Sooner Market Place 5500-5540 E Reno Ave

Marcus and 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.