Building Details

Year Built 2022

Buildings 1

Stories 1

Units 10

Listing Agency: Insight Commercial Real Estate

Listed By: Melissa Busse · License #OK Show Phone

Source: Crexi

Added: Apr 23, 2024 Changed: Sep 10 Last Checked: Sep 12 at 5:50AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Insight Commercial Real Estate

Investment Insights

Based on property information with market context.

This investment property for sale is located in Elgin, Oklahoma, and features Elgin's newest shopping center, Elgin Square. The center is fully occupied and offers ample parking for all suites. It is situated minutes away from Highway 277 and I-44. Tenants include Rising Eagle Brewery, Eagle's Lounge, Century 21 Realty, Luna Rae, Fee Mue Thai Cuisine, Hilliary, Allure Tanning, SW Driving School, West Wing Boutique, and Burritos Mico. Rising Eagle Brewery and Burritos Mico both have outdoor seating. Nearby businesses include Arvest Bank, McDonalds, and Braum's. The property size is 20109 square feet.

Key Highlights

• Fully occupied shopping center, providing immediate income stream.
• Prime location in Elgin, OK, at Elgin Square.
• New construction (built in 2022).

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$268,186

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

6.37%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$5,363,720 $5.4M

Cap Rate 7%

$3,831,229 $3.8M

Cap Rate 9%

$2,979,844 $3.0M

Market Conditions

NOI Build-Up for 20,109 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$427.1K $21.24/SF

− Vacancy

−$44.0K −$2.19/SF

EGI

$383.1K $19.05/SF

− OpEx

−$114.9K −$5.72/SF

NOI

$268.2K $13.34/SF

Area

Comanche County, OK

Vacancy

10.30%

Lease Rate

$21.24 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$5,363,720

Cap Rate 7%

$3,831,229

Cap Rate 9%

$2,979,844

Alternative Uses

Best Use

Retail

$3.83M

$3.35M – $4.47M (±1% cap)

NOI $268,186 @ 7.0% cap · market cap 6.37%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.95M

$4.33M – $5.77M (±1% cap)

NOI $346,151 @ 7.0% cap · market cap 8.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Shopping centers

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 73538, OK

6,771

Population

2,496

Households

2.7

Avg Household Size

35

Median Age

33%

College-Educated

92%

High-School Grad

81.0 sq mi

ZIP Area

84

Density / Sq Mi

$83,873

Median Household Income

$50,448

Median Earnings

$1,143

Median Rent

$268,900

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Shopping center - Fully occupied shopping center investment opportunity in Elgin, Oklahoma.

Where is this shopping center located?

The property is located at 13002-13070 Commerce Drive Elgin OK Elgin, OK.

What is the asking price?

The asking price for this property is $4,210,000.

What are key features of this property?

This property features: Fully occupied shopping center, providing immediate income stream.; Prime location in Elgin, OK, at Elgin Square.; New construction (built in 2022).