Contact us today 918-571-4100

Facebook-f Instagram Youtube Linkedin-in
$5,250,000
3± Acres
Active
Payne County, OK
Contact Text Me Maps

1010 Lovers, Perkins, Oklahoma

MLS ID: 2608123
Status: Active
Price: $5,250,000
Acres: 3±
Type: Multi-Family, Commercial
Address: 1010 Lovers
City, State: Perkins, OK
County: Payne County
ZIP Code: 74059
Lat/Long: 35.982408, -97.024443
SqFt: 23,300
Year Built: 2025

Description

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.

Directions: POV E 116th St Turn South onto Lover's Lane and the community will be on the East side of the street.

Additional Information

Interior

Building Area Total: 23,300
Cooling (Yes/no): Yes
Cooling: Central Air
Flooring: Carpet, Vinyl
Heating (Yes/no): Yes
Heating: Central, Electric
Interior Features: Attic, High Speed Internet, Ceiling Fans
Rooms Total: 35

Exterior

Exterior Features: Sprinkler Irrigation, Landscaping
Fencing: Full, Privacy
Foundation Details: Slab
Frontage Length: 398
Lot Size Area: 3
Lot Size Square Feet: 130,680
Stories: 1
Water Source: Public

Financial/HOA/Schools

Days On Market: 115
Elementary School District: Perkins-Tryon - Sch Dist (P4)
Middle School District: Perkins-Tryon - Sch Dist (P4)
High School District: Perkins-Tryon - Sch Dist (P4)
Tax Annual Amount: 19936
Zoning Description: Urban RES

Extra Information

Green Indoor Air Quality: Ventilation

Maps

Get Directions
  • NAIP
  • Satellite
  • Topography
Richard Senn

Richard Senn

Jenks, Oklahoma

(918) 600-7509

Interested? Contact Us Today About This Listing

  • This field is for validation purposes and should be left unchanged.

All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information current as of July 7, 2026 at 12:00:00 PM UTC.

IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

Listed By: Aj Lang of Canopy Realty Inc