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320 S Morton Ave 14 Unit Apartment Building $399,000 ($28,500/Unit) Okmulgee, OK 74447
Investment Highlights
- Portfolio offering includes 12-unit apartment building plus two leased single-family homes.
- Apartment building features individual electric and gas meters and a basement laundry facility.
- Located near downtown Okmulgee with easy access to U.S. Highway 75 and regional employment hubs.
- Recent capital improvements include a new roof and updated plumbing in six apartment units.
- Two single-family homes provide immediate rental income during redevelopment.
Executive Summary
This multifamily investment opportunity in Okmulgee, Oklahoma, offers a compelling value-add or redevelopment play for investors seeking scale and upside. The property consists of a three-story apartment building with twelve one-bedroom units and two adjacent single-family rental homes, totaling fourteen units in one location. While the apartment building is currently vacant and requires interior completion before occupancy, significant progress has been made, including a new roof and updated plumbing and drains in six units. The building is individually metered for electric and gas, with a shared water meter, and features a basement laundry facility.
The two single-family homes, a two-bedroom/one-bath and a one-bedroom/one-bath, are currently leased, providing immediate income during the repositioning phase. Both homes have separate utility connections, with tenants responsible for their own gas, electric, and water.
Located near downtown Okmulgee, the property benefits from proximity to local amenities, schools, and major routes, including U.S. Highway 75, which connects to Tulsa approximately 40 miles north. This location offers convenient access to employment centers while maintaining a small-town community feel.
With 0% occupancy in the apartment building and deferred maintenance, this asset is ideal for experienced investors or developers looking to implement a full renovation strategy or explore alternative uses. At an asking price of $399,000, the property presents a rare opportunity to acquire a portfolio-style investment with strong repositioning potential in a market with limited multifamily supply.
The two single-family homes, a two-bedroom/one-bath and a one-bedroom/one-bath, are currently leased, providing immediate income during the repositioning phase. Both homes have separate utility connections, with tenants responsible for their own gas, electric, and water.
Located near downtown Okmulgee, the property benefits from proximity to local amenities, schools, and major routes, including U.S. Highway 75, which connects to Tulsa approximately 40 miles north. This location offers convenient access to employment centers while maintaining a small-town community feel.
With 0% occupancy in the apartment building and deferred maintenance, this asset is ideal for experienced investors or developers looking to implement a full renovation strategy or explore alternative uses. At an asking price of $399,000, the property presents a rare opportunity to acquire a portfolio-style investment with strong repositioning potential in a market with limited multifamily supply.
Property Facts Under Contract
Amenities
Unit Amenities
- Air Conditioning
- Refrigerator
- Tub/Shower
- Basement
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | - |
| 2+1 | 1 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 1100-00-116-005-0-001-00 | Improvements Assessment | $11,830 |
| Land Assessment | $1,581 | Total Assessment | $13,411 |
Property Taxes
Parcel Number
1100-00-116-005-0-001-00
Land Assessment
$1,581
Improvements Assessment
$11,830
Total Assessment
$13,411
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Contact the Sale Advisor
320 S Morton Ave