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    Historic Route 66 Motel Title is generated by Realmo AI

    220 Walnut Street, Chelsea, OK 74016

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    Claim this Listing
    For Sale
    $99,900

    COMMERCIAL - Chelsea, OK

    Property size:
    1,200 SF
    Lot size:
    0.60 Acres
    Price / SF:
    $83/SF
    Added:
    May 5, 2026
    Days on Market:
    29
    Last Refresh:
    Jun 2 at 7:06 pm

    Property Features for 220 Walnut Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Com
    Parking features
    Off Street, Paved or Surfaced
    Exterior features
    Pole Sign
    Standard status
    Active
    APN
    660026794
    Size
    1,200 SF
    Lot size
    0.60 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    See Legal Supplemental
    Tax Annual Amount
    486

    Utilities

    Utilities
    Water Available

    Building Details

    Year built
    1936
    Building materials
    Stucco
    Roof type
    Composition

    We can help!

    Listing Contact
    Sheri DeLozier
    Sheri DeLozier

    Listing agent Sheri DeLozier

    Listing office Keller Williams Premier 13315 E 112th St N #100, Owasso, OK

    Listing date May 5, 2026

    MLS# 2616502

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

    HighLights

    • Historic property on Route 66, offering unique appeal and nostalgia.
    • Listed on the National Historic Registry, potentially qualifying for tax credits and funding.
    • Includes a large, iconic Neon Sign (requiring rehabilitation).
    • Features 6 units/restrooms.
    • Additional lots included with Highway 66 frontage.
    • Approximately 0.69 acres (to be determined by surveyor).

    Overview

    Located in Chelsea, Oklahoma, this historic property resides on Route 66. Known as the Chelsea Motel, it is listed on the National Historic Registry of Historic Places, potentially qualifying it for tax credits and funding for restoration. The property includes 6 units with restrooms. A large neon sign, described as iconic, is present but requires rehabilitation. Additional lots with highway frontage on Route 66 are included in the sale. The estimated acreage is approximately 0.69 acres, subject to survey confirmation. The property size is 1200 square feet. The building's construction is estimated to be between 1936 and 1939. The zoning is commercial.

    Local Financial Insights For Hotel Hospitality

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $17.3k $14.40
    − Vacancy −$2.1k −$1.73
    EGI $15.2k $12.67
    − OpEx −$8.0k −$6.65
    NOI $7.2k $6.02
    1,200 SF · lease $14.40/SF/yr · vacancy 12.00% · expense 52.50%

    Alternative Uses

    Best Use
    Hotel Hospitality
    $103.2K
    $90.3K – $120.4K (±1% cap)
    NOI $7,223 @ 7.0% cap · market cap 7.23%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $300.5K
    $263.0K – $350.6K (±1% cap)
    NOI $21,038 @ 7.0% cap · market cap 21.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Chelsea Motor Inn — 325 E Layton St, Chelsea, OK 74016
    • Hickory North Apartments — 500 Hickory St, Chelsea, OK 74016

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Rogers
    State
    Oklahoma
    Longitude
    -95.42593
    Latitude
    36.537743

    FAQs

    What type of property is this?
    Motel - Historic motel on Route 66 in Chelsea, Oklahoma.
    Where is this motel located?
    The property is located at 220 Walnut Street Chelsea, OK.
    What is the asking price?
    The asking price for this property is $99,900.
    What are key features of this property?
    This property features: Historic property on Route 66, offering unique appeal and nostalgia.; Listed on the National Historic Registry, potentially qualifying for tax credits and funding.; Includes a large, iconic Neon Sign (requiring rehabilitation).
    (918) 272-0809
    We can help!
    Listing Contact
    Sheri DeLozier
    Sheri DeLozier
    Request Owner's contact information
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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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