1002 Porter Ave Norman, OK 73071-6407
- Auto shops
- 384 SF
- 0.52 lot acres
Current Use by Public Records
- HTeaO - Norman E / Tea Store
- HTeaO - Norman / Tea Store
Property Details for 1002 Porter Ave
- Year built
- 1930
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.52 lot acres
- Property size
- 384 SF
- Zone code
- R2
- Property type
- Auto shops
- APN
- NC29HGHLD 3 28A001
- APU
- NC29HGHLD328A001
Description
This exceptional investment opportunity presents a 2,566 square foot, Class A, HTeaO franchise location in Norman, Oklahoma. Boasting a 15.4-year absolute NNN lease with 1.5% annual rent bumps and CPI adjustments in the options, this property offers significant long-term stability and predictable cash flow. The property, built in 2022, features a dual drive-thru and sits on a 0.52-acre lot in a high-traffic area with over 18,000 vehicles daily. The tenant, the largest HTeaO franchisee, benefits from the brand's rapid growth in the quick-serve restaurant sector. The location enjoys excellent visibility and accessibility, situated near Norman Regional Health System's Porter Campus, the University of Oklahoma, Max Westheimer Airport, and Griffin Community Park. The surrounding area is densely populated and affluent, with an average household income exceeding $80,000 and over 125,000 residents within a 5-mile radius. The property generates a strong net operating income (NOI) of $140,000, resulting in a compelling 6.25% cap rate. This is a turnkey investment with minimal landlord responsibilities, offering a secure and lucrative return on investment. The asking price is $2,240,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norman
- County
- Cleveland
- State
- Oklahoma
- Longitude
- -97.4415
- Latitude
- 35.2308
- CBSA code
- 36420
- CBSA name
- OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA
