Elgin Square Shopping
13002-13070 Commerce Drive Elgin OK Elgin, OK 73538
For Sale
Contact for pricing
Fully occupied shopping center investment opportunity in Elgin, Oklahoma.
Property Size20,109 SF
Price / SF$209.36
Days on Market828
Property Features for 13002-13070 Commerce Drive Elgin OK
General Information
Standard status
Active
Size
20,109 SF
Property subtype
Retail
Building Details
Year Built
2022
Listing Agency:
Insight Commercial Real Estate
(580) 353-6100
Listed By:
Melissa Busse · License #OK
Source:
Crexi
Added: Apr 23, 2024
Changed: Jul 6
Last Checked: Jul 28 at 11:39AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $427.1k | $21.24 |
| − Vacancy | −$44.0k | −$2.19 |
| EGI | $383.1k | $19.05 |
| − OpEx | −$114.9k | −$5.72 |
| NOI | $268.2k | $13.34 |
20,109 SF · lease $21.24/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.83M
$3.35M – $4.47M
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
NOI $346,151 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
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).
