5000 May Ave, Oklahoma City, OK 73112

Property Details for 5000 May Ave

Year built

1950

Lot size

3.14 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents the chance to acquire the Mayfair Shopping Center, a thriving retail property in Oklahoma City, OK. Comprising two buildings totaling 55,267 square feet on a 3.14-acre lot, this stabilized neighborhood center boasts a 100% occupancy rate with a diverse mix of national tenants including Michaels, Rockler, Touchstone Imaging, Comfort Dental, and the UPS Store. The property, originally built in 1950, underwent a complete renovation in 2023, resulting in like-new condition. Key improvements include a new roof, HVAC units, façade, storefront glass, upgraded site utilities and paving, and new signage. The property features a weighted average lease term of approximately 8.1 years, with below-market rents for several long-term tenants, presenting significant potential for future NOI growth. Located at the signalized intersection of N. May Avenue and NW 50th Street, Mayfair benefits from a highly desirable location within a dense, affluent trade area, surrounded by major highways and proximate to significant employment centers, including INTEGRIS Health Baptist Medical Center. The area also features strong retail competition, including Target, Sam's Club, Home Depot, and Lowe's, and is near the new OAK development, a 20-acre mixed-use project. The asking price is $12,000,000, representing a pro-forma cap rate of 8.51% and a price per square foot of $217.13. The current pro-forma NOI is $1,021,447. This is a rare opportunity to acquire a fully renovated, high-performing retail asset in a prime Oklahoma City location.

Location Insight

City

Oklahoma City

County

Oklahoma

State

Oklahoma

Longitude

-97.5648

Latitude

35.5215