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Owners and Assessor Clash Over Quail Springs Mall Valuation, Board Debates Cap Rate
Summary
Quail Springs MA LLC asked the Oklahoma County Board of Equalization to cut the mall parcel’s valuation from the assessor's $49.65 million to the owner's $38.1 million, citing falling net operating income, high occupancy costs and worsening tenant health; the board and assessor sparred over whether the center is a B‑ or C‑class mall and which capitalization rate to apply.
Quail Springs MA LLC told the Oklahoma County Board of Equalization on May 4 that the mall parcel it owns should be valued at about $38.1 million, arguing an income‑based appraisal and a 17% base capitalization rate better reflect the center’s financial health than the assessor’s $49.647 million notice.
At a presentation that occupied much of the hearing, the company’s representative laid out an income approach showing an effective gross income of about $11.9 million, steep occupancy costs for inline tenants (about 18%), rising vacancies and a three‑year…
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