Listed by Fleske Commercial Group
$2,200,000
Hal Muldrow Retail Center
Details
Property Type Retail
Sub Type Shopping Center, Strip Retail
Square Footage 19,455
Net Rentable (SqFt) 19,455
Units 10
Occupancy 100%
Tenancy Multi
Lease Type NNN
Pro-Forma Cap Rate 12.7%
Pro-Forma NOI $279,392
Price per SqFt $113
Year Built 1974
Stories 1
Acreage 0.810
Zoning C-2
Investment Type Value Add
Retail | 19,455 SqFt
Marketing description
Fully occupied retail strip center located amongst Norman's busiest retail corridor, 24th Ave SW and W Main St. This legacy property has been well-maintained and owned by the same family since 1987. The property presents an excellent value-add opportunity as lease rates have remained below market. By increasing rents, which could be done immediately as all leases are month-to-month, 9%+ cap rate are reasonable to expect based off of conservative rent estimates. Tenancy includes several long-standing, well known businesses in the Norman community.
Located just of Main Street, immediately east of 24th Ave SW and within 1/4 mile of on/off ramps at I-35.
Investment highlights
- All leases are month-to-month
- Value add opportunity to increase rents to near market
- 9% + cap rate potential based off conservative pro forma model
- Tenant mix includes long-term, highly revered community businesses
- Well maintained property with little deferred maintenance
- Traffic count of over 26,000 vpd along W. Main St.
- Signal at intersection
Listing Contacts
Listed by Fleske Commercial Group
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