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23323654
23323656

12318 St Andrews Dr, Oklahoma City, OK 73120

AD
CA CA 02037030
Matthews
RC
CA 01986299
Matthews
MM
CA CA 01982943
Matthews
Listed by Matthews
$1,388,888
76 days on market
Updated 74 days ago

EYECARE PARTNERS | (700+ UNITS) | 5 YR NNN | 10.07% AVG CAP

Details
Property Type Office
Sub Type Medical Office
Square Footage 5,939
Net Rentable (SqFt) 5,939
Cap Rate 9.00%
NOI $125,000
Occupancy 100%
Tenancy Single
Brand/Tenant Retinal Associates of Oklahoma, Eyecare Partners
Lease Type NNN
Lease Term 5
Remaining Term 2
Rent Bumps Yes
Lease Options 2 x 5 Years
Price per SqFt $234
Broker Co-Op Yes
Class A
Year Built 1997
Year Renovated 2017
Acreage 0.720
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Ownership Fee-Simple

Eyecare Partners | Recent Practice Acquisition and Tenant Commitment | 9% CAP

Investment highlights

  • Eyecare Partners (700+ Locations) | Corporate Lease | Successful Operating History – Eyecare partners is one of the largest ophthalmologic and optometric organizations in the US. With more than 700+ locations in across 18 states (30 markets), Eyecare Partners has a rich history of developing and growing affiliated practices by providing tools and technology that allow their doctors to focus entirely on patient care.

    • The partnership is a testament to the success of this location and the tenant’s commitment to the site going forward. Eyecare Partners’ mission is to reinvest eyecare with their doctor-led and partnership focused approach to care. They work to maintain the character of each individual practice while also providing top notch resources to improve the patient experience and support practice growth.

  • Recent Lease Amendment | Indication of Tenant Commitment Going Forward - The landlord and tenant recently executed a lease amendment - the tenant’s allocation of resources in getting this done is a sign of their willingness to ensure the property is part of their long term plans.

  • 5 Year NNN Lease | High Yield Investment | 9.00% Current Cap - The tenant, Eyecare Partners, executed a fresh 5-year NNN lease when acquiring the practice in 2022. This establishes the tenant’s continued success and commitment to the location going forward.

    • Including the tenant’s option periods, an investor can acquire the asset at a highly desirable yield, averaging 10.07% over the life of the lease term.

  • NNN Lease Structure | Minimal Landlord Responsibilities – The NNN lease structure offers a nearly passive investment opportunity for both local and national investors.

  • Synergistic Location | Top Quality Construction | Sticky Investment - The location is fittest with upmost quality and is positioned in a medical office park surrounded by other medical specialties, creating a synergy which the tenant benefits from.

    • Beyond the class-A build out, ownership reaps the benefits of a specialized healthcare tenancy and further layer of security as healthcare facilities rarely relocate due to the difficulty of retaining the same patients in a new location, and the high cost of moving.

  • High Traffic Location | Direct Access and High Visibility | 75,000+ VPD – The property benefits from high exposure off of Hwy 74, which sees over 75,000 cars per day. This generates direct visibility of the asset, crucial to the success for outpatient healthcare facilities like a dental office that relies and brand awareness and walk-in business.

  • Top MSA (Oklahoma City, OK) |High Growth and Robust Demographics| 2025 Top 15 Place to Live in the US – There are over 200,000 residents in a five-mile radius of the property, The average household income is over $100,000 in a 1 and 3-mile radius of the property. Oklahoma City is rated as a top 15 place to live in the united states, in the top 10% of US cities that offer the best combination of desirability, cost of living, quality of life, etc.

  • Ideal Location | Proximity to Major Shopping Areas | 20 min from OKC Airport The location is positioned between a dense area of higher-income residential communities and nearby premier OKC destinations like the Quail Creek Golf and Country Club, and within 2.5 miles of the Quail Springs Mall, a sprawling shopping center including national retailers, restaurant options, etc.

    • Beyond the retail synergy, this location is within 5 minutes of the Mercy Health Hospital of OKC, an award winning 380+ bed facility. This constantly drives traffic to the location, ultimately resulting in resounding success for the tenant.

Listing Contacts

AD
CA CA 02037030
Matthews
RC
CA 01986299
Matthews
MM
CA CA 01982943
Matthews
Listed by Matthews

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$125,000.00
$10,416.67/mo

Valuation Metrics

0
DSCR
9%
Cap Rate
9%
ROI

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Additional Information

Name
Kyle Matthews
License
180759 (OK)
Brokerage
Matthews Real Estate Investment Services, Inc.
Brokerage Phone
866.889.0550
Title
Broker of Record
Brokerage Address
1600 West End, Ste. 1500 Nashville, TN 37203
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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