7220 Western Ave Oklahoma City, OK 73139-2012

This 16,080 square foot shopping center in Oklahoma City, OK presents a compelling value-add opportunity. Built in 2017, the property boasts 90% occupancy with eight tenants, including Oklahoma Red Door, Paint Beauty Lounge, and El Fogon de Edgar. Situated on a 65,520 square foot lot at 7220 S Western Ave, 73139, the center benefits from high visibility and accessibility, with 24,272 vehicles per day on South Western Avenue and over 107,700 vehicles per day on nearby Hwy 240. The asking price is $3,200,000, representing a price per square foot of $199, significantly below the estimated $371 per square foot replacement cost. The current net operating income (NOI) is $246,510, yielding a 7.7% cap rate, with a pro-forma NOI of $271,160 and a pro-forma cap rate of 8.47% achievable through lease-up of the 10% vacancy. Modified gross leases are in place. The property is zoned for retail use and includes 98 parking spaces. This investment offers strong potential for increased returns in a rapidly growing area of Oklahoma City, the 20th largest city in the US and 6th fastest growing among the top 20. The current average rent of $17.16 per square foot is below market rates.