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    The Largest CRE Database in the US with Over 1 Million Listings

    1402 W 3Rd St Elk City, OK 73644

    Sponsored
    For Sale
    $850,000

    SINGLE_FAMILY - Elk City, OK

    Type:Retail
    Property size:
    7,000 SF
    Lot size:
    0.32 Acres
    Days on Market:
    75
    Last Refresh:
    Jan 29 at 6:06 pm

    Property Features for 1402 W 3Rd St

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    Commercial
    APN
    1402W3rd73644
    Accessibility
    Accessible Approach with Ramp
    Size
    7,000 SF
    Lot size
    0.32 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Central
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1925

    We can help!

    Listing Contact
    Kimberly Carter
    Kimberly Carter

    Exploration Realty (405) 802-2616

    Listing agent Kimberly Carter (580) 374-2322

    Listing date Nov 16, 2025

    MLS# 1150913

    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.

    Learn more

    Property Insight Report

    Overview

    Route 66 Business Opportunity

    Located on high-traffic Third Street, also known as historic Route 66 in Elk City, Oklahoma, this commercial property presents a thriving business opportunity. Situated on a corner lot in Beckham County, the property benefits from maximum visibility in one of Western Oklahoma's most recognizable commercial corridors. The sale includes the building, the existing business, and the inventory. The 7,000 square foot building features a large warehouse, central heat, and central air throughout most of the structure. A Generac generator powers the entire building in the event of an outage. The layout includes a full kitchen with a gas stove, washer and dryer hookups, one full bathroom with a shower in the back, and a half bath in the front. Two overhead doors in the rear allow vehicles to drive through the warehouse, and a wheelchair ramp adds accessibility. The electrical system has been professionally updated, and LED lighting is installed throughout most of the building. The property sits on 0.3214 acres and includes a forklift, shelving, and extensive inventory, including a wide range of tools and supplies. The property is located on four lots.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tool Box Tool Store

    Suggested Use

    Restaurant Realty agency Law Firm Dental Office Building Supply Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elk City
    County
    Beckham
    State
    Oklahoma
    Longitude
    -99.421041
    Latitude
    35.411441

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    FAQs

    What type of property is this?
    Retail space - Turn-key business on historic Route 66 in Elk City, Oklahoma.
    Where is this retail space located?
    The property is located at 1402 W 3Rd St Elk City, OK.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: - Established turn-key business opportunity operating for over 23 years.; - Prime location on high-traffic Third Street/Historic Route 66 on a corner lot.; - **7,000 sq ft building** with large warehouse, central heat/air, full kitchen, and updated electrical/LED lighting.
    (580) 374-2322
    Request Owner's contact information
    1402 W 3Rd St Elk City, OK 73644
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    Elk City, OK 73644
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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
    1402 W 3Rd St Elk City, OK 73644
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    We can help!
    Listing Contact
    Kimberly Carter
    Kimberly Carter
    Real Estate License ID: 181645
    (580) 374-2322
    Learn more
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