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    13002-13070 Commerce Dr Elgin, OK 73538

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    13002-13070 Commerce Dr Elgin, OK 73538

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    • Lifestyle centers
    • 20,109 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 13002-13070 Commerce Dr

    Year built
    2022
    Property size
    20,109 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional Class A shopping center, Elgin Square, presents a compelling investment opportunity in the thriving Elgin, Oklahoma market. Built in 2022, the 20,109 square foot property boasts a strong 6.08% capitalization rate and a current NOI of $262,105. Currently 78% occupied, the center features ten units, including a diverse mix of established tenants such as Rising Eagle Brewery, Century 21 Realty, Luna Rae, Fee Mue Thai Cuisine, Hilliary, Eagle's Lounge, Allure Wellness, SW Driving School, and Burritos Mico. Many tenants offer outdoor seating, enhancing the property's appeal. The strategic location offers convenient access to both Highway 277 and Interstate 44, ensuring high visibility and accessibility for both tenants and customers. Ample parking is available for all suites. The property is situated near other prominent businesses, including Arvest Bank, McDonald's, and Braum's, further solidifying its position within a vibrant commercial corridor. Only one unit remains available for lease, presenting an immediate opportunity to increase occupancy and revenue. Financial details are available upon request to qualified buyers, subject to a Non-Disclosure Agreement. Additionally, a one-acre pad-ready site is available for separate purchase. The property is zoned for commercial use. This is a rare opportunity to acquire a high-quality, newly constructed shopping center in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Comanche
    State
    Oklahoma
    Longitude
    -98.2976
    Latitude
    34.7842

    Comparable in this City

    • Value Estimation by Request
      1,200 SF

      7693 Us Hwy 277

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      7693 Us Hwy 277, Elgin, OK 73538-2163
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    • Value Estimation by Request
      5,600 SF

      8209 Us Hwy 277

      SHOPPING CENTER, STRIP CENTER • 5,600 SF
      8209 Us Hwy 277, Elgin, OK 73538-2202
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    • Value Estimation
      $605,000
      6,200 SF

      7727 Us Hwy 277

      SHOPPING CENTER, STRIP CENTER • 6,200 SF
      7727 Us Hwy 277, Elgin, OK 73538-7704
      View Details
    • Value Estimation by Request
      3,200 SF

      318 30th St

      NURSERY, GREENHOUSE, FLORIST • 3,200 SF
      318 30th St, Elgin, OK 73538-2108
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    • Value Estimation by Request
      2,718 SF

      7523 Us-277

      Restaurants • 2,718 SF
      7523 Us-277, Elgin, OK 73538
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    • Value Estimation by Request
      1,140 SF

      10332 Miller Rd

      NURSERY, GREENHOUSE, FLORIST • 1,140 SF
      10332 Miller Rd, Elgin, OK 73538-3752
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,109 SF

      Elgin Square Shopping Center

      Fully occupied shopping center investment opportunity in Elgin, Oklahoma.
      13002-13070 Commerce Dr, Elgin, OK 73538
      View Details
    • Contact for pricing
      2,542 SF

      Operating Gas Station with Drive-Thru

      Fully operational gas station with drive-thru, beer cave, and kitchen.
      7759 Us Highway 277, Elgin, OK 73538
      View Details
    • Contact for pricing

      Land For Sale in Elgin

      4.5 acres of land near I-44 in Elgin, Oklahoma.
      5627 Us Highway 277, Elgin, OK 73538
      View Details
    • $38,000
      Pending

      Residential Lot in Elgin, OK

      Large lot in Elgin school district, close to Lawton-Ft Sill.
      2 Tbd Meers Porter Hl Rd, Elgin, OK 73538
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    • New
      $74,900
      6.00 Acres

      Elgin, OK - 6 Acreage

      6 acre lot in Elgin School District.
      10211 NE 120Th St, Elgin, OK 73538
      View Details
    • Contact for pricing

      Land For Sale or Lease

      Land available for sale or lease in Elgin, Oklahoma.
      NE 75Th St, Elgin, OK 73538
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      24,999 SF

      Elgin Square Retail Space Available

      New retail space in prime Lawton location.
      13002-13070 Commerce Dr, Lawton, OK 73538
      View Details
    • Contact for pricing
      1,250 SF

      New Retail Space Available

      Brand new retail space with tenant improvement available for lease.
      7374 Us Highway 277, Elgin, OK 73538
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    • Contact for pricing
      3,600 SF

      3,600 SF Steel Structure

      3,600 SF steel structure for lease on 2 acres.
      2507 Meers Porter Hill Rd, Elgin, OK 73538
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    • Contact for pricing

      Elgin Land for Ground Lease

      Approximately 1.06 acres available for ground lease in Elgin, OK.
      7 7Th St, Elgin, OK 73538
      View Details
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    Elgin, OK 73538
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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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