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301 E Modoc Ave

8 Unit Block of Flats £1,018,290 (£127,286/Unit) 7.07% Net Initial Yield Mcalester, OK 74501

Investment Highlights

  • Fully occupied 8 units with many capital improvements
  • Tons of amenities including garage, washer/dryers, refrigerators, stoves, microwaves, and dishwashers
  • Gross rent: $10,350; 3 units rented under market value

Executive Summary

TURN KEY RENTAL INVESTMENT OF 8 UNITS, FULLY OCCUPIED WITH MANY CAPITAL IMPROVEMENTS COMPLETED. Modoc Apartments is an upscale three-unit apartment with a two-story 4-plex and two duplexes. The 4-plex offers 3 bedrooms and 2.5 bathrooms with a two-car garage, washer/dryers, refrigerators, stoves, microwaves, and dishwashers. The roof and gutters are less than 2 years old. The duplex facing Modoc has 2 spacious bedrooms and 2 full bathrooms, appliances, and a single-bay garage. The most recently built duplex, facing 3rd street, is a 2 bedroom plus an office area and two car garage with appliances. Currently, the owner pays for water/trash and yard maintenance and has invested a lot into capital improvements, such as central heat and air, painting, flooring, roof, gutters, french drain, and more. Gross rent is $10,350, however, 3 units are rented under market value.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £1,018,290
Price Per Unit £127,286
Sale Type Investment
Net Initial Yield 7.07%
Gross Rent Multiplier 10.65
No. Units 8
Property Type Residential
Property Subtype Apartment
Apartment Style Townhome
Building Class C
Lot Size 0.77 AC
Building Size 16,000 SF
Average Occupancy 100%
Number of Floors 2
Year Built 1999
Opportunity Zone Yes

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Microwave
  • Washer/Dryer
  • Heating
  • Tile Floors
  • Refrigerator
  • Range
  • Tub/Shower
  • Carpet
  • Vinyl Flooring

Site Amenities

  • 24 Hour Access

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
2+2 4 £1,048 1,200
3+2 4 £988.92 1,500

zoning

Zoning Code R3 (The Multi-Family Dwelling District allows any use permitted in the R-2 District, plus apartment houses and accessory buildings.)
R3 (The Multi-Family Dwelling District allows any use permitted in the R-2 District, plus apartment houses and accessory buildings.)
  • Listing ID: 34110797

  • Date on Market: 06/12/2024

  • Last Updated:

  • Address: 301 E Modoc Ave, Mcalester, OK 74501

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