SVN Oak Realty Advisors is pleased to present the exclusive offering of The Apartment @ Hotel Phillips, a 112-unit multifamily community located at 821 South Johnstone Avenue, Bartlesville, OK. Originally constructed in 1960 as a hotel and fully converted in 2023, the asset blends historic charm with institutional-quality renovations, offering stabilized in-place cash flow and tangible value-add upside. Positioned in a walkable, amenity-rich urban core, the property benefits from strong tenant demand and long-term leasing durability supported by favorable submarket dynamics.

The offering provides a rare opportunity to acquire a boutique, character-rich asset in a supply-constrained market at an attractive basis. Priced at $12,125,000 ($108,259 per unit / $104 per SF), the property delivers a projected Year 1 NOI of $991,205, equating to an 8.17% cap rate on T-3 income and a 10.3% levered cash-on-cash return under current financing. The acquisition is supported by a 70% LTV structure and fixed-rate debt at 6.00%, offering immediate yield with limited near-term capital exposure.

The Bartlesville multifamily market is marked by high occupancy levels (92–94%), moderating new supply, and forecasted rent growth above 4%, outpacing national averages. The property’s central location offers walkable access to employers, restaurants, civic institutions, and cultural amenities, reinforcing tenant retention and defensive performance. Additional upside remains through operational enhancements and targeted cosmetic improvements to select units and amenity areas.

The Apartment @ Hotel Phillips represents a compelling investment opportunity in a stabilized, architecturally distinctive asset with embedded upside. While modest market depth and competition from newer or lower-cost alternatives may cap near-term rent premiums, the asset’s strong location, recent renovation, and resilient income profile provide a favorable risk-adjusted return outlook. Conservative rent growth assumptions, disciplined expense management, and a long-term hold strategy are well-suited to maximize total return in this high-occupancy, yield-oriented submarket.