423 S Hazel St - Grove, OK
Below Market Value / Great Location
Marketing description
SVN Oak Realty Advisors is pleased to present this offering for 423 S Hazel St, a 2,400-square-foot single-tenant retail and flex building located at 423 South Hazel Street in Grove, Oklahoma. This versatile asset features a metal exterior with a rear roll-up garage door, concrete floors, and wood-paneled walls, offering a highly functional space for a diverse range of commercial uses. Ideally positioned in the heart of Grove near Grand Lake O' the Cherokees, the property benefits from massive seasonal tourism and strong local traffic, making it a compelling value-add opportunity for investors or owner-users.
Situated on a 0.14-acre lot, the property operates as a non-conforming commercial retail use within an R-1 residential zone. The building offers 2,400 square feet of adaptable workshop or warehouse space and features extensive wooden shelving along the interior walls—amenities that support immediate utility and operational flexibility. Offered at $149,000, the asset presents a significant repositioning opportunity through strategic renovations. Acquiring the property at just $62.08 per square foot allows investors to execute a comprehensive value-add program while maintaining an attractive cost basis.
At the current pricing, the asset represents a 37% discount to the Grove single-tenant-retail submarket average of $99 per square foot. This substantial pricing gap presents a meaningful opportunity for near-term equity creation through renovation and repositioning execution. The property's central location near the US Highway 59 commercial corridor and a $205 million annual tourism engine continues to drive exceptional visibility and long-term commercial demand.
Investment highlights
- Offered at $149,000 ($62.08/SF), the asset is priced approximately 37% below the Grove submarket retail average of ~$99/SF, providing a compelling entry basis for an investor or owner-user to execute a repositioning strategy and capture near-term equity creation.
- The 2,400 SF single-tenant building features a functional open layout, warehouse-style elements, and strong adaptability for a range of commercial uses, including retail, service, showroom, or light industrial repositioning.
- Located just off US Highway 59—an arterial corridor carrying approximately 15,000 vehicles per day—the property benefits from strong visibility and connectivity to Grove's primary commercial and residential nodes, supporting consistent exposure to both local and transient traffic.
- The asset is positioned to benefit from Grand Lake's robust tourism economy, which generates approximately $205 million in annual visitor spending and 1.8 million overnight stays, driving sustained seasonal and weekend demand for nearby retail and service-oriented businesses.
- Surrounding employment drivers, including Grove Industrial Park and major manufacturers such as Ferra Aerospace (recent expansion and workforce growth), provide a stable employment base that supports consistent daytime population and commercial demand.
- The 2,400 SF building operates as a non-conforming commercial retail use on a lot governed by R-1 Residential zoning. This unique designation provides a rare commercial footprint within a residential pocket, limiting immediate local competition.
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