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    Versatile Mixed-Use Income Property Title is generated by Realmo AI

    1580 Main Street, Waynoka, OK 73860

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    For Sale
    $299,000

    Commercial - Waynoka, OK

    Property size:
    14,000 SF
    Price / SF:
    $21/SF
    Added:
    Aug 21, 2025
    Days on Market:
    275
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for 1580 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    200
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Kitchen
    Parking features
    Garage
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer, Washer
    Standard status
    Active
    Size
    14,000 SF

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Year built
    1904
    Year renovated
    1904
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Aleta Kohlrus
    Aleta Kohlrus

    Listing agent Aleta Kohlrus

    Listing office Kohlrus Real Estate LLC 412 Flynn Street, Alva, OK

    Listing date Aug 21, 2025

    MLS# 11566601 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑producing property with existing restaurant lease ($500/month, 3.5 years remaining)
    • Located in Waynoka, OK, near Little Sahara State Park (over 250,000 visitors in 2024)
    • Versatile 7,000 sqft (per floor) space across three levels suitable for residential and commercial use
    • Includes a 900 sqft, 2‑bedroom, 1‑bath apartment with updated features
    • Priced under $15.00 per square foot
    • Features a chiropractic office space with garage door access, plus main floor with garage door for potential entertainment/expansion

    Overview

    Located in downtown Waynoka, Oklahoma, near the Little Sahara State Park, this income-producing mixed-use property includes a residence. The two-story concrete building, constructed in 1906 on a corner lot, offers 14,000 square feet of updated and versatile space across three levels. The property combines residential comfort with commercial opportunities. The restaurant space is currently leased for $500 per month with 3.5 years remaining on the lease. The chiropractic office space is accessible on the west side and features an open 16'x36' workspace with a 12'x12' garage door. The main floor includes a 12'x12' garage door on the southwest corner, 10' ceilings, 8' doors, and foam ductwork. The southeast corner has a 2-year-old, two-post lift that is negotiable. The 900-square-foot apartment on the second floor features two bedrooms and one bathroom, a large kitchen with an electric stove, side-by-side refrigerator, washer/dryer, dishwasher, a large walk-in shower, and granite countertops. The full basement offers open, dry storage space with good lighting and potential for exterior egress on the northwest side. The roof was updated in 2020 with concrete and a white elastomeric silicone coating. The apartment has a Reem 3-4 ton HVAC unit that is 8 years old. The restaurant has split units with 6.5 tons across 4 zones. The chiropractic office has one window unit. The property is equipped with a Ring security system with 10 cameras and has two 200 amp electric services, one for the restaurant and one for the building. Water and plumbing were updated in 2020 with PEX and PVC drains.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Pink Orchid (Bike/Boat/Book/etc) Store Twisted Treasures (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Auto Parts Store Hotel & Motel Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Waynoka
    County
    Woods
    State
    Oklahoma
    Longitude
    -98.880088
    Latitude
    36.58534

    Nearby Similar for Sale

    • $125,000

      Historic Waynoka School Gymnasium

      Versatile commercial space in Waynoka, Oklahoma, ideal for various uses.
      1871 Elm, Waynoka, OK 73860-0000
      View Details
    • $79,000

      Waynoka Bungalow Package Opportunity

      Three houses on multiple lots with rental and Airbnb potential.
      1239 Nickerson, Waynoka, OK 73860
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Income-producing mixed-use property with residence in downtown Waynoka, Oklahoma.
    Where is this mixed-use property located?
    The property is located at 1580 Main Street Waynoka, OK.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Income‑producing property with existing restaurant lease ($500/month, 3.5 years remaining); Located in Waynoka, OK, near Little Sahara State Park (over 250,000 visitors in 2024); Versatile 7,000 sqft (per floor) space across three levels suitable for residential and commercial use
    (580) 829-1056
    We can help!
    Listing Contact
    Aleta Kohlrus
    Aleta Kohlrus
    Real Estate License ID: 130923
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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.

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