Vacant Flex Space with Garage
For Sale
$350,000
1114 W Main Street, Oklahoma City, OK 73106
Commercial Sale, Oklahoma City, OK
Property Size3,500 SF
Lot Size0.16 Acres
Price / SF$100
Days on Market203
Property Features for 1114 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Standard status
Active
APN
1114WMain73106
Size
3,500 SF
Lot size
0.16 Acres
Building Details
Year built
1936
Building materials
Brick
Listing Agency:
CB/Mike Jones Company · Coldwell Banker Real Estate
(405) 722-1000
Listed By:
Russell Carter
(405) 413-4415
Added: Feb 1
Changed: Aug 19
Last Checked: Aug 23 at 7:06PM
MLS# 1212348
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant 3,500-square-foot flex space occupies a 0.1607-acre parcel in a brick building constructed in 1936. The layout includes two large garage doors, with alley access at the rear. Commercial zoning supports a range of business applications identified for the property, including retail, office, workshop, and storage use.
Located in downtown Oklahoma City, the property is positioned near businesses, restaurants, and entertainment venues. Its central setting provides access to the surrounding downtown environment, while the existing garage configuration offers practical functionality for storage, parking, or future customization.
Located in downtown Oklahoma City, the property is positioned near businesses, restaurants, and entertainment venues. Its central setting provides access to the surrounding downtown environment, while the existing garage configuration offers practical functionality for storage, parking, or future customization.
Key Highlights
- 3,500 square feet of vacant flex space
- 0.1607‑acre commercial parcel
- Two large garage doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,703
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$554,060
$554.1K
Cap Rate 7%
$395,757
$395.8K
Cap Rate 9%
$307,811
$307.8K
Market Conditions
NOI Build-Up for 3,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.6K $9.60/SF
− Vacancy
−$1.0K −$0.29/SF
EGI
$32.6K $9.31/SF
− OpEx
−$4.9K −$1.40/SF
NOI
$27.7K $7.92/SF
Area
Oklahoma City, OK
Vacancy
3.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$554,060
Cap Rate 7%
$395,757
Cap Rate 9%
$307,811
Alternative Uses
Best Use
Flex RnD
$673.9K
$589.7K – $786.2K
NOI $47,174 @ 7.0% cap · market cap 13.48%
Second Best
Warehouse
$395.8K
$346.3K – $461.7K
NOI $27,703 @ 7.0% cap · market cap 7.92%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,790 @ 7.0% cap · market cap 23.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,005
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant commercial space with two large garage doors and rear alley access.
Where is this flex space located?
The property is located at 1114 W Main Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3,500 square feet of vacant flex space; 0.1607‑acre commercial parcel; Two large garage doors
