1419 51St StTulsa, OK 74107

Property Details for 1419 51St St

Year built

1998

Construction

STEEL FRAME

Lot size

1.45 AC

Property size (Sq ft)

8,000 SF

Zone code

CS

Property type

Retail space

APN

40925-92-26-01680

APU

40925922601680

Description

This exceptional investment opportunity presents a fee-simple ownership of a single-story, 8,000-square-foot retail building situated on one acre in Tulsa, Oklahoma. The property, constructed in 2000 and renovated in 2024, boasts a strong 7.50% cap rate and a Net Net Lease (NN+) agreement with Dollar General (#4220), a Fortune 500 company with a BBB investment-grade rating. The lease, commencing August 1, 2024, and expiring July 31, 2031, includes two five-year renewal options with a 10% rent increase at the beginning of each. Dollar General's current annual sales exceed $1,783,200, demonstrating the location's strong performance. The lease agreement includes a corporate guarantee and a pro-rata reimbursement (93.75%) for all CAM, taxes, and insurance, eliminating previous expense caps. Dollar General also covers minor maintenance up to $1,500 per incident for HVAC. The property features a concrete driveway and parking lot. Adding to the income stream, a secondary tenant, Everybody's Cash, contributes an additional $550 monthly rent. The property is zoned commercial and located in a high-traffic area with a population exceeding 21,000 within a two-mile radius, boasting an average income of $63,000. The asking price is $800,000, translating to $100 per square foot. This property is part of a two-store package, but can be purchased individually. The property's strong tenant, favorable lease terms, and high-performing location make it an ideal addition to any investment portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $1,588,603

  6.5%

  $1,466,403

  7%

  $1,361,660

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,442,045

  Geo Method

  $1,442,045

• Alternative Use

  Use

  Valuation

  Residential

  $1,236,966

  Hospitality

  $1,133,054

  Educational

  $942,688

  Medical

  $975,108

  Retail

  $1,466,403

Location Insight

City

Tulsa

County

Tulsa

State

Oklahoma

Latitude

36.0909

Longitude

-96.0084

CBSA code

46140

CBSA name

TULSA, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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