PM UTC