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Identification Data
Date of Sale05/12/2005
Use Code 300 Apartment (5+)
Property RightsLeased Fee
Location4300 N 2100 W
Sec/T/RSec 18 T-12-N R-03-W
BuildingPlymouth House Apartments
Address4301 North Pennsylvania
CityOklahoma City
Number Of Stories3
Parking TypeSurface
Number Units71
% Air Conditioned100%
Year Built1967
ClassD Wood/Cumbustible
Total GBA (Sq.Ft.)65,690
Price/SqFt of t.)$32.73
Total NRA (Sq.Ft.)64,070
Price/SqFt of t.)$33.56
Unit TypeGarden
Unit Average Size911
Responsibility for UtilitiesTenant
Full Baths76
Half Baths33
Club HouseNo
Tennis CourtsNo
Balcony / Porches
Patio / Deck
Ceiling FansNo
Land Description
Area (Sq Ft)95,832
Area (Acres)2.2
TopographyGently sloping
Rail Spur No
Corner Yes
Zoning CodeR-4
Zoning ClassResidential
Flood ZoneX
Flood Date07/02/2002
Panel Number40109C0218G
Water Yes
Sewers Yes
Natural Gas Yes
Electricity Yes
Street Type Paved
Street Improvements
Curbing Yes
Drains Yes
Gutters Yes
Sidewalks No
SourceThird Party
Terms30 Years
AP Number(s)R055954512
Tax Year2005
Tax District 200
Tax Rate $108.90
Total Taxes$17,554.90
Sound Value
Assessed Value
Recording Data
SellerPHA, LLC
BuyerGF 3 Properties, LLC (10%) and Seven W & Alice Casebeer (90%)
TypeWarranty Deed
Recording Date05/20/2005
Recording Stamps$3,225.00
Credit and Verification
By Broker
Submitting Office GCA
PersonAdam Adwon
Legal Comments
Part of Block Six (6), in Beula Heights Addition to Oklahoma City, Oklahoma County, Oklahoma, according to the recorded plat thereof, being more particularly described as follows, to wit:

Beginning at a point 17 feet West of the Northeast corner of said Block 6, and going South 161.93 feet;
Thence South 52°16'8" West 230.56 feet;
Thence West 176.53 feet;
Thence North 226 feet;
Thence East 168 feet;
Thence North 74 feet;
Thence East 190 feet to the Point or Place of Beginning.

General Comments
This irregularly shaped site has about 161.73 feet of frontage along the west side of North Pennsylvania Avenue, an unspecified amount of frontage along the north side of the I-44 service road, and about 226 feet of frontage along the east side of North Barnes Avenue. The property is located on the west side of Pennsylvania Avenue just north of I-44 offering easy access to all areas of the City. The area is anchored by Penn Square, 50 Penn Place and the Belle Isle Shopping Center.

The site was improved with 71 unit apartment complex consisting of six (6) two and three story buildings with wood frame construction, brick, stone and wood siding and gable and pyramid roofs with composition shingle cover over wood decking. Reportedly, there is ample on-site parking with asphalt surface all of which is within an entry gate. Amenities included an on-site laundry, fenced swimming pool, office, and vending area with upper floor units having metal framed decks with metal railings similar to the second floor walk-ways. Owner paid for gas, electricity, water, sewer and trash service. Below is a breakdown of the unit mix and rents as of the date of sale:

Number of Units Type of Units Size in SF Total Size by Type of Unit Monthly Rent Monthly Rent/SF
2 Effic 620 1,240 $ 425 $0.6855
20 1 Bed/1 Bath 700 14,000 $450 $0.6429
10 2 Bed/1 Bath 850 8,500 $500 $0.5882
11 2 Bed/1.5 Bath 950 10,450 $525 $0.5526
6 2 Bed/2 Bath 1,050 6,300 $510 $0.4857
22 2 Bed/1.5 Bath 1, 000 24,200 $575 $0.5227
71 Total/Average 911 64,690 $512 $0.5617

Reportedly, one of the efficiencies had been converted to an office prior to the sale. Also, although the unit breakdown as provided by multiple sources indicated a net rentable area (including the converted efficiency) of 64,690 square feet, the gross building area reported by the County Assessor was 60,758 square feet. It must also be noted that an appraiser reported a net rentable area of 62,507 square feet. Therefore, the exact gross building area is not known. That reported above, 65,690 square feet, is the best estimate as of this writing and is based upon the net rentable area of the 71 units available for rental plus 620 square feet for the former efficiency used as an office and another 1,000 square feet estimated to be the minimum required to provide a laundry and pool equipment room.

In the 2005 sale, PHA, LLC transferred by the same deed a 10% undivided interest in the property to GF 3 Properties, LLC, an Oklahoma Limited Liability Company and an undivided 90% interest in the property to Seven W and Alice Casebeer, husband and wife, as joint tenants with right of survivorship.

According to a 2006 listing of the property, the Plymouth House is a two and three story rock and frame construction property with pitched roofs, located in the Penn Square area with a total gross building area of 65,310 while the Oklahoma County Assessor indicated a gross building area of only 60,758 square feet. Unit types range from studios to large townhouses. The property has a fenced swimming pool located in an interior courtyard, an on-site laundry facility and balconies or patios.

The following information obtained from that 2006 listing included the following:

“The property consists of three studio apartments at 620SF, twenty 1-bed/1-bath apartments at 700SF, ten 2-bed/1-bath apartments at 850SF, eleven 2-bed/1.75-bath apartments at 950SF, six 2-bed/1.75-bath apartments at 1,050SF and twenty 2-bed/1.5-bath apartments at 1,100SF. Market rents are $436, $545, $569, $593, $609 and $639 respectively. Currently one unit is being used as the Leasing and Management Office.”

The above information is restated in table form below with the exception of the one unit (of unspecified size) used as a leasing and management office.

Unit Type Unit Size in SF Monthly Rental/Unit Number Total SF of Units of this Type Total Monthly Rent for Units of This Type
Studio 620 $436 3 1,860 $1,308
1Bed/1Bath 700 545 20 14,000 10,900
2Bed/1Bath 850 569 10 8,500 5,690
2 Bed/1.75 Bath 950 593 11 10,450 6,523
2 Bed/1.75 Bath 1,050 609 6 6,300 3,654
2 Bed/1.5 Bath 1,100 639 20 22,000 12,780
Totals 70 63,110 $40,855

The 2005 purchase was financed with a $1,720,000 mortgage to LaSalle Bank NA maturing June 1, 2035, other terms of which were not readily available from the mortgage.

The following article was obtained from the May 27, 2005 issue of the on-line edition of The Journal Record.

OKC Major Land Sales: May 27, 2005

Journal Record, The (Oklahoma City), May 27, 2005 by Journal Record Staff

Plymouth House Apartments

GF 3 Properties purchased Plymouth House Apartments at 4301 N. Pennsylvania Ave., from PHA, LLC for $2.2 million. This multifamily property has 72 units. The Apartment Group with First Commercial Real Estate Services handled the transaction for both the buyer and seller. Marcie Chappelear of First American Title was the closing agent.

The following excerpt was obtained from an article from the June 27, 2005 issue of the OKC Buisness News.

Recent Commercial Real Estate Transactions in the Metro Area
Posted: Monday, June 27, 2005
Recent Commercial Real Estate Transactions in the Metro Area
By Pamela Grady

GF 3 Properties LLC purchased The Plymouth House Apartments for $2.15 million from PHA LLC. The three-story apartment complex consists of 72 units totaling 59,912 square feet constructed on 2.2 acres in 1967. The Apartment Group with First American Title & Trust did the closing. LaSalle Bank did the financing. Marcia Chappelear with First American Title & Trust did the closing.

It must be noted that this property was sold for $1,505,000 by Plymouth House Apartments, LLC to PHA, LLC on April 22, 2003 by deed recorded in book 8828 at page 601 and that it sold for $1,300,000 on July 12, 2002 by Southwesterl Urban Development Corporation to Larry W Shweer and Jeffrey D and Monica L Strong by deed recorded in book 8498 at page 959 according to the records of the Oklahoma County Assessor.

Image Data
ImageImage TypeComments
Photo Photograph from 2006 listing
Photo Aerial phtograph from Assessor
ImageImage TypeComments
Plat Assessor's parcel map
Floor Plan Building sketch from Assessor's records
Other Proforma from 2006 listing

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