Spring Tree Apartments - Commercial Realty Resources Co.

COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Arkansas
Oklahoma
Kansas
M i d w e s t C i t y, O K
Spring Tree Apartments
7020 East Reno
Mike Buhl
CRRC-OKC
405.360.5966
[email protected]
Darla Knight
CRRC-Tulsa
918.557.5966
[email protected]
Araine Cash
CRRC-Corporate
405.274.2491
[email protected]
www.crrc.us
Providing professional apartment brokerage and marketing services for over 25 years
Spring Tree Apartments
Table of Contents
1. Spring Tree Property Highlights
•
•
•
•
Map and Photos
Property Information
Unit Mix
Floor Plans
2. Purchase Price and Terms
• Purchase Price and Terms
3. Income/Expense Statement
• Income & Expense Statement
4. Rent & Sale Comparables
• Rent Comparables
• Sale Comparables
5. Oklahoma City Overview
• Midwest City Overview
6. Oklahoma Broker Relationship Act
• Oklahoma Broker Relationship Act
The information included herein is from reliable sources, but is not
guaranteed and is offered subject to errors and omissions.
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1
Spring Tree Property Highlights
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COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
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COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Neighborhood Map
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Aerial Photo
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
The Submarket
Tinker Air Force is a major U.S. Air Force base
located in the southeast Oklahoma City area, directly south of the suburb of Midwest City, Oklahoma. The base has more than 27,000 military
and civilian employees and is the largest single-site employer in the state of Oklahoma.
The installation covers approx. 9 square miles
and has 760 buildings with a building floor space
of over 15,200,000 square feet .The base is
bounded by I-40 on the north and I-240 on the
south. With the City of Oklahoma City and Oklahoma County owning several square miles of land
adjacent to the base, Tinker is one of the few military bases in a major metropolitan area with sufficient room for expansion. Furthermore, Tinker is
located in a community that supports expansion; Oklahoma County voters approved a 2008 measure to purchase the former GM Oklahoma City Assembly plant
(located adjacent to the base) and lease it to Tinker for future expansion.
Midwest Regional Medical Center, located
in Midwest City on the eastern edge of Oklahoma City, provides comprehensive medical
care from diagnosis to treatment for a full
range of illnesses, injuries and disorders.
Midwest Regional employs over 1,650
employees.
The Midwest City-Del City School District, located immediately east of Oklahoma City, provides a comprehensive educational program for over 14,600 students and has over 1,800
employees. The district attracts the finest teachers available
because of location, facilities, commitment to education, and
a salary schedule which is one of the higher in the state.
Rose State College currently has an enrollment of over
8,200 students and has over 1,000 employees.
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
\
[
Y
Z
X
X
Tinker Air Force Base
Y
Midwest Regional Medical Center
Z
Mid-Del School District Main Office
[
Rose State College
\
Spring Tree Apartments
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Offering Description
Spring Tree presents the opportunity to purchase a well maintained asset in a superb location at the
major intersection of Reno and Air Depot in Midwest City. It is estimated that over 27,045 vehicles
travel through this intersection daily (according to ACOG). Spring Tree is located within two miles of
Tinker Air Force Base (Oklahoma’s 3rd largest employer), Midwest Regional Medical Center & Rose State
College. Combined these three employment centers have over 31,000 employees and have a direct
impact on the potential tenant base for Spring Tree. The student base at Rose State College is also a
major draw for this submarket.
The property has pitched roofs with composition shingles that were replaced in 2009 and offers an
investor a stable asset based on the current operating numbers. The offering represents a 9.53% Cap
Rate based on in place numbers for January through April 2009 annualized.
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Property Description:
Spring Tree is a 145 unit two-story garden style apartment
community located at 7020 East Reno. Built in 1968,
Spring Tree has a high visibility location on Reno and Air
Depot in Midwest City. This location provides quick and
easy access to all parts of Midwest City. Midwest Regional
Medical Center, with over 300 Staff Physicians, is within one
mile of the property. Tinker Air Force Base (over 27,000 employees), Rose State College (over 8,200 enrollment) and the
Midwest City Municipal Complex (over 1,300 employees) are
all within two miles of Spring Tree. The CBD of Oklahoma
City is roughly five miles west of the property.
Number of Units:
145
Number of Buildings:
There are 11 two-story wood framed apartment buildings
with brick and wood exteriors and pitched composition
shingle roofs. The parking areas are asphalt with concrete
curbs and walkways.
Year Built:
1968 (according to courthouse records)
Apartment Features:
Wall-to-wall carpeting, refrigerator, electric range/oven with
vent hood, disposal, dishwasher, mini-blinds, ceiling fans,
and walk-in closets.
Property Amenities:
Swimming pool and on-site laundry facility. Mature landscaping is located throughout the property.
Construction:
Style:
Exterior:
Roof:
Two-Story Garden Style
Brick Veneer and Wood/Siding
Pitched composition shingle roofs replaced in 2009.
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Mechanical System:
Electrical Metering:
HVAC:
Hot Water:
Water:
Total electric and individually metered. Tenants pay electric.
Each unit is heated by electric baseboard heaters. Cooling
is provided by through-the-wall electric cooling units that
are vented to all areas of the apartment unit.
Hot water is provided by individual 40-gallon electric hot
water heaters.
Provided by Property
Site/Land Area:
5.12 acres (according to courthouse records)
Density:
28.32 units per acre
Current Occupancy:
Available upon request
Real Estate Taxes:
R150422450
Assessed Value (2009): 231,000
Tax Rate (2009): 112.82
Tax Amount : $26,061
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
UNIT MIX
MARKET RENTS
No. Units Unit Type Sq. Ft. Total Rent Sq. Ft Rent Per Monthly Sq. Ft. Gross Annual Gross 45 1 Bed/1 Bath 651 29,295 398.20 0.61 17,919 215,028 22 2 Bed/1 Bath 876 19,272 448.68 0.51 9,871 118,452 33 2 Bed/1 Bath WD 876 28,908 468.06 0.53 15,446 185,352 1 2 Bed/1.5 Bath 925 925 429 0.46 429 5,148 41 2 Bed/2 Bath 925 37,925 470.22 0.51 19,279 231,348 1 3 Bed/2 Bath 975 975 529 0.54 529 6,348 1 Shop 876 876 ‐ ‐ ‐ ‐ 1 Office 925 925 ‐ ‐ ‐ ‐ 821 0.53 63,473 761,676 145 119,101 437.74 DISTRIBUTION RATIO
Distribution Ratio
2 Bed/2 Bath
30%
1 Bed/1 Bath
31%
2 Bed/1 Bath
39%
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2
Purchase Price & Terms
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Spring Tree
7020 East Reno
Midwest City, OK
COMMERCIAL REALTY RESOURCES COMPANY
MULITFAMILY INVESTMENT SERVICES
Purchase Price & Terms
Purchase Price:
$3,550,000
Terms of Sale:
Buyer to obtain new financing
Price Per Apartment Unit:
$24,483
Price Per Net Rentable Sq. Ft.
$29.81
Cap Rate:
9.53%
(Based on Proforma)
Cash-On-Cash:
12.69%
(Based on Proforma)
GRM:
4.66
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3
Income & Expense Statement
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Property Spreadsheet
Run Date:
29-May-09
Price:
$
3,550,000
Project:
Spring Tree
Per Unit:
$
24,483
Location:
Midwest City
Per Foot:
$
29.81
Number of Units:
145
Mortgage Balance:
$
2,662,500
Equity Requirement:
$
Net Rentable S.F.
119,101
887,500
Cap Rate:
9.53%
Cash-On-Cash:
12.69%
GRM:
4.66
25%
No. Units
#Bdrm/Bth
Sq.Ft.
45
1Bed/1 Bath
651
29,295
398.20
0.61
17,919
22
2Bed/1 Bath
876
19,272
448.68
0.51
9,871
118,452
33
2Bed/1 Bath WD
876
28,908
468.06
0.53
15,446
185,352
Total Sq.Ft.
Rent Roll
Rent/Sq.Ft.
Gross/Mo.
Gross/Yr.
215,028
1
2Bed/1.5 Bath
925
925
429.00
0.46
429
5,148
41
2Bed/2 Bath
925
37,925
470.22
0.51
19,279
231,348
1
3Bed/2Bath
975
975
529.00
0.54
529
6,348
1
Shop
876
876
0.00
0.00
-
1
145
Office
925
821
925
119,101
0.00
437.74
0.00
0.53
63,473
Jan-Apr 09
Annualized
2008
Proforma
New Bank Financing
761,676
Original Bal.
$
2,662,500
5,253 Current Bal.
$
2,662,500
Vacancy
7%
Total Rental Income
585,250
Other Income
Total Revenue
-
53,317
694,084
708,358
33,436
43,119
45,000
618,686
737,204
753,358
Interest Only
0
368 Maturity Date
7
4,885 Amortization
25
Interest Rate
7.00%
310
5,196 Constant
8.481%
Debt Service
EXPENSES
R E Taxes
38,066
57,772
44,056
304
Insurance
37,083
41,248
29,000
200
-
-
30,134
208
94,963
99,404
100,000
690
Management Fee
4%
Water & Sanitation
Natural Gas
2,418
1,325
2,500
17
Electric
12,082
12,776
13,000
90
Maintenance/Repairs
43,386
49,594
50,000
345
Advertising
4,326
2,976
3,000
21
Office
4,353
3,777
3,900
27
Legal
5,820
8,060
8,100
56
Pest Control
2,451
2,673
2,700
19
Landscaping
9,188
1,740
10,000
69
35,811
47,644
116,000
800
2,152
-
Payroll / Taxes / Benefit / Bonus
Pool Supplies
17
414,891
2,861
292,100
2,014
2,269
2,861
3.48
Net Operating Income
326,586
408,213
338,468
2,334
225,816
1,557
326,586
408,213
-
Cash-Flow Before Taxes
Real Estate Tax Information:
Account:
2,500
Total Operating Expenses
Debt Service
328,991
2009
R150422450
761,676
Per Unit
INCOME
Gross Potential
-
112,652
$
225,816
777
Assessed Value:
231,000
Rate/$1000:
112.82
Value:
Tax Amount:
$26,061
Tax Dist:
0
Per Unit:
$2,100,000
$14,483
4
Rent & Sale Comps
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Spring Tree
7020 East Reno
Midwest City, OK
R ENT C OMPS
In order to estimate market rents for Spring Tree, three apartment communities were selected as
most competitive. Each property has been chosen due to its similarity with regard to quality, location, age, or amenities. While each property may not be directly comparable in all aspects,
collectively they represent the rental market for Spring Tree.
1. Yorkshire
2512 N Glenhaven Drive
Midwest City, OK
No.
Units
#Bed/Bath
Sq. Ft.
Total Sq.
Ft.
Rent
Rent
Sq. Ft.
49
1Bed/1Bath
660
32,340
400
.61
19,600
235,200
80
2Bed/1Bath
850
68,000
450
.53
36,000
432,000
778
100,340
431
.55
55,600
667,200
129
2.
Calico Corners
2212 Felix Place
Midwest City, OK
No.
Units
#Bed/Bath
Sq. Ft.
Total Sq.
Ft.
Rent
Rent
Sq. Ft.
Monthly Gross
Annual
Gross
39
1Bed/1Bath
600
23,400
390
.65
15,210
182,520
34
2Bed/1Bath
780
26,520
475
.61
16,150
193,800
684
49,920
430
.63
31,360
376,320
73
3. Rolling Oaks
429 N Air Depot Blvd
Midwest City, OK
Monthly Gross Annual Gross
No.
Units
#Bed/Bath
Sq. Ft.
Total Sq.
Ft.
Rent
Rent
Sq. Ft.
74
1Bed/1Bath
725
53,650
470
.65
34,780
417,360
30
2Bed/1Bath
925
27,750
505
.55
15,150
181,800
70
2Bed/2Bath
950
66,500
535
.56
37,450
449,400
20
3Bed/2Bath
1300
26,000
635
.49
12,700
152,400
896
173,900
515
.58
100,080
1,200,960
194
Monthly Gross Annual Gross
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Spring Tree
7020 East Reno
Midwest City, OK
Property Name and Address
Average Average
Year NO. Of Unit Size Unit Size
One
Two
Built Units
Bedroom Bedroom
Average
Unit Size
Three
Bedroom
Overall
Effective
Rent per
Sq. Ft.
Market Market
Rent
Rent
(1Bed) (2 Bed)
Market
Rent
(3 Bed)
1
Yorkshire
1970
111
660
850
-
.55
400
450
-
2
Calico Corners
1964
73
600
780
-
.63
390
475
-
3
Rolling Oaks
1973
194
725
942
1300
.58
470
526
635
378
675
882
1300
.58
430
489
635
145
651
897
975
.53
398
464
529
Spring Tree
1968
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Spring Tree
7020 East Reno
Midwest City, OK
Rent Comp Map
X
Yorkshire
Y
Calico Corners
Z
Rolling Oaks
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Spring Tree
7020 East Reno
Midwest City, OK
Sales Comparison
Price/
Unit
Overall
Price
No.
Unit
Year
Built
Date
Sold
Brookhollow
965 Biloxi Drive
$26,033
3,150,000
121
1973
Dec-08
Drexel Square
4200 N Drexel Blvd
27,678
4,567,000
165
1964
Sep-08
Sooner Crossing
1115 Biloxi Drive
24,576
2,900,000
118
1972
Jul-08
$26,279
$10,617,000
404
$24,483
$3,550,000
145
Property
Average Price Per Unit
$26,033 $27,678 $24,576 1972
$24,483 Spring Tree
7020 East Reno
Spring Tree
Brookhollow
Drexel Square
Sooner Crossing
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Spring Tree
7020 East Reno
Midwest City, OK
Brookhollow
965 Biloxi Drive
Norman, OK
Drexel Square
4200 N Drexel Blvd
Oklahoma City, OK
Sooner Crossing
1115 Biloxi Drive
Norman, OK
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Spring Tree
7020 East Reno
Midwest City, OK
Rent Comp Map
X
Brookhollow
Y
Drexel Square
Z
Sooner Crossing
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5
Midwest City Overview
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Midwest City, Oklahoma Community Profile
City: Midwest City
County: Oklahoma
Population
Midwest City's population is estimated to be just over 55,000. This is an increase of approximately 1.92% from
2000. 7.89% of the population of Oklahoma County resides in Midwest City. Population data below is provided
by Claritas.
Area
Midwest City
30 Mile Radius
OKC MSA
1990
52,560
926,285
971,042
2000
54,088
1,048,916
1,095,421
2008 (est.)
55,148
1,145,270
1,192,479
2013 Projection
56,048
1,205,219
1,254,259
Labor Force
The Midwest City labor force includes the Oklahoma City MSA, plus Pottawattamie and Lincoln Counties. The
Oklahoma Employment Security Commission has provided the following labor force data for February 2008.
Area
Month
Employment
Unemployment
Labor Force
POTTAWATOMIE COUNTY
Feb-08
31,790
1,150
32,940
3.5%
LINCOLN COUNTY
Feb-08
13,540
490
14,030
3.5%
OKLAHOMA CITY MSA
(Includes Midwest City)
Feb-08
530,080
19,240
549,320
3.5%
575,410
20,880
596,290
3.5%
TOTAL FOR AREA
Unemployment Rate
Productive Workers Make the Difference
As you consider relocation or expansion, your commitment to quality will require access to a productive workforce
and superior training programs. The state of Oklahoma offers workers who take pride in quality, in doing the job
right the first time. Absenteeism, work stoppages and turnover levels are consistently well below average in
Oklahoma. Our award-winning labor force exemplifies a strong work ethic, a spirit of cooperation and a high skill
level. Oklahoma workers are well educated and well trained.
Workforce Meets the Global Challenge
Historically, Oklahoma has lower labor force participation rates, suggesting that there exists an untapped pool of
labor that can be brought into the labor market to accommodate additional job growth or demand. This has been
verified by businesses that have located and expanded in the state.
Awards to Area Workforce
OG&E has again won the Edison Electric Institute’s Emergency Assistance Award. This prestigious award
recognizes the work OG&E crews do in helping other utilities in the region restore power after hurricanes,
tornadoes or ice storms. OG&E’s wind energy program has been ranked among the top “Green Power”
programs in the country by the the U.S. Department of Energy's National Renewable Energy Laboratory. NREL
develops the rankings of utility programs from among more than 600 utilities across the United States.
Midwest City, Oklahoma
Community Profile 2008
Page
Fortune magazine ranked AT&T among the 50 World’s Most Admired Companies in 2008. Companies are
rated on attributes that include the ability to attract and retain talented people, quality of products and services,
quality of management, innovation, social responsibility, use of corporate assets and long-term investment value.
Fortune magazine also named AT&T America's Most Admired Telecommunications Company. AT&T has
garnered the No. 1 spot on the America’s Most Admired list 10 times, more than any other telecom company
since the rankings were first published.
The Rose State College Small Business Development Center received the 2008 Small Business Development
Center Service Excellence and Innovation Center Award from the U.S. Small Business Administration.
Area Businesses
Midwest City enjoys the greatest concentration of technology companies in the State of Oklahoma.
Nationally recognized companies such as: Boeing; Northrop-Grumman; Century, Inc.; Chromalloy; Battelle;
TASC; SAIC; Abacus; Acorn Growth Companies; Rolls Royce; Pratt & Whitney and many others are located in
Midwest City. The City is served by a variety of businesses, ranging from retail to industrial, offering excellent
employment opportunities to our citizens.
Midwest City is the service community to Tinker AFB and a 5,000 acre military industrial complex located
adjacent to the city's southern border. Midwest City is home to several business and industrial parks. The City of
Midwest City has developed a 40-acre industrial park north of SE 15th between Midwest Blvd. and Douglas Blvd.
A second city owned 160+ acre business and industrial park is planned for development on NE 23 between Air
Depot Blvd. and Midwest Blvd. Located at SE 29th and Sooner Rd., Tinker Business and Industrial Park is a 70
acre sector-specific park serving those companies engaged in aerospace/aviation, telecommunications, and
environmental sciences. Olivas Business and Industrial Park and Global Business Centre serve
businesses requiring 5-12,000 SF buildings and can accommodate a variety of office, warehouse and light
manufacturing functions.
Midwest City's business and industrial parks have access to high speed telecommunications, interstate
highways and multi-line rail service. Midwest City can accommodate projects with large water, sewer, natural gas
and electricity demands. Business and industrial prospects should also be aware that Midwest City boasts
Oklahoma's one Class 1 Fire Protection Classification Rating and offers several federally designated business
incentive districts.
The employment and establishment data reported in the following table is for Oklahoma County. It should be
noted that this employment data excludes some types of employment, namely government and railroad
employment (Government employment in the Oklahoma City area is substantial, including the state capitol,
Tinker Air Force Base and the FAA Aeronautical Center).
Sector
Forestry, Fishing, Hunting, & Ag. Support Services
Mining
Utilities
Construction
Manufacturing
Wholesale Trade
Retail Trade
Transportation & Warehousing
Information
Finance & Insurance
Real Estate, Rental & Leasing
Professional, Scientific, & Technical Services
Management of Companies & Enterprises
Admin., Support, Waste Mgt., & Remediation Services
Educational Services
Health Care & Social Assistance
Arts, Entertainment, & Recreation
Accommodation & Food Services
Other Services (except public admin.)
Total for all sectors
Source: 2006 County Business Patterns
# of Establishments
9
554
56
1,811
773
1,333
2,948
485
383
1,788
1,082
2,774
191
1,200
204
2,662
224
1,577
2,049
22,155
# Employed
<20
7,767
2,186
16,960
26,620
20,929
43,868
11,589
11,948
20,931
7,889
30,221
8,958
28,855
5,363
54,492
4,381
36,024
18,681
357,736
2
Midwest City, Oklahoma
Community Profile 2008
Page
Major Employers
Major Employers
Tinker AFB
Product/ Service
Air Force Base
Mid-Del Schools
Midwest Regional Medical Ctr.
Rose State College
The Boeing Company
School
Hospital
College
Aerospace
Crest Discount Foods
City of Midwest City
Tinker Federal Credit Union
Wal-Mart
Hudiburg Auto Group
Retail/ Distribution Center
Credit Union
Retail
New & used cars
Number Employed
27,800
1,797
1,650
1,000
700
590
577
568
490
480
Union Name
American Federation of Government Employees,
International Assoc of Fire Fighters
NEA
International Assoc of Aerospace Workers & Machinist
Union
FOP
Technology Training Centers
The Mid-Del Technology Center assists area employers in meeting workforce training and certification
requirements. MDTC offers junior and senior students a choice of 20 programs and 3 alternative programs.
MDTC also offers customized training for business and industry and full-time or short-term adult education
programs. There are several other technology training centers within a 30 minute drive of Midwest City.
Colleges & Universities
Located within Midwest City is Rose State College, a 2-year institution offering 47 degree programs and 22
technical programs. The University of Central Oklahoma (UCO) now partners with Rose State College to offer
baccalaureate degree programs on the Rose State College Campus. Rose State provides customized
training and certification modules for area businesses. Rose State is a valued Midwest City business
development partner.
Within a 25-mile radius are numerous 4 year colleges and universities including: University of Oklahoma,
University of Central Oklahoma, Oklahoma City University, Oklahoma Christian University, Oklahoma Baptist
University, St. Gregory’s University, Southern Nazarene University, Oklahoma State University (Oklahoma City
Campus).
Local Economic Development Organization
The City of Midwest City has contracted with the Midwest City Chamber of Commerce to provide economic
development services. The Chamber staff, including a Certified Economic Developer, is available to provide
information and assistance to any current or proposed Midwest City business project. The Chamber publishes a
bi-annual Business Guide, a quarterly Economic Outlook, a quarterly Commercial Property Guide, a bi-monthly
Mainstream newsletter, and a Map of Midwest City and Eastern Oklahoma County. The Chamber maintains a
website at www.midwestcityok.com and an electronic site location service. Websites maintained by the
Chamber’s Economic Development Department include www.AeroEOC.com, www.MWCOK.com,
www.EastisIn.com, www.TinkerandthePrimes.com, and www.AfterCareers.com.
Contact: David T. Burnett, CEcD
Director of Economic Development
Midwest City Chamber of Commerce
P.O. Box 10980
Midwest City, Oklahoma 73140
Phone: 405-733-3801
Fax: 405-733-5633
E-mail: [email protected]
Business Financing
Business financing is available through local and Metro area commercial banks.
Rose State College maintains an active Small Business Development Center. The SBDC provides businesses
with technical assistance and assistance in accessing SBA loan programs. The U.S. Small Business
Administration awarded the Rose State College SBDC the 2008 Small Business Development Center Service
Excellence and Innovation Center Award.
3
Midwest City, Oklahoma
Community Profile 2008
Page
Business Incentives
Since each project is unique, Midwest City considers business incentives on a case-by-case basis. Incentives
will be considered for projects that: 1) Create significant numbers of high quality, high paying jobs or 2) Generate
significant sales tax revenue to the City of Midwest City, or significantly enhance the quality of life for the
citizens of Midwest City. Due diligence processes, including financial disclosure will be required of all projects
seeking tax, infrastructure, or other development incentives.
The State of Oklahoma has numerous programs that may benefit Midwest City business expansion or relocation
projects. These incentives include the Oklahoma Industrial Finance Authority, HUB Zones, Opportunity and
Enterprise Zones, and several tax incentive programs including the New Market Tax Credits Areas and the
Quality Jobs Program.
Financial Institutions
Midwest City has three locally owned banks with assets in excess of 350 million and has numerous national and
regional banks with assets in excess of 1 trillion. The area is also served by Tinker Federal Credit Union, a large,
regional organization with more than 1.6 billion in assets.
Cost of Living – Get more – Pay less!
A family's budget buys more in Oklahoma. A mid-management employee in Dallas, St. Louis, or Kansas City
would have to earn up to 7% more in order to equal Oklahoma's cost of living. It costs 14% more to live in
Phoenix, 80% more in Los Angeles, and 54% more in Boston. Shorter commute times in Oklahoma City mean
you'll spend more time with your family. Based upon the average daily commute times of Chicago, Houston, and
L.A., Oklahoma City’s short commute will save you the equivalent of two extra weeks per year.
Climate
The average temperature in Midwest City is 60 degrees Fahrenheit with a July temperature average of 82
degrees and a January temperature average of 36 degrees. The area receives an average of 36 inches of rain
annually and 9 inches of snow. The average number of flying days is 360.
General Government
Midwest City has a council-manager form of government. There is a comprehensive city plan and zoning. The
city provides water, sewer and trash services for residential and commercial areas. As the result of its
proactive planning and development activities, the Oklahoma Department of Commerce has certified
Midwest City as a "Century Community."
Public Safety
Midwest City has the enhanced 911 system for all emergency services. The city has 94 full-time fire personnel
and 93 full-time police officers. In 2006, the city obtained the coveted ISO Class 1 fire protection rating from the
Insurance Services Office, the best in Oklahoma and among the top 55 cities in the nation.
Utility Providers
Electric - Oklahoma Gas & Electric Co. – Dual entry service that meets project specifications is available at
proposed sites. UPS service will be made available at proposed sites.
Natural Gas - Oklahoma Natural Gas Company.
Telecommunications – High speed/broadband infrastructure is available at proposed sites. AT&T and Cox
Communications are primary local providers. AT&T, Cox Communications and other providers are available for
high speed/broad band needs. The metro area is noted for its ability to serve the telecommunications needs of
numerous customer contact and call centers.
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Midwest City, Oklahoma
Community Profile 2008
Page
Water/Sewer/Refuse - City of Midwest City
Water System
Storage Capacity
Ground: 8,000,000 Gals.
Daily Consumption Pressure in Mains
Source
Capacity
13,000,000 GPD
Max:
13,000,000 GPD
98 PSI
Lake Thunderbird
Elevated: 1,700,000 Gals. Min:
5,000,000 GPD
54 PSI
and 22 wells
Sanitation and Sewage Treatment
Midwest City has a rotating biological contractors system of treatment. The city's sewage treatment system is
currently operating at approximately 48% of capacity.
Sewer Treatment Capacity and Load
Measurement
Gallons per Day
Population Equivalent
Capacity
12,000,000
118,000
Present Load
5,800,000
60,000
Telecommunications
Midwest City has more than 87 miles of fiber optic cable available. AT&T offers electronic switching, data
transmission, plexar service, phone and high speed data service, DSL Internet access and Internet-based
protocol television called U-verse. Cox Communications and Birch Telecom also provide phone and high speed
data communications services in Midwest City.
Express and Motor Freight
There are several motor freight companies with terminals in the metro area. Express services include United
Parcel Service, Airborne Express, and Federal Express. Midwest City is served by AOK Railroad, a short line
railway that connects to Burlington Northern Santa Fe and Union Pacific major rail carriers.
Distance to Major Cities
Oklahoma is centrally located in the United States. Midwest City lies at the junction of 3 major interstates: I-40/I35/I-44, making access to other markets very easy. The distance from Midwest City to the following cities is:
City
Atlanta
Chicago
Dallas
Denver
Detroit
Houston
Kansas City
Los Angeles
Miles to
819
788
197
618
1,016
437
353
1,336
City
Memphis
New Orleans
New York
Oklahoma City
San Francisco
St. Louis
Seattle
Tulsa
Miles to
463
656
1,458
9
1,648
503
1,904
124
Air Transportation
Will Rogers World Airport is located 20 minutes from Midwest City (in Oklahoma City). This airport is a fullservice field that operates three runways, the longest having a total runway length of 9,800 feet. There are at
least 10 commercial airlines offering nonstop flights to 27 major U.S. cities and direct or connecting flights to
many other destinations. In 2004, passenger enplanements and deplanements reached 3,379,883. In 2007, Will
Rogers had an average of 85 departures per day.
Road System
Three major interstate highways (I-40/I-35/I-44) pass through or surround Midwest City. Additionally, there are
several major U.S. and state highways which pass through, or nearby, the community.
Public Transportation
Local bus service is provided by the Metro Area Transit System. Connections are available for destinations
throughout the metropolitan area.
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Midwest City, Oklahoma
Community Profile 2008
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6
Accommodations
The city has 9 hotels/motels with over 780 rooms. The largest banquet room in Midwest City seats 1,000 people.
Housing Costs You Can Live With
Year after year, Oklahoma ranks at or near the top in affordable housing. According to statistics from the U.S.
Census Bureau's 2006 American Community Survey, as a percent of total income, Oklahoma City has the lowest
housing costs of any city in the nation. Consider the bottom line -- in Oklahoma, both you and your employees
will be able to buy the same size and quality housing for less cost than in most locations throughout the U.S.
Midwest City has 23,853 dwellings of which 61.2% are owner-occupied. Residential availability includes every
family need, from the very small to the executive level home. Condominiums, town homes, duplexes, and
apartments are also available. Several new subdivisions are under construction at this time.
K-12 Educational Resources
Midwest City is served by three separate public school districts: the Mid-Del Schools, Nicoma Park – Choctaw
Public Schools and Oklahoma City Public Schools. Midwest City is also served by seven private schools offering
classes for Montessori through 12th grade.
Mid-Del Schools operate Midwest City High School, Carl Albert High School, the Mid-Del Technology Center,
three Middle Schools and eight Elementary Schools within the city limits of Midwest City. Oklahoma City Public
Schools operate two elementary schools located within the Midwest City corporate limits.
The Mid-Del school district attracts the finest teachers available because of location, facilities, commitment to
education, and a salary schedule which is one of the highest in the state. Mid-Del Schools (total system) has an
enrollment of over 14,600 students, is staffed by 1,079 certified teachers and administrators, and has a support
staff of 591. The system maintains a 1:13 teacher-to-pupil ratio and teachers have an average of 12 years of
experience. In 2007, graduating seniors earned over $7 million in scholarships.
Media
Midwest City is served by 1 daily newspaper and 1 biweekly paper. There are 20 local radio stations, 19
television stations, and cable availability.
Tax Structure
According to a report published in 2007 by the Tax Foundation, of all 50 states, Oklahoma had the lowest overall
state and local tax burden in both 2006 and 2007. Oklahoma’s overall tax rate is 27.8% - 4.9% below the
national average of 32.7%. Oklahoma’s per capita property taxes are 4th from the lowest when compared to
other states.
Midwest City's property tax rates per $1,000 assessed value are listed below. The fractional assessment
percentage for real property is 11.00% and is 0% for residential personal property. Agricultural and Commercial
Personal Property is taxed at 13.75%. The total rate is the sum of the rates for each taxing unit. Midwest City’s
total property tax rate will vary by location based upon the assessment rate for the school district serving that
specific location. All districts were certified October 19th, 2007.
City
Rate
School System
Rate
Vo-Tech or Jr. College
Rate
County
Total Rate
Midwest City
8.32
Mid-Del #52
64.31
Rose State College
17.67
22.29
112.59
Midwest City
8.32
Oklahoma City #89
56.73
Rose State College
17.67
22.29
105.01
Midwest City
8.32
Choctaw #4
63.11
Rose State College
17.67
22.29
111.39
Midwest City
8.32
Crutcho #74
48.14
Rose State College
17.67
22.29
96.42
City
$8.32
School (avg.)
$58.07
County
$22.29
Other
$17.67
Total
$106.35
Midwest City, Oklahoma
Community Profile 2008
Page
Bonded Indebtedness (as of Jun 30, 2007) –
Mid-Del Schools
(Amount applicable to
Oklahoma County)
$29,428,020
Midwest City
Oklahoma County
$10,750,000
$15,410,000
In 2008, Oklahoma County voters approved a $74.5 million, 15 year bond issue that will enable the County to
complete an Oklahoma County Courthouse Renovation, Natural Hazard Mitigation and Flood Relief, and
purchase the General Motors facility for use by Tinker Air Force Base.
Sales Taxes
The city has a sales tax rate of 3.3%. In addition, the state levies a 4.5% tax rate on sales. The total combined
tax rate for Midwest City is 7.8%. Oklahoma County levies no sales tax.
Medical Facilities and Medical Practitioners
Midwest City is home to one general hospital, two specialty hospitals and more than 15 medical clinics. Midwest
City has 42 dentists, 16 optometrists, and 11 chiropractors. Oklahoma County has 2,292 medical doctors. There
are 4 nursing homes in Midwest City with more than 500 beds.
Recreational Facilities
The citizens of Midwest City have access to a number of recreational facilities.
Parks
Art & Other Museums
Golf Courses
Bowling Centers
Water Parks
Lakes
33
3
2
1
1
1
Other Attractions
Three nearby lakes, Lake Thunderbird, Lake Draper and Lake Arcadia, offer a variety of activities including
boating, camping, fishing, swimming, and water skiing. Other recreational facilities in Midwest City include 1
skate park, 2 football stadiums, 3 field houses, 3 adult softball fields, 12 soccer fields, 9 baseball fields, and 6
tennis courts.
There are 4 major festivals each year, all attracting tens of thousands of visitors annually:
May
STAR SPANGLED SALUTE
June
TINKER INTER-TRIBAL COUNCIL POW WOW
October
GLOBAL OKLAHOMA... A FESTIVAL OF CULTURES
December
HOLIDAY LIGHTS SPECTACULAR
Please check the following websites for more detailed information:
Midwest City Chamber of Commerce – www.midwestcityok.com
City of Midwest City – www.midwestcityok.org
Tinker Air Force Base – www.tinker.af.mil
Mid-Del Schools - www.mid-del.net
Mid-Del Technology Center – http://mid-del.tec.ok.us
Rose State College – www.rose.edu
Midwest Regional Medical Center - www.midwestregional.com
7
6
Oklahoma Broker Relationship Act
www.crrc.us
Oklahoma Broker Relationships Act
Title 59
Oklahoma Statutes Sections 858-351--858-363
Effective November 1, 2000
PREFACE
This pamphlet has been compiled and published for the benefit of real estate licensees and members of the general public. It is intended as a general guide and is not for
the purpose of answering specific legal questions. Questions of interpretation should be referred to an attorney. If a question arises as to whether or not a licensee has
failed to comply with this act, please contact the Oklahoma Real Estate Commission at (405) 521-3387.
First Printing
June 2000
858-351. Definitions. Unless the context clearly indicates otherwise, as used in Section 858-351 through 858-363 of this act:
1. "Broker" means a real estate broker as defined in Section 858-102 of Title 59 of the Oklahoma Statutes, and means, further, except where the context
refers only to a real estate broker, an associated broker associate, sales associate, or provisional sales associate authorized by a real estate broker to provide
brokerage services;
2. "Party" means a person who is a seller, buyer, landlord, or tenant or a person who is involved in an option or exchange;
3. "Single-party broker" means a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit
of that party;
4. "Transaction" means those real estate activities enumerated in Section 858-102 of Title 59 of the Oklahoma Statutes which are performed by a broker;
and
5. "Transaction broker,” means a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of that party.
858-352. Written brokerage agreement. A broker may enter into a written brokerage agreement to provide services as either a single-party broker or a transaction
broker. If a broker does not enter into a written brokerage agreement with a party, the broker shall perform services only as a transaction broker.
858-353. Transaction broker--Duties and responsibilities. A transaction broker shall have the following duties and responsibilities:
1. To perform the terms of the written brokerage agreement, if applicable:
2. To treat all parties with honesty;
3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and
4. To exercise reasonable skill and care including:
a. timely presentation of all written offers and counteroffers,
b. keeping the party for whom the transaction broker is providing services fully informed regarding the transaction,
c. timely accounting for all money and property received by the broker,
d. keeping confidential information received from a party confidential as required by 858-357 of this act, and
e. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act.
858-354. Single-party broker--Duties and responsibilities.
A. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker.
B. The single-party broker shall have the following duties and responsibilities:
1. To perform the terms of the brokerage agreement;
2. To treat all parties with honesty;
3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and
4. To exercise reasonable skill and care including:
a.
timely presentation of all written offers and counteroffers,
b.
keeping the party for whom the single-party broker is
performing services fully informed regarding the transaction,
c. timely accounting for all money and property received by the broker,
d. keeping confidential information received from a party confidential as required by 858-357 of this act,
e. performing all brokerage activities for the benefit of the party for whom tile single-party broker is performing services unless
prohibited by law,
f. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act, and
g. obeying the specific directions of the party for whom the single-party broker is performing services that are not contrary to applicable
statutes and rules or contrary to the terms of a contract between the parties to tile transaction.
C. In the event a broker who is a single-party broker for a buyer or a tenant receives a fee or compensation based on a selling price or lease cost, such receipt
does not constitute a breach of duty or obligation to the buyer or tenant if fully disclosed to the buyer or tenant in the written brokerage agreement.
858-355. Alternative relationships entered into where broker assists one or both parties--Written disclosure--Written consent--Contents of brokerage
agreement--Withdrawal by broker--Referral fees--Cooperation with other brokers.
A. When assisting one party to a transaction, a broker shall enter into one of the following relationships:
1. As a transaction broker without a written brokerage agreement:
2. As a transaction broker through a written brokerage agreement; or
3. As a single-party broker through a written brokerage agreement.
B. When assisting both parties to a transaction, a broker may enter into the following relationships:
1. As a transaction broker for both parties;
2. As a single-party broker for one party and as a transaction broker for the other party. In this event, a broker shall disclose in writing to the party for
whom the broker is providing services as a transaction broker, the difference between a transaction broker and a single-party broker, and that the
broker is a single-party broker for the other party and performs services for the benefit of the other party in the transaction; or
3. As a transaction broker where the broker has previously entered into a written brokerage agreement to provide services as a single-party broker for
both parties. In this event, the broker shall obtain the written consent of each party before the broker begins to perform services as a transaction
broker. The written consent may be included in the written brokerage agreement or in a separate document and shall contain the following
information:
a.
b.
c.
a description of the transaction or type of transactions that might occur in which the single-party broker seeks to obtain consent to become a
transaction broker,
a statement that in such transactions the single-party broker would perform services for more than one party whose interest could be different or even adverse and that such transactions require the broker to seek the consent of each party to such transactions to permit a change
in the brokerage relationship,
a statement that by giving consent in such transactions:
1) the party will allow the broker to change the broker's relationship from performing services as a single-party broker to performing
2)
3)
4)
5)
services as a transaction broker,
the broker will no longer provide services for the benefit of the party, but may only assist in such transactions,
the broker will not be obligated to obey the specific directions of the party but will assist all parties to such transactions,
the party will not be vicariously liable for the acts of the broker and associated associates, and
the broker's obligation to keep confidential information received from the party confidential is not affected,
d. a statement that the party is not required to consent to the change in the brokerage relationships in such transactions and may seek
independent advice,
e. a statement that the consent of the party to change the brokerage relationship in such transactions has been given voluntarily and that the
written consent has been read and understood by the party, and
f. a statement that the party authorizes the broker to change the brokerage relationship in such transactions and to assist all parties to such
transaction as a transaction broker.
C.
D.
1. If neither party gives consent as described in paragraph 3 of subsection B of this section, the broker shall withdraw from providing services to all but one
party to a transaction. If the broker refers the party for whom the broker is no longer providing services to another broker, the broker shall not receive a fee
for referring the party unless written disclosure is made to all parties.
2. If only one party gives consent as described in paragraph 3 of subsection B of this section, the broker may act as a transaction broker for the consenting
party and continue to act as a single-party broker for the nonconsenting party. In this event, the broker shall disclose in writing to the consenting party that
the broker remains a single-party broker for the nonconsenting party and performs services for the benefit of the nonconsenting party.
A broker may cooperate with other brokers in a transaction. Under Sections 858-351 through 858-363 of this act, a broker shall not be an agent,
subagent, or dual agent and an offer of subagency shall not be made to other brokers.
858-356. Disclosures--Confirmation in writing.
A.
Prior to the signing by a party of a contract to purchase, lease, option or exchange real estate, a broker who is performing services as a transaction
broker without a written brokerage agreement shall describe and disclose in writing the broker's role to the party.
B.
Prior to entering into a written brokerage agreement as either a transaction broker or single-party broker, the broker shall describe and disclose in
writing the broker's relationship to the party.
C.
A transaction broker shall disclose to the party for whom the transaction broker is providing services that the party is not vicariously liable for the acts
or omissions of the transaction broker.
D.
A single-party broker shall disclose to the party for whom the single-party broker is providing services that the party may be vicariously liable for the
acts or omissions of a single-party broker.
E.
The disclosure required by this section and the consent required by Section 858-355 of this act must be confirmed by each party in writing in a separate
provision, incorporated in or attached to the contract to purchase, lease, option, or exchange real estate. In those cases where a broker is involved in a
transaction but does not prepare the contract to purchase, lease, option, or exchange real estate, compliance with the disclosure requirements must be
documented by the broker.
858-357. Confidential information. The following information shall be considered confidential and shall not be disclosed by a broker without the consent of the party
disclosing the information unless consent to disclosure is granted by thc party disclosing the information, the disclosure is required by law, or the information is made
public or becomes public as the result of actions from a source other than the broker:
1.
That a party is willing to pay more or accept less than what is being offered;
2.
That a party is willing to agree to financing terms that are different from those offered; and
3.
The motivating factors of the party purchasing, selling, leasing, optioning, or exchanging the property.
858-358. Duties of broker following termination, expiration, or completion of performance. Except as may be provided in a written brokerage agreement between
the broker and a party to a transaction, the broker owes no further duties or responsibilities to the party after termination, expiration, or completion of performance of
the transaction, except:
1. To account for all monies and property relating to the transaction; and
2. To keep confidential all confidential information received by the broker during the broker's relationship with a party.
858-359. Payment to broker not determinative of relationship. The payment or promise of payment or compensation by a party to a broker does not determine what
relationship, if any, has been established between the broker and a party to a transaction.
858-360. Abrogation of common law principles of agency—Remedies cumulative. The duties and responsibilities of a broker specified in Sections 858-351 through
858-363 of this act shall replace and abrogate the fiduciary or other duties of a broker to a party based on common law principles of agency. The remedies at law and
equity supplement the provisions of Sections 858-351 through 858-363 of this act.
858-361. Use of Word "agent" in trade name. A real estate broker is permitted under the provisions of Sections 858-351 through 858-363 of this act to use the word
"agent" in a trade name.
858-362. Vicarious liability for acts or omissions of real estate licensee. A party to a real estate transaction shall not be vicariously liable for the acts or omissions of
a real estate licensee who is providing services as a transaction broker under Section 858-351 through 858-363 of this act.
858-363. Associates of real estate broker—Authority. Each broker associate, sales associate, and provisional sales associate shall be associated with a real estate
broker. A real estate broker may authorize associates to enter into written agreements to provide brokerage services in the name of the real estate broker.