Have For Sale
Price : $9,620,000
Property Size : 53,210 SF
Brad J. Pepin CPA CCIM
Stan Johnson Company
Stan Johnson Company is pleased to offer for sale to qualified investors the Virginia College property located in Tulsa, Oklahoma (MSA: 988,454).
The property is 100% leased to Virginia College and is operating under a brand new Fifteen (15) year net lease, with two (2), five (5) year renewal options.
The property is located off Interstate-44 (VPD: 81,472) on South Peoria Avenue (VPD: 19,931). The property is conveniently located in an urban area with access to major highways, retailers, and businesses. Virginia College is approximately seven miles from downtown Tulsa and 13 miles from Tulsa International Airport.
Virginia College was established in 1983 in Birmingham, Alabama and currently operates 23 locations in 10 states. Virginia College is owned and operated by Education Corporation of America (ECA), a privately held company that operates private accredited colleges across the United States.
- $9,620,000 (9.25% Cap Rate)
- New Fifteen (15) year lease with Two (2), Five (5) year renewal options
- NNN lease with landlord responsible for building structure only
- Current annual rent: $889,802
- Attractive annual rental increases of 1% including option periods
- Investment includes attractive billboard and cellular tower ground leases ($25,000 combined NOI)
- The subject property is conveniently located off I-44, on South Peoria Avenue with combined VPD of 101,403
- Corporate financial information available to qualified investors upon request
- Proposed financing generates an initial cash-on-cash return of 11.5%, increasing annually