Current Use by Public Records
- Retail properties & Spaces
Property Details for 8707 Us-59
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This 1,650 square foot Star Lube, located at 8707 US-59 in Grove, Oklahoma (zip code 74344), is offered for sale at $875,000. The property features a 15-year triple-net (NNN) lease with a seasoned operator boasting over 30 years of experience in the automotive service industry. The lease includes 10% rent bumps every five years and four five-year renewal options, ensuring long-term income stability. The current annual net operating income (NOI) is $59,062, representing a 6.75% cap rate. The property enjoys 100% occupancy and benefits from limited quick lube competition in the area. Grove, Oklahoma, is a rapidly growing city situated on Grand Lake O' the Cherokees, experiencing an average population growth rate of 1.23% over the past decade. The location is less than ten minutes from a major retail area featuring national brands such as Walmart, Lowe's, and Walgreens, ensuring high visibility and customer traffic. This investment opportunity presents a secure, long-term income stream with significant upside potential in a thriving market. The price per square foot is $530.30. This sale-leaseback arrangement offers a passive income opportunity with minimal landlord responsibilities.
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Location Insight
- Map
- Local Demand
- City
- Grove
- County
- Delaware
- State
- Oklahoma
- Longitude
- -94.8143
- Latitude
- 36.6231
