The property presents extensive development opportunities centered around the Fountain Lake Subdivision, spanning 93.97 acres with 43 lots, of which 40 remain available. These lots range from 2 to 5 acres in size and are already platted, streamlining the development process. While covenants and restrictions were drafted for a horse community, they have not been filed, allowing flexibility to either utilize these existing guidelines or create new ones to suit different development visions. Potential options include continuing with the original concept of a horse-oriented community or exploring alternative residential uses. The subdivision has a private drive coming off of Garrett's Lake Road. A great location with access to I-40 and North Rock Creek Schools help for maximizing the property’s potential. Power lines with fiber optic have been installed to 22 lots. The subdivision is surveyed and pinned. The subdivision has a separate entrance on the north side of the property along with post and rail fencing.
The lower portion of the development spans approximately 60.65 acres and encompasses Rolling Stone Stables & RV Park along with Ellis Lake. This segment of the property is currently generating consistent cash flow with minimal expenses. The income averages over $20,000 per month, highlighting its profitability and stability. The stable area consists of a 11 stall barn, tack room, and wash rack area. Horse enthusiasts will enjoy the 140 x 240 fenced outdoor sand arena with fenced and cross fenced pastures. Despite its operational success, there remains substantial untapped potential for further development around Ellis Lake and throughout the property. This presents an exciting opportunity to maximize the area’s potential through strategic expansion and enhancement initiatives. With its established revenue stream and ample room for growth, this part of the property offers a promising prospect for continued financial success and development.
Ellis Lake, created in 1960 by the Corps of Engineers, covers 2 acres and is distinguished by its scenic views and abundant wildlife. The lake is situated behind an earth dam measuring 550 feet in length and standing 20 feet tall. This dam has a maximum discharge capacity of 640 cubic feet per second, ensuring effective water management. The dam is approximately 80 ft wide. Ellis Lake is renowned for its excellent fishing opportunities, particularly for largemouth bass, catfish, and bluegill, making it a favored destination for anglers. The combination of its picturesque setting, diverse wildlife, and quality fishing make Ellis Lake a cherished spot for outdoor enthusiasts and nature lovers alike. There is a creek on the property along with artesian springs.
The RV park portion of the development is specifically designed with horse owners in mind, offering unique amenities tailored to their needs. A shared horse barn provides convenient accommodations for travelers with horses, enhancing the appeal for equestrian enthusiasts. Additionally, there's an arena and riding obstacles nearby, making it an ideal destination for those looking to enjoy activities with their horses. The RV park itself features 40 full hookup RV lots with gravel roads, ensuring accessibility and convenience. High occupancy rates are maintained thanks to a mix of long-term tenants and visitors traveling with horses, underscoring its popularity and appeal within the equestrian community. This setup creates a highly attractive and functional environment for both short-term stays and extended stays, catering effectively to the needs of horse owners and RV travelers alike. The RV park shares a driveway with the homes on the south side of the property and has an electronic gate.
The property currently features six homes that contribute significantly to its rental income potential:
1. Custom Home: Overlooking Ellis Lake, this two-story residence was built in 2008 with the possibility of being converted into a duplex. It spans approximately 3,100 square feet and offers scenic views of the lake. The home was built with expansion in mind and can easily be developed into two units if desired. There is a detached garage with the custom home.
2. Dome House: Built in 2000, this unique geodesic dome home is located on the south side of Ellis Lake. The home is approximately 1,200 square feet. It includes a spacious loft upstairs, one large bedroom and one bathroom downstairs, a spiral staircase, and a central round fireplace. Currently rented for $1100 per month, it also features a hot tub building adjacent to the house, which serves as the caretaker's apartment.
3. Lake House: Situated right on the lake, the Lake House is an older modular home from the 1980s, approximately 1,500 square feet with 2 bedrooms and 2 bathrooms. It includes a screen porch area, a large back deck, and a stone fireplace, renting for $1100 monthly.
4. Yellow House: This 850-square-foot home underwent a complete renovation about 10 years ago. It features two bedrooms and one bathroom, currently rented for $900 per month. Located at 5881 Fountain Lake Dr, it offers updated insulation, electrical, and plumbing systems.
5. Mobile Home #1: Positioned as the first double-wide on the left upon entry, this home spans approximately 1,500 square feet with 3 bedrooms and 2 bathrooms. It boasts hardwood flooring throughout, walk-in closets, and an open floor plan. Recently repainted and updated, it rents for $1200 per month, located at 5850 Fountain Lake Dr.
6. Mobile Home #2: The second double-wide on the left upon entry, this home also covers approximately 1,500 square feet with 3 bedrooms and 2 bathrooms. It features new carpet, updated kitchen and bathroom flooring, and was fully repainted about 6 months ago. It is currently rented for $1200 per month.
These homes collectively provide a diverse range of rental options, from custom-built residences to renovated properties and unique dome architecture, catering to various tenant preferences and contributing significantly to the property’s monthly income stream.
Locatin Summary
With visibility from I-40, this multi-family property enjoys a prime location in the heart of the vibrant town of Johnson, Oklahoma. Just a stone's throw away from Shawnee and only 40 miles east of bustling Oklahoma City, it offers endless possibilities for development. Situated in north-central Pottawatomie County, the property benefits from minimal zoning restrictions, allowing you to tailor it to your vision. Let your creativity soar and unlock the full potential of this investment gem.
Enjoy convenient access to the nearby North Rock Creek public school system, which features a newly updated facility. The presence of this excellent school enhances the appeal of the residential and multifamily aspects of the property.
There is also access to higher education nearby, which helps develop a skilled workforce for the area. Oklahoma Baptist University, which is a private institution that enrolls approximately 3,000 students per year including their undergraduate and graduate programs and a campus spanning 300 acres. Additionally, the Gordon Cooper Technology Center, a public career and technology education center located in Shawnee, Oklahoma, at the intersection of Interstate 40 and State Highway 18, is part of the Oklahoma Department of Career and Technology Education system. The Eastern Oklahoma County Technology Center further contributes to workforce development in the region.
In addition to Ellis Lake, there are other nearby outdoor opportunities to explore. The Shawnee Twin Lakes, consisting of Shawnee Twin Lake North and Shawnee Twin Lake South, are popular recreational areas offering fishing, boating, picnicking, and various other outdoor activities.
The area features five casinos, representing four different tribes, that frequently host events and concerts, attracting significant tourism. Shawnee also boasts three local golf courses and over 30 parks, including the recently developed KidSpace Park, which was built at a cost of $3.5 million.
Shawnee offers a wide array of shopping and dining options. The downtown area serves as the central business district and cultural hub, featuring a mix of historic buildings, boutique shops, local restaurants, and community events. Additionally, the Shawnee Mall, located at 4901 N Kickapoo Ave, provides a variety of stores and dining choices.
Shawnee hosts three museums, including Oklahoma's oldest art museum, the Mabee-Gerrer Museum of Art. Located at 1900 W. MacArthur St., Shawnee, Oklahoma, this museum features a diverse collection of art from various cultures and time periods.
Shawnee is a flourishing regional city with a population of over 31,000, combining small-town charm with numerous micropolitan amenities. Incorporated in 1894, Shawnee is rich in history and culture, and offers easy access to Oklahoma City. The city hosts high-tech manufacturing plants owned by Fortune 500 and international corporations, providing a relaxed lifestyle. Shawnee continues to attract new residents due to its increasing housing options and proximity to the OKC metro area. The community offers reasonably priced properties, ample utilities, and is focused on expanding its industrial, commercial, and retail employment base. With over 70 manufacturing companies, Shawnee is a growing hub for education, healthcare, employment, retail, and entertainment.
Key advantages of Shawnee include a proven, productive labor force, low-cost power, and easy access to interstate and rail systems. The city boasts the nation’s premier technical education program, an updated regional jet airport, and proximity to Will Rogers World Airport. Strategically located just 30 miles from Tinker Air Logistics Center, the world's largest military aviation maintenance, repair, and overhaul facility, Shawnee is well-positioned for continued growth and development.
