1002 Porter AveNorman, OK 73071

Property Details for 1002 Porter Ave

Year built

1930

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.52 AC

Property size (Sq ft)

384 SF

Zone code

R2

Property type

Auto shops

APN

NC29HGHLD 3 28A001

APU

NC29HGHLD328A001

Description

This exceptional investment opportunity presents a 2,566 square foot, Class A, HTeaO franchise location in Norman, Oklahoma. Boasting a 15.4-year absolute NNN lease with 1.5% annual rent bumps and CPI adjustments in the options, this property offers significant long-term stability and predictable cash flow. The property, built in 2022, features a dual drive-thru and sits on a 0.52-acre lot in a high-traffic area with over 18,000 vehicles daily. The tenant, the largest HTeaO franchisee, benefits from the brand's rapid growth in the quick-serve restaurant sector. The location enjoys excellent visibility and accessibility, situated near Norman Regional Health System's Porter Campus, the University of Oklahoma, Max Westheimer Airport, and Griffin Community Park. The surrounding area is densely populated and affluent, with an average household income exceeding $80,000 and over 125,000 residents within a 5-mile radius. The property generates a strong net operating income (NOI) of $140,000, resulting in a compelling 6.25% cap rate. This is a turnkey investment with minimal landlord responsibilities, offering a secure and lucrative return on investment. The asking price is $2,240,000.

• CAP approach

  CAP return

  Valuation

  6%

  $100,641

  6.5%

  $92,899

  7%

  $86,263

• Comparable approach

  Method

  Valuation

  Relative Method

  $116,431

  Geo Method

  $116,431

• Alternative Use

  Use

  Valuation

  Residential

  $78,364

  Hospitality

  $71,781

  Educational

  $59,721

  Medical

  $61,775

  Retail

  $92,899

Location Insight

City

Norman

County

Cleveland

State

Oklahoma

Latitude

35.2308

Longitude

-97.4415

CBSA code

36420

CBSA name

OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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