81 Center
$4,791,000
1312 N Highway 82, Duncan, OK 73533
Cap Rate
9.63%
Square Feet
61600
Year Built/Renovated
1962
INVESTMENT HIGHLIGHTS
• 61,600-Square-Foot, Multi-Tenant Retail Center: Triple-Net Leases | Retail GLA is 100 Percent Occupied
• Priced Well Below Replacement Cost: $77.78 Per Square Foot
• 9.58 Percent Year One Cap Rate
• Value-Add Opportunity: Increase Rents Via Built-In Renewal Options
• Prime Location: Located Near Walmart, CVS, Burger King, McDonald’s, and Other National Retailers
• New Roof Installed Late 2022, Early 2023: Warranty Through August 2042 - January 2043 Dependent on Roof (Note: Roof warranty is not officially transferable; however, landlord has been unofficially told by roofing company that the warranty could be transferred).
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to exclusively list 81 Center, a 61,600-square-foot shopping center located at 1314 N Highway 81 in Duncan, Oklahoma. The property is situated inline on the main retail thoroughfare in Duncan, where traffic counts exceed 20,000 vehicles per day.
Producing a day one cap rate of 9.58 percent, 81 Center presents an investor with a rare opportunity to acquire a stabilized asset well above the current national average cap rate of 6.71 percent for retail properties (according to data provided by CoStar). 81 Center has 100 percent of its retail suites leased, and 95 percent of the retail tenants have occupied the center with ongoing tenure ranging from 8 to 16 years.
An investor can increase the day one cap rate of 9.58 percent by maintaining occupancy and renewing leases at the scheduled renewal option rates.
Alex Wolansky, CCIM
MANAGING DIRECTOR INVESTMENTS
713-452-4292
Gus N. Lagos
SENIOR MANAGING DIRECTOR INVESTMENTS
713-452-4257
