Rental Income Property – Home Plus 48 Storage Units

LOCATION:  Central Eastern Oklahoma in LeFlore County at the NE edge of the city of Poteau and about 20 feet of State Highway No. 112.  This property borders along 205^th avenue about 600 feet.  Walmart Super Center is about ¼ mile. 

LAND:  Approximately 6 acres of land (the exact amount to be determined by survey when sold).  The land is level and is the site of a double wide 2006 mobile home and 48 rental storage units.  About 40% of the land area is currently used with about 60% available for future development.  This would be a nice location for several homes, duplexes or apartments.

SERVICES:  Rural water, electric, telephone, school bus route, mail route and trash pickup.  Poteau police and fire department protection.

BUILDINGS:

1.  Rental mobile home – the home was placed on this property new in 2006.  The home is in good condition, permanently tied down with skirting, has 2,000 s.f. of heated living area with 4 bedrooms, 2.5 baths and has a large deck at the rear of the home.  The owner reports the new cost of the home when purchased was $90,000.  He is willing to remove the mobile home and reduce the price of the entire property by the sum of $50,000.
2. Metal storage building/shop – the building is 24 x 48 with a cement floor, one overhead door and one outside passage door.  It has electric service.  Constructed new in 1998.
3. Storage rental units – 48 in all have various sizes as per the list attached and as per the rent schedule shown.  The units are surrounded by a security fence with an electric gate to be used by tenants.  The fenced area is about 2.5 acres in size.

RENTAL INCOME FROM BUILDINGS:

1.  Mobil home rental =                                                $   750 mo
2.  48 storage units if 100% full =                                   2,395 mo.

      3.    16 parking spaces under security fence (16 x $25) =   400  mo

      4.    Shop building =                                                            150  mo

      Gross monthly income 100% occupancy………………$3,295 mo

TAXES:  Estimated to be about $2,000 per year.

PRICE:  $342,000

COMMENTS:  Lots of opportunity with this prime city-edge acreage.  Good rental income potential with lots of additional land to still be utilized.  If you want a nice home to live in and enjoy regular monthly income from rental storage units this property offers that a much more.  There are 4 or 5 very nice home-sites all with scenic views of the Cavanal mountains and just minutes from all shopping convenience in the city of Poteau.