Current Use by Public Records
- Lifestyle centers
Property Details for 1601-1623 Jackson St
- Year built
- 1975
- Lot size
- 7.93 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 87,477-square-foot shopping center in Hugo, Oklahoma, presents a compelling investment opportunity. Boasting a 100% occupancy rate and a strong 8.25% cap rate, the property generates a substantial net operating income (NOI) of $307,192. The center features two buildings situated on 7.93 acres and is anchored by Tractor Supply, which occupies 47% of the gross leasable area (GLA) and has approximately eight years remaining on its lease. A significant portion of the GLA (29%) is occupied by Ollie's Bargain Outlet under a new eight-year lease. The remaining tenants comprise a diverse mix of service-oriented businesses and retailers. Currently, 53% of the GLA operates under gross lease terms, presenting a substantial opportunity for future income growth through conversion to triple-net leases. Average rents are below market, offering further upside potential. The property is strategically located on East Jackson Street, benefiting from high traffic counts exceeding 8,726 vehicles per day and proximity to major retailers like Walmart, Dollar General, McDonald's, and more. Built in 1975, the center offers ample parking. The surrounding area demonstrates strong demographics, with average household incomes exceeding $55,443 within a ten-mile radius. This well-positioned retail center offers a rare combination of strong current performance and significant future growth potential, making it an ideal addition to any investment portfolio. The asking price is $3,723,500, representing a price per square foot of $42.57, significantly below replacement cost.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hugo
- County
- Choctaw
- State
- Oklahoma
- Longitude
- -95.4932
- Latitude
- 34.0085
