2611 E 15th St

PREPARED BY

Jason Turner

Sales Associate

Rent Comparables

Flats on 15th

8 Unit Apartment Building

Tulsa, Oklahoma - Fair Acres Neighborhood

Rent Comparables Summary2611 E 15th St - Flats on 15th

No. Rent Comps

10Avg. Rent Per Unit

$555Avg. Rent Per SF

$0.81Avg. Vacancy Rate

10.7%RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units

Studio Units

One Bedroom Units

Two Bedroom Units

Three Bedroom Units

5

0

5

0

0

7

0

7

0

0

6

0

6

0

0

14

0

8

4

2

Property Attributes Low Average Median High

1925Year Built

Number of Floors

Average Unit Size

Vacancy Rate

Star Rating

1

555 SF

8.3%

1955

1

685 SF

10.7%

1958

2

650 SF

10.0%

1972

3

1,050 SF

16.7%

2.0

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Rent Comparables Summary2611 E 15th St - Flats on 15th

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

-Trenton Terrace

8 650 - $634 - - $0.981417 S Trenton Ave

1 1972

-Colonial Terrace Apartme…

6 750 - $699 - - $0.931424 S Trenton Ave

2 1972

-1602 E 14th St

5 850 - $710 - - $0.843 1930

-2527 E 6th St

5 575 - $467 - - $0.814 1965

-2528 E 6th St

6 575 - $460 - - $0.805 1958

-Oaklawn Apartments

14 640 - $453 $528 $689 $0.792431 E 8th St

6 1950

-2419 E 8th St

8 555 - $438 - - $0.797 -

-1701 S St Louis Ave

6 1,050 - $814 - - $0.788 1925

-2540 E 7th St

8 650 - $426 - - $0.669 1971

-2536 E 6th St

5 - - $524 - - -10 1954

-Flats on 15th

8 960 - - - - -2611 E 15th St

1995

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Vacancy 20.0%

1602 E 14th St

5 Units / 2 Stories

Owner: -

Rent/SF $0.84,

3

Vacancy 16.7%

1424 S Trenton Ave

6 Units / 3 Stories

Owner: Apartment Services Comp…

Rent/SF $0.93,

Colonial Terrace Apa…2

Vacancy 12.5%

1417 S Trenton Ave

8 Units / 2 Stories

Owner: -

Rent/SF $0.98,

Trenton Terrace1

Vacancy 7.1%

2431 E 8th St

14 Units / 1 Story

Owner: 2431 LLC

Rent/SF $0.79,

Oaklawn Apartments6

Vacancy 16.7%

2528 E 6th St

6 Units / 2 Stories

Owner: -

Rent/SF $0.80,

5

Vacancy 20.0%

2527 E 6th St

5 Units / 1 Story

Owner: Vo, Dai T

Rent/SF $0.81,

4

Vacancy 12.5%

2540 E 7th St

8 Units / 2 Stories

Owner: -

Rent/SF $0.66,

9

Vacancy 16.7%

1701 S St Louis Ave

6 Units / 3 Stories

Owner: -

Rent/SF $0.78,

8

Vacancy 12.5%

2419 E 8th St

8 Units / 2 Stories

Owner: -

Rent/SF $0.79,

7

Rent Comparables Photo Comparison2611 E 15th St

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Rent Comparables Photo Comparison2611 E 15th St

Vacancy 12.5%

2611 E 15th St

8 Units / 2 Stories

Owner: -

Rent/SF -,

Subject Property

Flats on 15th

Vacancy 20.0%

2536 E 6th St

5 Units / 1 Story

Owner: -

Rent/SF -,

10

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Rent Comparables by Bedroom2611 E 15th St - Flats on 15th

Studio Comps

-One Bed Comps

$553Two Bed Comps

$528Three Bed Comps

$689Subject

-

Subject

-

Subject

-

Subject

-

1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio

Total Number of Units 0 65 4 2

Vacancy Rate - 10.8% 10.0% 10.0%

Asking Rent Per Unit - $553 $528 $689

Asking Rent Per SF - $0.82 $0.74 $0.80

Effective Rents Per Unit - $548 $523 $683

Effective Rents Per SF - $0.81 $0.74 $0.79

Concessions - 1.0% 0.9% 0.9%

Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom

Year-Over-Year Effective Rent Growth - 0.8% -3.9% -8.1%

Year-Over-Year Vacancy Rate Change

12 Month Net Absorption in Units

-

-

-0.8%

1 0

2.5% 0.0%

0

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS

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Two Bedroom Rent Comparables2611 E 15th St - Flats on 15th

Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

2431 E 8th St

Oaklawn Apartments-3.8%0.0%$0.74

$528

$100 $300 $500 $700 $900

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Page 7

2611 E 15th St

PREPARED BY

Jason Turner

Sales Associate

Construction Survey

Flats on 15th

8 Unit Apartment Building

Tulsa, Oklahoma - Fair Acres Neighborhood

Under Construction Properties2611 E 15th St - Flats on 15th

Properties

5Units

402Percent Of Inventory

3.7%Avg. No. Units

80UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

MedianLow Average High

Property Size in Units 15

Number of Stories

Average Unit Size

Star Rating

1

712 SF

100

4

843 SF

61

4

816 SF

264

10

1,031 SF

Estimated Delivery Date May 2019 Aug 2019 Aug 2019 Dec 2019

Months to Delivery 1 4 4 8

Construction Period in Months 7 11 9 22

3.8

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Under Construction Properties2611 E 15th St - Flats on 15th

COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Sep-20183140 S Louisville Ave

Legacy Park Midtown- 1 May-2019

-

-1

Sep-20171717 Riverside Dr

The Cosmopolitan Apart…264 5 Jul-2019

Bomasada Group, Inc.

Bomasada Group, Inc.2

COMPLETIONS 3-6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Jan-2019111 W 5th St

111 Lofts69 10 Aug-2019

-

-3

Oct-20181515 E 15th St

1515 Cherry Street and T…15 4 Oct-2019

Oak Properties LLC

-4

COMPLETIONS MORE THAN 6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Mar-2019703 S Owasso Ave

The Village Flats54 3 Dec-2019

Tulsa Property Group

-5

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Rent CompsMap & ListPhoto ComparisonUnit Mix SummaryRanking Chart By Bedroom

ConstructionUnder Construction Map & List