11110 Admiral Pl Tulsa, OK 74116
- Retail properties
- 1,000 SF
- 1.75 lot acres
Current Use by Public Records
- The Finest Cutzs Barbershop / Barber Shop / Hair Extension Technician
Property Details for 11110 Admiral Pl
- Year built
- 1955
- Lot size
- 1.75 lot acres
- Property size
- 1,000 SF
- Property type
- Retail properties
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tulsa
- County
- Tulsa
- State
- Oklahoma
- Longitude
- -95.8531
- Latitude
- 36.1599
