Commercial Storefront
For Sale
$690,000
1732 NW 23rd Street, Oklahoma City, OK 73106
Commercial Sale, Oklahoma City, OK
Property Size2,412 SF
Lot Size0.16 Acres
Price / SF$286.07
Days on Market86
Property Features for 1732 NW 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Directions
From I-235 S/US-77 S, take exit 2B for 23rd st toward Broadway Ave/State Capitol. Turn right on 23rd st. 1.4 miles, the destination will be on the South side.
Standard status
Active
APN
1732NW23rd73106
Size
2,412 SF
Lot size
0.16 Acres
Building Details
Year built
1999
Floors in Building
1
Listing Agency:
Keller Williams Summit · Keller Williams Realty
(405) 691-2556
Listed By:
Sue Yoon · License #144471
(405) 314-8199
Added: Jun 14
Changed: Aug 19
Last Checked: Sep 7 at 3:06PM
MLS# 1234530
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 commercial storefront property at 1732 NW 23rd Street includes 2,412 square feet on a 0.1624-acre parcel. Built in 1999, the property carries Commercial zoning and is offered for purchase. The site is suited to retail, office, restaurant, or mixed-use applications identified for the property.
The address is positioned along Oklahoma City's NW 23rd Street corridor, near the Plaza District, Paseo Arts District, Asian District, Heritage Hills, Mesta Park, Midtown, and Downtown OKC. I-44 and I-235 are minutes away, providing access to the surrounding city. An adjacent property at 1724 NW 23rd Street is also available separately, offering the possibility of additional land and frontage for a combined ownership strategy.
The address is positioned along Oklahoma City's NW 23rd Street corridor, near the Plaza District, Paseo Arts District, Asian District, Heritage Hills, Mesta Park, Midtown, and Downtown OKC. I-44 and I-235 are minutes away, providing access to the surrounding city. An adjacent property at 1724 NW 23rd Street is also available separately, offering the possibility of additional land and frontage for a combined ownership strategy.
Key Highlights
- 2,412 SF commercial storefront property
- 0.1624‑acre parcel at 1732 NW 23rd Street
- Commercial zoning
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
$47,613
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
6.90%
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%
$952,260
$952.3K
Cap Rate 7%
$680,186
$680.2K
Cap Rate 9%
$529,033
$529.0K
Market Conditions
NOI Build-Up for 2,412 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
$72.4K $30.00/SF
− Vacancy
−$4.3K −$1.80/SF
EGI
$68.0K $28.20/SF
− OpEx
−$20.4K −$8.46/SF
NOI
$47.6K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$952,260
Cap Rate 7%
$680,186
Cap Rate 9%
$529,033
Alternative Uses
Best Use
Retail
$680.2K
$595.2K – $793.6K
NOI $47,613 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$824.9K
$721.8K – $962.4K
NOI $57,743 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
58k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 30%
Electronics 3%
Dutch Bros. Coffee
Dining
11,291 visits/mo
0.4 miles
HTeaO
Dining
6,668 visits/mo
0.3 miles
Tropical Smoothie Cafe
Dining
5,797 visits/mo
0.1 miles
Dollar General
Shops & Services
5,248 visits/mo
0.2 miles
Pollo Campero
Dining
5,168 visits/mo
0.2 miles
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 Retail in Oklahoma City, OK
Questions? Ask Rey
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Similar Off Market Nearby
- Brandt's Flowers — 1805 N Classen Blvd, Oklahoma City, OK 73103
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned storefront along NW 23rd Street with proximity to established arts, dining, retail, and cultural districts.
Where is this storefront property located?
The property is located at 1732 NW 23rd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 2,412 SF commercial storefront property; 0.1624‑acre parcel at 1732 NW 23rd Street; Commercial zoning
