18 33rd St Edmond, OK 73013-4603

Property Details for 18 33rd St

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

14.14 lot acres

Property size

156,792 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

12-921-1000

APU

129211000

Description

This exceptional 160,818-square-foot shopping center in Edmond, Oklahoma, presents a compelling investment opportunity. Boasting a 7.96% cap rate and a pro-forma cap rate of 8.02%, the property features a diverse tenant mix of 17 businesses, including nationally recognized brands like Dollar Tree, McDonald's, Firestone, TJ Maxx, Home Goods, Jason's Deli, CATO Fashions, and Rack Room Shoes. The center enjoys a remarkable 98.8% occupancy rate (as of May 2, 2024), with May 2024 rents projected to be 15% below market rates, offering significant upside potential. Built in 1995 and renovated in 2013 and 2020, the two-building, single-story complex sits on a 15.01-acre lot with ample parking (5.06 spaces per 1,000 sq ft). The property is zoned E-1, Retail General Commercial, and benefits from a strong location in Edmond, a prosperous suburb of Oklahoma City, characterized by high disposable income and low cost of living. The asking price is $24,750,000, translating to $153.90 per square foot. The property's strong tenant base, with an average tenure exceeding 14 years and five tenants present since 1995, contributes to its exceptional stability and long-term value. Rent bumps are in place, further enhancing the investment's return. The Net Operating Income (NOI) is $1,970,569, with a pro-forma NOI of $1,984,667. This stabilized NNN-leased property offers a rare combination of high occupancy, strong tenant credit (including credit-rated, franchisee, and corporate-guaranteed tenants), and significant growth potential in a prime location. The property consists of 19 units across two buildings.