Medical Office Building with Private
For Sale
$279,900
1002 E Cherry Street, Cushing, OK 74023
Commercial, Cushing, OK
Property Size2,385 SF
Lot Size0.55 Acres
Price / SF$117.36
Days on Market146
Property Features for 1002 E Cherry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Urban Com
Parking features
Off Street
Interior features
Public Restrooms, Suspended Ceiling
Exterior features
Lighting, Sidewalk
Subdivision
Rices Sub Howerton
Elementary school district
Cushing - Sch Dist (P1)
Middle school district
Cushing - Sch Dist (P1)
High school district
Cushing - Sch Dist (P1)
Directions
From HWY 33/ E Main St. turn on S. Highland Ave. Go approx. 6 blocks and turn right, heading west, on E. Cherry St. Property sits on the right at the next corner at the stop sign.
Standard status
Active
APN
600003163
Size
2,385 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Legal Description
Tax Annual Amount
3751
Legal Description
See Legal Description
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1964
Floors in Building
1
Flooring type
Laminate
Building materials
Brick
Roof type
Composition
Listing Agency:
Keller Williams Advantage · Keller Williams Realty
(918) 712-2252
Listed By:
BC Flanigan
(918) 409-1603
Added: Apr 9
Changed: Aug 19
Last Checked: Sep 1 at 4:06AM
MLS# 2612203
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.
Investment Insights
Based on property information with market context.
This 2,385-square-foot medical office building includes 11 private rooms, a reception area, public restrooms, and a flexible interior arrangement. Central heating and cooling, suspended ceilings, laminate flooring, brick construction, composition roofing, and city utilities are in place. The property is suited to medical, professional, and service-oriented office use, with light cosmetic improvements identified as an option.
The property includes an adjacent parcel, bringing the site to approximately 0.546 acres, or 23,800 square feet. A corner-lot position provides visibility and access near Hillcrest Hospital and surrounding medical and professional services. Off-street parking, exterior lighting, and a sidewalk are also included. The property is zoned Urban Com and was built in 1964.
The property includes an adjacent parcel, bringing the site to approximately 0.546 acres, or 23,800 square feet. A corner-lot position provides visibility and access near Hillcrest Hospital and surrounding medical and professional services. Off-street parking, exterior lighting, and a sidewalk are also included. The property is zoned Urban Com and was built in 1964.
Key Highlights
- 2,385‑square‑foot building with 11 private rooms and a reception area
- Adjacent parcel creates a total site area of approximately 0.546 acres
- Corner‑lot property near Hillcrest Hospital and medical services
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Veterinary Medical Associates — Cushing, OK 74023
Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner-lot office property with reception space, central HVAC, city utilities, and off-street parking.
Where is this medical office space located?
The property is located at 1002 E Cherry Street 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 building with 11 private rooms and a reception area; Adjacent parcel creates a total site area of approximately 0.546 acres; Corner‑lot property near Hillcrest Hospital and medical services
