During a meeting to discuss the leasing options for the targeted space. The current ownership decided not to extend a lease opportunity but to make an offer to sell the entire strip mall. The asking price was $2 Million which would include the transfer of current lease holders and the property to be sold as is. There would be renovations needed to bring the appearance and operation of the shopping center up to standard appearance and utilization. The parking lot must be improved to ensure safe and controlled parking. This shopping center is comprised of 10 separated spaces that are leasable. 7 are currently under a lease with an average lease of $900/mo. The other spaces would be used as a means of income for our overall business. The property located on the corner of Northeast 36th & Kelly falls in the Ward 7 district. This property has been around since the 1970s and is a historic part of the Northeast OKC Community. The Shopping center across the street also owned by the same owner, was recently renovated and has seen a 15% lease holder price increase. Later in the plan, we will explain what renovations will be made to ensure similar if not greater success in increasing the value of all spaces in the shopping center.
To maintain steady residual income, the strip will purchase both commercial and residential real estate properties to be renovated then rented out or sold depending on the location, acquisition and renovation costs and sale value.
Estimated Total Project Cost:
Size of Investment Requested:
3715 Springlake dr Oklahoma City, OK 73111
$1 - $10M
$1M - $10M
NE 23rd Street Corridor
Commercial: Multi-Tenant Office, , Retail, Resturant
Other Investment Benefits:
Low Income Housing Tax Credit
1716 North Bath Avenue N/A bath OKLAHOMA CITY OK 73111
Historical Development Experience:
Residential: Multi Family
Commercial: Retail, Resturant