JUST SOLD! - Village Oak
Village Oak Shopping Center is a 25,983 square foot neighborhood center, priced to sell. The center is 84.40% occupied (no value given to vacancy) with a stable rent roll including 75% of the tenants in the renewal periods. Village Oak is anchored by Lupe's Restaurant who has been at the center since 2006. The remainder of the tenants are thriving and seem to be stable.
Retail Shopping Center - SOLD!
- Property Address: 1000 S. Douglas Blvd., Midwest City, OK
- Price Sold: $1,456,000
- Price PSF: $55.87/sf
- CAP Rate: 9.94%
- As Is - no value to vacancy
- Date Sold: July 13th, 2017
- PEC Retail Investment Team handled both sides of the transaction
- NOI: $144,654
- Building Size: 26,058
- Lot Size: 2.8
- Renovated in 2016
- New roof in 2015-2016
- 84.40% occupied
- Upside in rental rates
- Price PSF below market prices
- 9 of 12 tenant are in renewal periods
- Tinker Air Force Base less than two miles from center
- Midwest City is a thriving market
Location Description
Village Oak has approximately 380 feet of frontage on Douglas Boulevard. and is approximately two thirds of a mile south Reno Avenue and one third mile north of 15th Street. I-40 and Tinker Air Force Base are both located less than two miles south of Village Oak Shopping Center. Midwest City is a city in Oklahoma County, Oklahoma, United States, and a part of the Oklahoma City metropolitan area. As of the 2010 census, the population was 54,371, making it the eighth largest city in the state.The city was developed in response to talk of an air field being located nearby and named for the Tinker Air Force Base's original designation as the Midwest Air Depot.
