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111-203 Hal Muldrow Dr
Norman, OK 73069
Hal Muldrow Retail Center · Retail Property For Sale
Investment Highlights
- All leases are month-to-month at rates far below market rents
- 9% + cap rate potential based off conservative pro forma model
- Well maintained property with little deferred maintenance
- Value add opportunity to increase rents to near market
- Tenant mix includes long-term, highly revered community businesses
- Traffic count of over 26,000 vpd along W. Main St.
Executive Summary
Fully occupied retail strip center located amongst Norman's busiest retail corridor, 24th Ave SW and W Main St. This legacy property has been well-maintained and owned by the same family since 1987. The property presents an excellent value-add opportunity as lease rates have remained far below market. By increasing rents, which could be done immediately as all leases are month-to-month, 9%+ cap rate are reasonable to expect based off of conservative rent estimates. Tenancy includes several long-standing, well known businesses in the Norman community.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
19,563 SF
Building Class
C
Year Built
1974
Price
$2,700,000
Price Per SF
$138.02
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.55
Lot Size
0.81 AC
Zoning
C-2 - General Commercial
Parking
40 Spaces (2.04 Spaces per 1,000 SF Leased)
Frontage
238’ on Hal Muldrow Dr
Amenities
- Signalized Intersection
Property Taxes
| Parcel Number | R0041151 | Improvements Assessment | $73,764 |
| Land Assessment | $43,513 | Total Assessment | $117,277 |
Property Taxes
Parcel Number
R0041151
Land Assessment
$43,513
Improvements Assessment
$73,764
Total Assessment
$117,277
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