Five-Tenant Retail
For Sale
Contact for pricing
2740 NW 140th St, Oklahoma City, OK 73734
Fully occupied retail center with NNN leases and unused drive-thru infrastructure for future tenant use.
Property Size11,397 SF
Price / SF$370.27
Days on Market126
Property Features for 2740 NW 140th St
General Information
Standard status
Active
Size
11,397 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$295,380
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
Summit Real Estate
(469) 844-8884
Listed By:
Hudson Lambert · License #TX 724882
Source:
Crexi
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 12:29AM
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 Summit Real Estate
Investment Insights
Based on property information with market context.
Quail Springs Shoppes is a 2023 retail center containing five tenant spaces and 11,397 square feet. The property is fully occupied under NNN leases, with rent increases scheduled across all leasable area within the next 2.5 years. Existing drive-thru infrastructure is currently unused and could support a future double end-cap drive-thru configuration.
The center is positioned at the entrance to Life Time Gym and The Quail Springs Mall, a super regional mall encompassing more than 1.1 million square feet and over 100 tenants. Access is provided from NW 140th St near North May Avenue, Memorial Road, and the John Kilpatrick Turnpike, which records 83,327 VPD. The surrounding five-mile area has an average household income exceeding $108,000. Oklahoma City’s metropolitan area has added over 240,000 residents since 2010, representing growth of nearly 20%.
The center is positioned at the entrance to Life Time Gym and The Quail Springs Mall, a super regional mall encompassing more than 1.1 million square feet and over 100 tenants. Access is provided from NW 140th St near North May Avenue, Memorial Road, and the John Kilpatrick Turnpike, which records 83,327 VPD. The surrounding five-mile area has an average household income exceeding $108,000. Oklahoma City’s metropolitan area has added over 240,000 residents since 2010, representing growth of nearly 20%.
Key Highlights
- 11,397 SF retail center completed in 2023
- Five tenant spaces with 100% occupancy
- NNN leases cover the fully occupied property
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
$224,977
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
5.33%
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%
$4,499,540
$4.5M
Cap Rate 7%
$3,213,957
$3.2M
Cap Rate 9%
$2,499,744
$2.5M
Market Conditions
NOI Build-Up for 11,397 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
$341.9K $30.00/SF
− Vacancy
−$20.5K −$1.80/SF
EGI
$321.4K $28.20/SF
− OpEx
−$96.4K −$8.46/SF
NOI
$225.0K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /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%
$4,499,540
Cap Rate 7%
$3,213,957
Cap Rate 9%
$2,499,744
Alternative Uses
Best Use
Retail
$3.21M
$2.81M – $3.75M
NOI $224,977 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.90M
$3.41M – $4.55M
NOI $272,844 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
345k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Apparel 26%
Shops & Services 16%
Home Improvements & Furnishings 3%
JCPenney
Apparel
39,365 visits/mo
0.3 miles
Dillard's
Apparel
38,938 visits/mo
0.5 miles
Barnes & Noble
Shops & Services
37,181 visits/mo
0.1 miles
Olive Garden
Dining
26,566 visits/mo
0.2 miles
Starbucks
Dining
18,845 visits/mo
0.3 miles
Demographics for 73734, OK
926
Population
420
Households
2.2
Avg Household Size
41
Median Age
9%
College-Educated
90%
High-School Grad
105.5 sq mi
ZIP Area
9
Density / Sq Mi
$45,481
Median Household Income
$35,417
Median Earnings
$860
Median Rent
$164,800
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied retail center with NNN leases and unused drive-thru infrastructure for future tenant use.
Where is this strip mall located?
The property is located at 2740 NW 140th St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $4,220,000.
What are key features of this property?
This property features: 11,397 SF retail center completed in 2023; Five tenant spaces with 100% occupancy; NNN leases cover the fully occupied property
