Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a single tenant net leased Verizon Wireless property located in the Oklahoma City MSA, approximately 42 miles southwest of downtown Oklahoma City. The property is located in a dense retail corridor within a dense residential community. The property was built 2018 construction and has excellent street-front visibility. Verizon Wireless has 8.3+ years remaining on the lease which expires June 30, 2033. The lease features a 10 percent rent bump in each of the two Five-year renewal option periods. The 2,400 square-foot property is located at the hard corner of E Grand Avenue, the area’s primary east-west thoroughfare, and 4th Street (US Hwy 81), the area’s primary north-south thoroughfare with combined traffic counts in excess of 30,000 vehicles per day. The Property is bordered by Walgreens to the South, and Xpress Wellness Urgent care and a 2024 construction Chick-Fil-A to the West. In addition, the Property is located caddy-corner to a Walmart Supercenter with outparcel tenants including McDonald’s, Pizza Hut, Arvest Bank, and Arby’s. Other retailers in the immediate area include Bealls, ALDI, Tractor Supply Co., Ace Hardware, Taco Bueno, and Braum’s Restaurant. Lastly, the Property is also located within close proximity to multiple residential communities, local businesses, and schools. Verizon Wireless provides wireless services to over 130 million subscribers making it the largest wireless telecommunications provider in the United States. Verizon Wireless is a wholly owned subsidiary of Verizon Communications, a publicly traded company on the New York Stock Exchange using the symbol “VZ”. The Verizon Wireless lease is guaranteed by Cellular Sales of Knoxville, the largest Verizon Wireless retailer in the United States with more than 600 stores. The Property is being offered free and clear of debt at a 6.5% cap rate for $1,930,000.