Cap Rate: 6.00%
Gross Leasable Area: 6,300 SF
- Recently Executed 10-Year Lease Renewal
- Strong 3% Annual Rent Increases
- Close Proximity to Downtown Tulsa and Medical Center
- Corporately Guaranteed Lease
- Strong Population Counts
The subject offering provides qualified investors with the opportunity to acquire a well-located EZ Pawn in Tulsa, Oklahoma. EZ Pawn corporate recently inked a new, 10-year lease which is set to begin October 1, 2023, giving the incoming investor 10-plus years in lease term. Additionally, the tenant agreed to substantially raise the rent in the renewal with 3 percent annual increases, showing a strong commitment to the location and ensuring that the lease will keep up with inflation. There are two additional five-year options that feature both 10 percent increases at execution and continued 3 percent annual increases. The subject property has a long history as a pawn shop which should continue well into the future due in part to the recently executed lease.
The subject property is situated just east of downtown Tulsa and is less than a block away from the Hillcrest Medical Center, one of Tulsa’s largest medical facilities. This location boasts robust traffic counts and population numbers. Tulsa is the second largest city in Oklahoma and the 47th largest city in the United States with well over 400,000 residents. Tulsa has experienced a renaissance in the past few years, attracting a dynamic restaurant scene and downtown gentrification plan which should only make the subject property more desirable over time.