7220 Western Ave Oklahoma City, OK 73139-2012

Property Details for 7220 Western Ave

Year built

2017

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.50 lot acres

Property size

16,080 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

10-240-0100

APU

102400100

Description

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.

Location Insight

City

Oklahoma City

County

Oklahoma

State

Oklahoma

Longitude

-97.5293

Latitude

35.394

CBSA code

36420

CBSA name

OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments