Corner Medical Office
For Sale
$2,000,000
1015 N Shartel, Oklahoma City, OK 73102
Commercial Sale, Oklahoma City, OK
Property Size6,000 SF
Lot Size0.45 Acres
Price / SF$333.33
Days on Market149
Property Features for 1015 N Shartel
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Accessibility
Accessible Approach with Ramp
Directions
Commercial Building located on the corner of Shartel Avenue and NW 10th Street
Standard status
Active
APN
1015NShartel73102
Size
6,000 SF
Lot size
0.45 Acres
Building Details
Year built
1976
Listing Agency:
LIME Realty
(405) 254-6310
Listed By:
Kelly Heaton
(405) 808-5265
Added: Mar 27
Changed: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# 1221358
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 6,000-square-foot medical office property occupies a 0.451-acre corner lot in Oklahoma City. The building provides an open, adaptable interior that can accommodate a medical practice or restaurant, with an accessible approach featuring a ramp. Constructed in 1976, the property is zoned Commercial.
The site is positioned across the street from a major hospital and within an active area with shops, dining, and other amenities. Its location at 1015 N Shartel provides a central Oklahoma City setting in ZIP Code 73102, with surrounding commercial activity supporting convenient access for visitors and customers.
The site is positioned across the street from a major hospital and within an active area with shops, dining, and other amenities. Its location at 1015 N Shartel provides a central Oklahoma City setting in ZIP Code 73102, with surrounding commercial activity supporting convenient access for visitors and customers.
Key Highlights
- 6,000‑square‑foot commercial building
- 0.451‑acre corner lot
- Across the street from a major hospital
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
$85,363
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
4.27%
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%
$1,707,260
$1.7M
Cap Rate 7%
$1,219,471
$1.2M
Cap Rate 9%
$948,478
$948.5K
Market Conditions
NOI Build-Up for 6,000 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
$149.8K $24.96/SF
− Vacancy
−$35.9K −$5.99/SF
EGI
$113.8K $18.97/SF
− OpEx
−$28.5K −$4.74/SF
NOI
$85.4K $14.23/SF
Area
Oklahoma City, OK
Vacancy
24.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,707,260
Cap Rate 7%
$1,219,471
Cap Rate 9%
$948,478
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,363 @ 7.0% cap · market cap 4.27%
Second Best
Healthcare Medical
$1.21M
$1.06M – $1.41M
NOI $84,823 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$2.05M
$1.80M – $2.39M
NOI $143,640 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,492
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73102, OK
3,072
Population
1,460
Households
2.1
Avg Household Size
35
Median Age
27%
College-Educated
86%
High-School Grad
0.8 sq mi
ZIP Area
3,840
Density / Sq Mi
$67,542
Median Household Income
$37,067
Median Earnings
$1,253
Median Rent
$212,500
Median Home Value
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercially zoned facility with an open layout and ramp-accessible approach.
Where is this medical office space located?
The property is located at 1015 N Shartel Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 6,000‑square‑foot commercial building; 0.451‑acre corner lot; Across the street from a major hospital
