301 E Modoc Ave
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301 E Modoc Ave
8 Unit Apartment Building $1,848,600 CAD ($231,075 CAD/Unit) 7.07% Cap Rate 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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| 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 (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,848,600 CAD | Apartment Style | Townhome |
| Price Per Unit | $231,075 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.77 AC |
| Cap Rate | 7.07% | Building Size | 16,000 SF |
| Gross Rent Multiplier | 10.65 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1999 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,848,600 CAD |
| Price Per Unit | $231,075 CAD |
| Sale Type | Investment |
| Cap Rate | 7.07% |
| Gross Rent Multiplier | 10.65 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 0.77 AC |
| Building Size | 16,000 SF |
| Average Occupancy | 100% |
| No. Stories | 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 | $1,902 CAD | 1,200 |
| 3+2 | 4 | $1,795 CAD | 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.) |
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301 E Modoc Ave
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