5500 Reno Ave Oklahoma City, OK 73127-6300

Property Details for 5500 Reno Ave

Year built

1975

Construction

TILT-UP CONCRETE

Lot size

15.53 lot acres

Property size

336,750 SF

Property type

Warehouses

APN

14-198-2745

APU

141982745

Description

This exceptional 63,063 square foot retail center in Oklahoma City, OK, presents a compelling value-add investment opportunity. Located at 5500-5540 E Reno Ave, the property sits on a 5.93-acre lot and features 35 units with 97% occupancy. Built in 1985 and renovated in 2023, the center boasts a strong Net Operating Income (NOI) of $459,940, with a pro-forma NOI projected at $882,882, reflecting a significant upside potential. The current cap rate stands at 7.67%, while the pro-forma cap rate is estimated at 14.71%. The property includes 8 gas pumps and offers approximately 490 surface parking spaces, benefiting from prime frontage on E Reno Ave and S Sooner Rd. Unit sizes average 1,800 square feet, with the largest tenant occupying 6,800 square feet. The asking price is $6,000,000, translating to $95.14 per square foot. The land value is $23.23 per square foot. This well-positioned retail center offers substantial potential for rental income optimization due to current rental rates significantly below market levels and a weighted average lease term of just one year. The property's location in Oklahoma City, within Oklahoma County, and its zip code 73117, contributes to its strong investment appeal. The property's diverse tenant mix and the presence of a long-standing, well-established anchor tenant further enhance its value proposition. This is a rare opportunity to acquire a well-maintained, high-performing retail center with considerable upside potential.