Hilltop Village Shopping Center

1100-1120 S. Air Depot, Midwest City, OK

$4,890,000

Price

8.05%

Cap Rate

$393,786

NOI

Overview
Cap Rate
8.05%
NOI
$393,786
Building Size
86,652 sqft
Lot Area
8.728 acres
Occupancy
86%
Units
38
Year Built
1974
Floors
1
Parking Spots
443
Description

Hilltop Village Shopping Center is a well-positioned retail plaza featuring five buildings and covering 8.7+/- acres. Located on historic Air Depot in Midwest City, the property resides just 1.3 miles from the main entrance to Tinker Air Force Base and boasts one of the top five traffic counts within the municipality with over 23,000 vehicles per day passing by it each day. Hilltop Village is situated next to Midwest City High School (1,326 students) and Mid-Del Technology Center (665 students) which provides built in traffic patterns for local retailers to take advantage of.

Priced at an 8% cap rate based on actuals while still boosting potential for another $150,000 to $190,000 in gross rents though easing vacant units, the center is primed for a renaissance. With nearly 19,000 sf still vacant, an investor will find the opportunity to realize major gains in annual rent through some small improvements and lease-up. For a long-term holder, this asset presents very real upside while the current rent structure also helps to "recession proof" the property due to such low rents.

Located on Air Depot in Midwest City. Just 1.3 miles from Tinker Air Force Base and I-40. 25,823 vehicles per day (ACOG)

Highlights
  • 86,600sf
  • 443 parking spaces
  • Five (5) Buildings
  • Nearly nine (9) acres
  • True community center- important asset to municipal area
  • 23,486 vehicles per day (ACOG) on Air Depot in front of center
  • Many long term tenants
  • Recently remodeled
  • New pylon sign
  • SO MUCH UPSIDE
  • 8% cap rate as priced with 22% vacancy
  • Average GROSS Rent- $8.69 per sf on current leases
Documents

Location
Gallery