9017 Barnes Dr Jones, OK 73049

Property Details for 9017 Barnes Dr

Year built

1935

Lot size

2.28 lot acres

Property size

2,743 SF

Property type

Residential income homes

APN

R198853600

Description

This exceptional Jones, OK investment opportunity presents three fully renovated single-family homes situated on a 2.28-acre lot in the desirable Jones School District. The portfolio includes a spacious 3-bedroom, 2-bathroom main residence (9017 Barnes Dr) with recent upgrades including a new roof, updated kitchen and bathrooms, new appliances, and enhanced insulation, projected to rent for $1,500-$2,000 monthly. Two additional homes, 9021 and 9019 Barnes Dr, each currently rent for $600 per month, offering immediate cash flow and potential for increased rental income. The properties boast a combined 2,743 square feet of living space, two parking spaces per unit, and two underground storm shelters. The current NOI is $28,466, with a pro-forma NOI of $43,000, reflecting a 7.69% cap rate and a pro-forma cap rate of 11.62%. Built in 1935 and extensively renovated in 2024, this Class B property offers significant upside potential given the current 30% occupancy (projected to reach full occupancy by September 17, 2024) and below-market rental rates compared to the area median of $1,650 per month. The asking price is $370,000, representing a price per unit of $123,333.33 and a price per square foot of $134.89. This portfolio presents a compelling opportunity for investors seeking strong returns in a high-demand market. The APN is R198853600.