Address: 1563 N Peoria Ave, Tulsa, Oklahoma, United States 74106
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $135,000
Net Operating Income: $135,000
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually Starting Year 6
Options: Four, Five-Year Tenant Renewal Options
Year Built: 2019
Rentable Sq/Ft: 2,866 SF
Rent Sq/Ft: $47.1
Price Sq/Ft: $856
Lot Size: +/-0.84 Acres
The subject investment property benefits from being well-positioned in an urban infill consisting of national and local tenants, shopping centers, and schools within close proximity of this property. Major national tenants include McDonald’s, QuikTrip, Taco Bell, Walgreens, Popeyes, Save-A-Lot, Family Dollar, Dollar General, Pizza Hut, as well as many others. The subject property benefits from its close proximity to several academic institutions. Most notable is Tulsa Community College Northeast and The University of Tulsa, which have total enrollments exceeding 20,100 and 4,680 students, respectively. Both institutions are located within a 3-mile radius of the subject property. Saint Francis Hospital, a 1,112-bed, general medical and surgical facility, is located less than 8-miles from the Burger King. Tulsa International Airport (TUL), the global maintenance headquarters for American Airlines, serves over 2,885,000 passengers annually and is located 5-miles north of the subject property.
The subject property is located on North Peoria Avenue which experiences an average daily traffic count of 17,194 vehicles. North Peoria Avenue is located directly off of Cherokee Expressway which brings an additional 46,670 average vehicles per day to the area. The subject property benefits from being situated in a heavily populated area. There are more than 144,150 individuals residing within a five-mile radius and more than 396,800 individuals within a ten-mile radius.
Tulsa, a city in and the county seat of Tulsa County, is the most densely populated county in Oklahoma, with urban development extending into Osage, Rogers, and Wagoner counties. Tulsa is the second-largest city in Oklahoma and the 45th-most populous city in the United States. There are 30 companies in Tulsa that employ more than 1,000 people locally, and small businesses make up more than 80% of the city’s companies. Though the oil industry has historically dominated Tulsa’s economy, efforts in economic diversification have created a base in the sectors of aerospace, finance, technology, telecommunications, high tech, and manufacturing. A number of substantial financial corporations are headquartered in Tulsa, the largest being the BOK Financial Corporation. As the second largest metropolitan area in Oklahoma and a hub for the growing Northeastern Oklahoma-Northwest Arkansas-Southwestern Missouri corridor, the city is also home to a number of the region’s most sophisticated law, accounting and medical practices.
Broker of Record: Mark McCoy License #181981