Property Details for 11110 Admiral Pl

Year built

1955

Lot size

1.75 lot acres

Property size

1,000 SF

Property type

Retail properties & Spaces

Property subtype

Office properties & Spaces

Description

This exceptional 17,240 square foot retail portfolio, known as Wagon Wheel Center, presents a compelling value-add investment opportunity in Tulsa, Oklahoma. Located at 11110 & 11126 E Admiral Pl, 74116, this property comprises ten (10) units within a single, one-story building on a 1.75-acre lot. Built in 1955 and zoned CS, the property boasts 100% occupancy with a diverse tenant mix, generating a current NOI of $67,855 and a 6.96% cap rate. The pro-forma NOI is projected at $75,599, representing a 7.75% pro-forma cap rate. Nine of the ten leases are short-term (month-to-month or one-year maximum), offering significant upside potential through future rent increases. The leases are modified, with the landlord responsible for taxes and insurance, while tenants cover utilities. A standard lease clause limits tenant HVAC repair responsibility to $300 per incident. The property is in good overall condition, presenting a strong owner-user opportunity due to the short-term lease structure. The asking price is $975,000, translating to $46.11 per square foot. One tenant is on a ground lease with annual rent increases tied to the CPI. This property offers a rare combination of immediate cash flow and substantial long-term growth potential.

Location Insight

City

Tulsa

County

Tulsa

State

Oklahoma

Longitude

-95.8531

Latitude

36.1599