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1705-1725 N Portland Ave
Oklahoma City, OK 73107
Portland Shops · Retail Property For Sale
Executive Summary
Retail | 8.63% CAP | 23,823 SqFt
Marketing description
Portland Shops is a 28,823 SF neighborhood strip center strategically positioned in Oklahoma City’s West/Central submarket. Situated on a 1.85-acre lot along N Portland Avenue, this established retail center offers investors and owner-users an opportunity to acquire scale at a compelling basis well below market comparables. Originally constructed in 1954 and renovated in 2013, the property is offered at $2,200,000 ($76.33/SF)
The West/Central submarket continues to demonstrate steady leasing fundamentals with over 151,000 SF leased in the past 12 months and strong transaction velocity totaling $34.9M in sales volume. With limited new construction and stable cap rates, the area remains attractive for value-add retail investors.
Market asking rents in the submarket average $1.30/SF, providing upside potential through lease-up and rent growth strategies.
Marketing description
Portland Shops is a 28,823 SF neighborhood strip center strategically positioned in Oklahoma City’s West/Central submarket. Situated on a 1.85-acre lot along N Portland Avenue, this established retail center offers investors and owner-users an opportunity to acquire scale at a compelling basis well below market comparables. Originally constructed in 1954 and renovated in 2013, the property is offered at $2,200,000 ($76.33/SF)
The West/Central submarket continues to demonstrate steady leasing fundamentals with over 151,000 SF leased in the past 12 months and strong transaction velocity totaling $34.9M in sales volume. With limited new construction and stable cap rates, the area remains attractive for value-add retail investors.
Market asking rents in the submarket average $1.30/SF, providing upside potential through lease-up and rent growth strategies.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Building Size
28,823 SF
Building Class
C
Year Built/Renovated
1954/2013
Price
$2,200,000
Price Per SF
$76.33
Cap Rate
8.20%
NOI
$180,400
Percent Leased
83%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.36
Lot Size
1.85 AC
Zoning
C-3 - Community Commercial
Parking
120 Spaces (4.16 Spaces per 1,000 SF Leased)
Frontage
313’ on Portland Ave
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Tenant Controlled HVAC
- Wheelchair Accessible
- Air Conditioning
Property Taxes
| Parcel Numbers | Improvements Assessment | $115,183 | |
| Land Assessment | $16,594 | Total Assessment | $131,777 |
Property Taxes
Parcel Numbers
Land Assessment
$16,594
Improvements Assessment
$115,183
Total Assessment
$131,777
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Portland Shops | 1705-1725 N Portland Ave