Skip to main content

Shopping Strip

Sooner Market

5528 E Reno Ave, Oklahoma City, OK 73117

Listing Price: $6,000,000

Cap Rate
7.81%
Gross SF
63,063
Rentable SF
63,063
Price/Gross SF
$95.14
Lot Size
5.93 acres
Year Built
1985

Investment Overview

Marcus & Millichap is thrilled to present an exceptional investment opportunity:
The Sooner Market Place, located at 5500-5540 E Reno Ave. This meticulously
renovated retail center spans an impressive 63,063 square feet and is situated
on a generous 5.93-acre lot. Currently, it boasts an outstanding 97% occupancy
rate, housing 33 diverse tenants. The property offers approximately 490 surface
parking spaces and enjoys prime frontage on both E Reno Ave and S Sooner Rd.

Within the center, the individual unit sizes average 1,800 square feet, with
the smallest tenant occupying 600 square feet. Notably, the largest tenant
at The Sooner Market Place is Chelino’s Mexican Restaurant, a beloved local
establishment with a presence spanning over 12 locations in Oklahoma City and
at this site for over 25 years. Known for its authentic Mexican cuisine, Chelino’s has
earned its place as one of Oklahoma’s favorite Mexican restaurants, anchoring
the largest space at 6,800 square feet.

Notably, current rental rates significantly lag behind market levels, with a
weighted average lease term of just 1 year. This presents a significant opportunity
for an investor to optimize rental income, aligning it with prevailing market rates.

Factoring in an 8% vacancy factor, the initial Capitalization Rate (Cap Rate)
stands at an attractive 7.82%. Additionally, we’ve accounted for an additional
$471,376 allocated for Tenant Improvements and Leasing Commissions. When
these enhancements are implemented to bring rents in line with market rates,
the property is poised to stabilize at an impressive 12.32% Cap Rate. The Sooner
Market Place is strategically located and promises substantial potential for savvy
investors looking to capitalize on this well-positioned retail center.

Investment Highlights

  • High Traffic Shopping Center
  • Recently Renovated
  • 38% Below Market Rents

Exclusively Listed By

Broker of Record

  • Steve Greer

    Associate Regional Manager

    (918) 294-6300

    License(s) OK: 206118

    Oklahoma

Financing By

Shopping Strip

Sooner Market

Listing Price: $6,000,000

Cap Rate
7.81%
Gross SF
63,063
Rentable SF
63,063
Price/Gross SF
$95.14
Lot Size
5.93 acres
Year Built
1985

Investment Highlights

  • High Traffic Shopping Center
  • Recently Renovated
  • 38% Below Market Rents

Investment Overview

Marcus & Millichap is thrilled to present an exceptional investment opportunity: The Sooner Market Place, located at 5500-5540 E Reno Ave. This meticulously renovated retail center spans an impressive 63,063 square feet and is situated on a generous 5.93-acre lot. Currently, it boasts an outstanding 97% occupancy rate, housing 33 diverse tenants. The property offers approximately 490 surface parking spaces and enjoys prime frontage on both E Reno Ave and S Sooner Rd. Within the center, the individual unit sizes average 1,800 square feet, with the smallest tenant occupying 600 square feet. Notably, the largest tenant at The Sooner Market Place is Chelino’s Mexican Restaurant, a beloved local establishment with a presence spanning over 12 locations in Oklahoma City and at this site for over 25 years. Known for its authentic Mexican cuisine, Chelino’s has earned its place as one of Oklahoma’s favorite Mexican restaurants, anchoring the largest space at 6,800 square feet. Notably, current rental rates significantly lag behind market levels, with a weighted average lease term of just 1 year. This presents a significant opportunity for an investor to optimize rental income, aligning it with prevailing market rates. Factoring in an 8% vacancy factor, the initial Capitalization Rate (Cap Rate) stands at an attractive 7.82%. Additionally, we’ve accounted for an additional $471,376 allocated for Tenant Improvements and Leasing Commissions. When these enhancements are implemented to bring rents in line with market rates, the property is poised to stabilize at an impressive 12.32% Cap Rate. The Sooner Market Place is strategically located and promises substantial potential for savvy investors looking to capitalize on this well-positioned retail center.

Exclusively Listed By

Broker of Record

  • Steve Greer

    Associate Regional Manager

    (918) 294-6300

    License(s): OK: 206118

    Oklahoma

Financing By

MM Texture Background
MM Textured Background Lower