508 S Mill St
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508 S Mill St
11,160 SF 100% Leased Retail Building Pryor, OK 74361 £392,205 (£35/SF) 8.88% Net Initial Yield
Executive Summary
Excellent investment property located in the rapidly growing community of Pryor, OK. This is a Prime 4 unit commercial retail space located on Hwy 69 with approx. 324' of Hwy frontage and plenty of off street parking. This property is located on a high traffic count Hwy and is 100% occupied. All units have their own bathrooms and at least 1 CH&A unit.
24 hours notice required to show.
Part of the land is owned and part is on lease from the railroad.
Current RR lease expires in July, 2025. RR lease going forward is anticipated to be $5,000/yr on an annual renewal. Buyer will be responsible for a $1000 lease transfer fee to transfer the RR lease.
Improvements in the last 5 years include:
Exterior Paint, Roof Resealed, Exterior lights, some interior lights and parking lot repaved, interior ceiling tile replacement.
Owner pays water bill
Each tenant pays electric bill
Gas is metered separately so owner can bill each tenant.
4 Rental Units
1. Approx 1000 sqft, Month to month rental
2. Approx 3000 sqft Month to month CH&A replaced approx. 2021
3. Approx 3000 sqft 1 year lease starting May, 2023 2 CH&A units
4. Approx 4000 sqft Month to month 2 CH&A units 1 unit replaced approx. 2015
24 hours notice required to show.
Part of the land is owned and part is on lease from the railroad.
Current RR lease expires in July, 2025. RR lease going forward is anticipated to be $5,000/yr on an annual renewal. Buyer will be responsible for a $1000 lease transfer fee to transfer the RR lease.
Improvements in the last 5 years include:
Exterior Paint, Roof Resealed, Exterior lights, some interior lights and parking lot repaved, interior ceiling tile replacement.
Owner pays water bill
Each tenant pays electric bill
Gas is metered separately so owner can bill each tenant.
4 Rental Units
1. Approx 1000 sqft, Month to month rental
2. Approx 3000 sqft Month to month CH&A replaced approx. 2021
3. Approx 3000 sqft 1 year lease starting May, 2023 2 CH&A units
4. Approx 4000 sqft Month to month 2 CH&A units 1 unit replaced approx. 2015
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
11,160 SF
Building Class
C
Year Built
1970
Price
£392,205
Price Per SF
£35
Net Initial Yield
8.88%
NOI
£34,828
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.69
Land Acres
0.37 AC
Parking
23 Spaces (2.06 Spaces per 1,000 SF Leased)
Frontage
305 ft on Mill St
Amenities
- Pylon Sign
PROPERTY TAXES
| Parcel Number | 1599-18-21N-19E-3-016-00 | Improvements Assessment | £23,741 |
| Land Assessment | £11,142 | Total Assessment | £34,883 |
PROPERTY TAXES
Parcel Number
1599-18-21N-19E-3-016-00
Land Assessment
£11,142
Improvements Assessment
£23,741
Total Assessment
£34,883
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