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    12512 NE 23rd Street Nicoma Park, OK 73020

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    Claim this Listing
    For Sale
    $449,513

    LAND - Nicoma Park, OK

    Lot size:
    5.94 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 10 at 7:06 pm

    Property Features for 12512 NE 23rd Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    12512NE23rd73020
    Lot size
    5.94 Acres

    We can help!

    Listing Contact
    Ernie DeBernard

    Listing agent Ernie DeBernard License #137728

    Listing office McGraw REALTORS (BO) 16301 N May Avenue, Edmond, OK

    Listing date Apr 1, 2026

    MLS# 1221238

    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.

    Overview

    Land in Nicoma Park, OK

    This 5.94-acre parcel is located off Highway 62 (NE 23rd Street) in Eastern Oklahoma County, within the Nicoma Park/Choctaw school district. The land benefits from visibility and traffic of over 15,000 vehicles daily, making it suitable for development. It is located close to major employers such as Tinker Air Force Base and Boeing. The property features 160 feet of frontage on NE 23rd (HWY 62). The current zoning is C-2, and mixed zoning may be possible. The location is within 2 miles of new housing developments, projected to add over 600 new homes in the coming years, and established retail such as Walmart, Braum's, and Starbucks. The city of Nicoma Park is open to various development options that would benefit the community, including retail, strip/mini malls, residential, fast food, storage, and offices. Several new businesses have recently established themselves in Nicoma Park due to affordability, flexibility, and ease of working with the city. Available utilities include OG&E, ONG, city water, city sewer, COX, and AT&T. New residential developments are underway less than 2 miles away, including Sierra Villas and Westfall. Tinker Air Force Base & Boeing are 12 minutes away, Bricktown & Paycom Center are 19 minutes away, Central Edmond or Moore are 30 minutes away, and Will Rogers International Airport is 28 minutes away. The property is located at 12512 NE 23rd Street, Nicoma Park, OK 73020.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Nicoma Park
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.308985
    Latitude
    35.493101

    Nearby Similar for Sale

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      Nicoma Park Office Space

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    • $62,500

      Residential Lot in Nicoma Park

      1.69 acre residential lot for sale in Nicoma Park.
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    • $749,900

      Retail Corner Land For Sale

      7.4 acre retail corner lot, great investment opportunity.
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    FAQs

    What type of property is this?
    Commercial land - 5.94 acres near Highway 62, prime for development.
    Where is this commercial land located?
    The property is located at 12512 NE 23rd Street Nicoma Park, OK.
    What is the asking price?
    The asking price for this property is $449,513.
    What are key features of this property?
    This property features: Prime location on Highway 62 (NE 23rd) with high visibility and traffic (15,000+ daily).; Zoned C‑2 with potential for mixed zoning and diverse development options.; Located in the highly desired Nicoma Park/Choctaw school district.
    (405) 401-2129
    We can help!
    Listing Contact
    Ernie DeBernard
    Real Estate License ID: 137728
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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