Automotive Property with Service
For Sale
$400,000
8004 NE 23 Street, Oklahoma City, OK 73141
Commercial Sale, Oklahoma City, OK
Property Size3,270 SF
Lot Size3.47 Acres
Price / SF$122.32
Days on Market195
Property Features for 8004 NE 23 Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Southeast Corner of N.E. 23rd & Midwest Blvd.
Standard status
Active
APN
8004NE2373141
Size
3,270 SF
Lot size
3.47 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1969
Building materials
Brick
Listing Agency:
Prestige Real Estate Services
(405) 737-0202
Listed By:
Randy Heintzelman · License #73508
(405) 627-5357
Added: Mar 3
Changed: Aug 19
Last Checked: Sep 14 at 5:06AM
MLS# 1216905
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 3,270-square-foot automotive property occupies 3.467 acres and was built in 1969 with brick construction. The front portion provides a customer lobby and sales office, along with a storage room and bathroom. Garage and maintenance areas occupy the rear, supplemented by warehouse space that supports automotive service operations.
The property is positioned at 8004 NE 23 Street in Oklahoma City, at the corner of NE 23rd and Midwest Boulevard. Advantage Bank is located across the street. Public water and public sewer serve the site, and the zoning is Commercial.
The property is positioned at 8004 NE 23 Street in Oklahoma City, at the corner of NE 23rd and Midwest Boulevard. Advantage Bank is located across the street. Public water and public sewer serve the site, and the zoning is Commercial.
Key Highlights
- 3,270 SF building on 3.467 acres
- Garage and maintenance areas for automotive service
- Front lobby and sales office with storage room and bathroom
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
$25,883
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
6.47%
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%
$517,660
$517.7K
Cap Rate 7%
$369,757
$369.8K
Cap Rate 9%
$287,589
$287.6K
Market Conditions
NOI Build-Up for 3,270 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
$31.4K $9.60/SF
− Vacancy
−$942 −$0.29/SF
EGI
$30.5K $9.31/SF
− OpEx
−$4.6K −$1.40/SF
NOI
$25.9K $7.92/SF
Area
Oklahoma City, OK
Vacancy
3.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$517,660
Cap Rate 7%
$369,757
Cap Rate 9%
$287,589
Alternative Uses
Best Use
Retail
$922.1K
$806.9K – $1.08M
NOI $64,550 @ 7.0% cap · market cap 16.14%
Second Best
Warehouse
$369.8K
$323.5K – $431.4K
NOI $25,883 @ 7.0% cap · market cap 6.47%
Theoretical Best
Specialty Retail
$1.12M
$978.6K – $1.30M
NOI $78,284 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 73141, OK
2,671
Population
1,260
Households
2.1
Avg Household Size
42
Median Age
14%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
247
Density / Sq Mi
$64,130
Median Household Income
$34,838
Median Earnings
$859
Median Rent
$129,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Automotive property - Brick automotive facility with office, customer lobby, storage, bathroom, garage, maintenance, and warehouse areas.
Where is this automotive property located?
The property is located at 8004 NE 23 Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3,270 SF building on 3.467 acres; Garage and maintenance areas for automotive service; Front lobby and sales office with storage room and bathroom
