Property Details for 1902 Norfolk Dr

Year built

2024

Lot size

1.37 lot acres

Property size

3,318 SF

Property type

Retail properties & Spaces

Description

This exceptional investment opportunity presents a brand new, 3,318 square foot Whataburger restaurant located at 1902 W Norfolk Dr, Broken Arrow, OK 74011. The property sits on a 1.37-acre lot and boasts 43 parking spaces. This is a fee simple ownership with a 20-year absolute NNN lease commencing November 15, 2024, and expiring November 14, 2044. The lease includes 10% rent increases every five years and 1% annual increases in renewal options, ensuring consistent income growth. The current annual net operating income (NOI) is $292,289, representing a 6.25% cap rate on the asking price of $4,677,000. The tenant, a franchisee with a corporate guarantee, operates a 24-hour location, benefiting from high visibility and traffic counts of 37,309 vehicles per day along Hwy 364 and 9,800 VPD along South Aspen Ave. The property is strategically positioned within the Aspen Ridge and Aspen Creek mixed-use developments, surrounded by national retailers and a strong daytime population of 112,885 within a 5-mile radius. The primary trade area encompasses 123,429 residents with an average household income of $113,296. This is a stabilized investment with 100% occupancy, offering a secure and lucrative return. The building is a single-story, 2024 construction featuring the latest prototype design with a double drive-thru.

Location Insight

City

Broken Arrow

County

Tulsa

State

Oklahoma

Longitude

-95.8142

Latitude

35.9953