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 Market40
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
(918) 712-2252
Listed By:
BC Flanigan · License #211205
Source:
Alloverok
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:25PM
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 = 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
$25,107
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
8.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
