Property Description

This 4-unit multifamily property, built in 1929, is being offered as a full value-add opportunity in a market that is actively incentivizing exactly this kind of project. The building requires complete renovation, and the city has built a financial ecosystem to help you get there.This property is positioned to take direct advantage of Ponca City's Housing Incentive Program 2.0. The Ponca City Utility Authority set aside $300,000 annually to fund incentives specifically for developers rehabilitating existing multi-family housing units, with adaptive reuse of older properties as a stated goal of the program. The Ponca City Development Authority has committed an additional $1 million in HIP 2.0 incentives over three years, with over $470,000 already awarded to active projects. These grants are designed to offset development costs and reduce investor risk - lowering your effective basis before the first tenant signs a lease.The City has invested over $2 million in downtown infrastructure over the past five years, and the Main Street Program recorded more than $1.78 million in private reinvestment in 2024 alone, with 20 buildings renovated and 14 new or expanded businesses. A $968,000 ARPA-funded Streetscape Project along Grand Avenue - the corridor connecting directly to this property - was completed in mid-summer 2025. The $1,000-$1,300 per unit projection for a fully renovated product is well-supported by the market and positions this asset at the quality tier where tenant demand is strongest - workforce renters anchored by Phillips 66, Oklahoma's largest refinery, and the steady employment base that surrounds it.E.M. Trout Elementary School, Northern Oklahoma College, Standing Bear Park, and the restored 1927 Poncan Theatre are all within close proximity.Grand Avenue's growing restaurant and retail corridor puts daily conveniences within walking distance of the front door.

Property Features