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    351 N Air Depot Blvd Midwest City, OK 73110

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    For Lease
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    75,000 SF shopping center with retail and office spaces.

    Type:Retail, Office, Restaurant
    Property size:
    75,000 SF
    Added:
    Sep 1, 2022
    Days on Market:
    1325
    Last Refresh:
    Mar 17 at 1:18 pm

    Property Features for 351 N Air Depot Blvd

    General Information

    Standard status
    Active
    Size
    75,000 SF
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 351 N Air Depot Blvd Contact us

    Suite EE $12 /Mo

    Size
    1,116 SF
    Type
    Retail, Office
    former counseling offices
    Contact us

    Suite BB $12 /Mo

    Size
    2,930 SF
    Type
    Retail, Office
    Contact us

    Suite B $12 /Mo

    Size
    768 SF
    Type
    Retail
    former Barber shop
    Contact us

    Suite A: Restaurant End-Cap $12 /Mo

    Size
    2,516 SF
    Type
    Restaurant
    2nd Gen. Restaurant End-Cap with Kitchen, currently Ron's Hamburgers, available with...
    show more
    Contact us

    Suite O $12 /Mo

    Size
    2,197 SF
    Type
    Retail, Office
    former RSVP of Central Oklahoma
    Contact us
    Show more

    We can help!

    Listing Contact
    Hunter Ryffel

    Listing agent Hunter Ryffel License #TX

    Listing office Woodcrest Capital

    Listing date Sep 1, 2022

    Source Crexi

    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 Woodcrest Capital

    Overview

    Midwest City Retail & Office

    Heritage Plaza is an approximately 75,000 SF lifestyle shopping center located in Midwest City, Oklahoma, a few miles north of Interstate 40 and Tinker Air Force Base. Backed by Heritage Park Mall and residential developments, Heritage Plaza features a mix of neighborhood retail tenants. Commercial suites are available to rent for traditional retail storefronts, restaurants, offices, medical, or other professional service providers. Woodcrest Capital welcomes first-time and franchise businesses with easy-to-read leases and flexible terms. Woodcrest owns and operates properties ranging from Class A centers in busy neighborhoods to centers it is rehabilitating in struggling rural communities. Multiple retail opportunities are usually available in the immediate area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Heritage Park Mall — 6609 e reno ave, midwest city, ok 73110
    • HERITAGE PLAZA — 351 N Air Depot Blvd, Midwest City, OK 73110
    • Holiday Square — 1110 S Air Depot Blvd Suite 11, Oklahoma City, OK 73110
    • Coinstar Kiosk - Bitcoin ATM — 7601 E Reno Ave WinCo, Oklahoma City, OK 73110
    • Coin Cloud Bitcoin ATM — 7212 E Reno Ave, Oklahoma City, OK 73110

    Location Insight

    • Map
    • Local Demand
    City
    Midwest City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.407468
    Latitude
    35.469067

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space in Midwest City

      Retail space available for lease in Midwest City, Oklahoma.
      2228 S Air Depot Boulevard, Midwest City, OK 73110
      View Details
    • $12/mo

      Retail Space on Air Depot

      Retail space near I-40 and Midwest City Town Center.
      1900 South Air Depot Boulevard, Midwest City, OK 73110
      View Details
    • $15/mo

      Retail Space Near Rose State

      Retail property with ample parking and frontage along Air Depot.
      1800 South Air Depot Boulevard, Midwest City, OK 73110
      View Details
    • $13/mo

      Office Space Near Interstate 40

      Office space with 11 offices, conference, reception, and break room.
      2820 Global Parkway, Midwest City, OK 73110
      View Details
    • $15/mo

      Retail Space Near Rose State

      Retail space for rent with ample parking and frontage.
      1800 South Air Depot Boulevard, Midwest City, OK 73110
      View Details
    • $17/mo

      Turn-Key Restaurant Space Available

      Restaurant space for lease in high-traffic Midwest City location.
      9903 SE 15th St, Midwest City, OK
      View Details
    • Contact for pricing

      Retail Space in Gateway Plaza

      Retail space for lease in established shopping center.
      1300 Gateway Plaza, Midwest City, OK, 73110
      View Details
    • $10/mo

      Retail Space in Midwest City

      Retail space available in high-traffic shopping center near Tinker AFB.
      7015 East Reno Avenue, Midwest City, OK, 73110
      View Details
    • $15/mo

      Office Space Available For Rent

      Office space available for lease, totaling 2,674 square feet.
      1338 South Douglas Boulevard, Midwest City, OK, 73130
      View Details
    • $12/mo

      10,156 SF + 5,860 SF Rose Rock Center For Sale or Lease - 111 N. Post Road

      Retail center with 16,016 SF available for sale or lease.
      111 N. Post Road, Midwest City, OK 73130
      View Details
    • $15/mo

      Office Space in Midwest City

      Office space for rent in a thriving Midwest City neighborhood.
      1342 South Douglas Boulevard, Midwest City, OK, 73130
      View Details
    • $20/mo

      850 SF-1,600 SF Retail Space For Lease at Boulevard Marketplace

      Retail spaces available for lease in Midwest City, Oklahoma.
      101 N. Douglas Boulevard, Midwest City, OK 73130
      View Details

    FAQs

    What type of property is this?
    Shopping center - 75,000 SF shopping center with retail and office spaces.
    Where is this shopping center located?
    The property is located at 351 N Air Depot Blvd Midwest City, OK.
    What are key features of this property?
    This property features: High‑traffic location near Heritage Park Mall, residential developments, Interstate 40, and Tinker Air Force Base.; Diverse tenant mix suitable for retail, restaurants, offices, medical, or professional services.; Flexible lease terms catering to both first‑time businesses and national credit tenants.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Hunter Ryffel
    Real Estate License ID: TX
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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