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Heather Apartments

$1,325,000

201 Beeler Street, Poteau, OK 74953

Active
Last Updated: 09/29/2026

17,760 sqft

Building Size

88

Occupancy

Details:
Building Size:    17,760 sqft
Occupancy:    88%
Units:    25
Highlights:
  • 25 units (15× 2BR, 9× 1BR, 1 studio) · 17,760 SF · portfolio's largest by unit count
  • Three units leased summer 2026 at $725–$750 — in-place rent up $927/mo since May
  • 9.5% Year 1 cap and 11.1% cash-on-cash — strongest going-in yield in the portfolio
  • ~$145,200 reinvested since 2025 — the heaviest renovation program, largely complete
  • Three vacancies + ~$3,250/mo loss-to-lease = clearly mapped upside
  • On-site laundry income
  • 1.41x Year 1 DSCR at 75% LTV / 6.5% / 20-yr
  • Offered standalone or within the 3-property Poteau Apartments Portfolio
Description:

Twenty-five units — fifteen two-bedroom, nine one-bedroom, and one studio — across 17,760 rentable square feet at 201 Beeler Avenue, the largest asset in the portfolio by unit count. Heather is the portfolio's momentum story: three units were leased over summer 2026 at $725–$750, lifting in-place rent from $13,127 to $14,054 per month, with new leases signing at or above pro forma market. Current ownership has invested approximately $145,200 since 2025 — the heaviest repositioning spend in the portfolio, including roofs and unit renovations — so remaining upside is operational: lease the three vacant units and bring legacy rents, some dating to 2022, to today's proven levels. Offered standalone or as part of the three-property Poteau Apartments Portfolio.

Heather Apartments is located at 201 Beeler Avenue in Poteau, OK — the LeFlore County seat and commercial hub of eastern Oklahoma. The property is well-positioned for access to U.S. Highways 59 and 271 and Poteau's primary employers: Eastern Oklahoma Medical Center, the Choctaw Nation of Oklahoma's regional health facilities, Walmart, OK Foods, the Kiamichi Technology Center, and Carl Albert State College. Poteau's population of approximately 9,300 has grown nearly 5% since the 2020 census, and the broader Fort Smith metro sits 35 minutes east via US-59/271. The submarket is characterized by stable workforce-housing demand and limited new multifamily construction.

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