Medical Office Building with Private
For Sale
$279,900
1002 E Cherry St, Cushing, OK 74023
Corner-lot property with central HVAC and city utilities supports medical, professional, and service-based office use.
Property Size2,385 SF
Lot Size0.55 Acres
Price / SF$117.36
Days on Market87
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Property Features for 1002 E Cherry St
General Information
Standard status
Active
Size
2,385 SF
Lot size
0.55 Acres
Property Condition
Severity
Repairs Needed
Evidence
light cosmetic improvements
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1964
Listing Agency:
Keller Williams Advantage
Listed By:
BC Flanigan · License #211205
(918) 712-2252
Source:
Alloverok
Added: Jul 21
Changed: Oct 1
Last Checked: Oct 7 at 2:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Advantage
Investment Insights
Based on property information with market context.
This medical office property includes a 2,385-square-foot building with 11 private rooms, a reception area, and a flexible interior arrangement. Built in 1964, the building has central HVAC and city utilities, providing an established base for medical, professional, or service-oriented operations.
An adjacent parcel brings the combined site to approximately 0.55 acres, or 23,800 square feet. The corner-lot position provides visibility and convenient access near Hillcrest Hospital and surrounding medical and professional services. The additional land can support parking, expansion, or future development, subject to applicable approvals.
An adjacent parcel brings the combined site to approximately 0.55 acres, or 23,800 square feet. The corner-lot position provides visibility and convenient access near Hillcrest Hospital and surrounding medical and professional services. The additional land can support parking, expansion, or future development, subject to applicable approvals.
Key Highlights
- 2,385‑square‑foot medical office building
- 11 private rooms plus reception area
- Approximately 0.55 acres, or 23,800 square feet, including adjacent parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,107
Cap Rate
8.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,140
$502.1K
Cap Rate 7%
$358,671
$358.7K
Cap Rate 9%
$278,967
$279.0K
Market Conditions
NOI Build-Up for 2,385 SF
Gross rent
$46.7K $19.56/SF
− Vacancy
−$4.8K −$2.01/SF
EGI
$41.8K $17.55/SF
− OpEx
−$16.7K −$7.02/SF
NOI
$25.1K $10.53/SF
Area
Payne County, OK
Vacancy
10.30%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,140
Cap Rate 7%
$358,671
Cap Rate 9%
$278,967
Alternative Uses
Best Use
Office B
$449.3K
$393.2K – $524.2K
NOI $31,454 @ 7.0% cap · market cap 11.24%
Second Best
Healthcare Medical
$358.7K
$313.8K – $418.5K
NOI $25,107 @ 7.0% cap · market cap 8.97%
Theoretical Best
Office A
$586.5K
$513.2K – $684.3K
NOI $41,055 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74023, OK
12,117
Population
5,474
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
88%
High-School Grad
173.1 sq mi
ZIP Area
70
Density / Sq Mi
$48,859
Median Household Income
$34,202
Median Earnings
$759
Median Rent
$134,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Veterinary Medical Associates — Cushing, OK 74023
Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner-lot property with central HVAC and city utilities supports medical, professional, and service-based office use.
Where is this medical office space located?
The property is located at 1002 E Cherry St Cushing, OK.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2,385‑square‑foot medical office building; 11 private rooms plus reception area; Approximately 0.55 acres, or 23,800 square feet, including adjacent parcel
