Wedding Venue with Guest
New
For Sale
$895,000
102199 S Highway 18, Meeker, OK 74855
Established event property with a finished venue, overnight lodging, agricultural improvements, and expansive open acreage.
Property Size6,950 SF
Lot Size42.50 Acres
Price / SF$128.78
Days on Market2
Property Features for 102199 S Highway 18
General Information
Standard status
Active
Size
6,950 SF
Lot size
42.50 Acres
Land
Land Use
commercial, agricultural
Subdividable
Yes
Additional Details
Business Included
Yes
Highway Access
Yes
Amenities
barns
outbuildings
pond
event venue
residence
mature trees
Building Details
Year Built
1974
Listing Agency:
ERA Courtyard Real Estate
Listed By:
Jennifer Miracle
(405) 650-6003
Source:
Alloverok
Added: Sep 5
Last Checked: Sep 5 at 3:02PM
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 ERA Courtyard Real Estate
Investment Insights
Based on property information with market context.
This 42.5-acre property combines a finished wedding and event venue with overnight accommodations and supporting agricultural improvements. The approximately 4,232-square-foot venue includes banquet space, a ceremony area, separate bridal and groom’s rooms, a guest lounge, warming kitchen, men’s and women’s restrooms, radiant heat, oversized ceiling fans, multiple entrances, an overhead door, and backup generator power. A remodeled 2,718-square-foot residence is established in the short-term rental market, while multiple barns and outbuildings support the broader property. The site also includes mature trees, open land, and a large pond.
Located at 102199 S Highway 18 near Meeker, the property offers access to Meeker, Chandler, Shawnee, I-40, and the turnpike. The improved 27-acre tract may be purchased separately from the adjoining 15-acre tract, creating options for acquiring the operating improvements, additional land, or both. The property is also suited to private events, corporate retreats, livestock operations, agritourism, recreational use, and specialty business functions, as supported by its existing improvements and acreage.
Located at 102199 S Highway 18 near Meeker, the property offers access to Meeker, Chandler, Shawnee, I-40, and the turnpike. The improved 27-acre tract may be purchased separately from the adjoining 15-acre tract, creating options for acquiring the operating improvements, additional land, or both. The property is also suited to private events, corporate retreats, livestock operations, agritourism, recreational use, and specialty business functions, as supported by its existing improvements and acreage.
Key Highlights
- 42.5 acres with a large pond, mature trees, open land, barns, and outbuildings
- Approximately 4,232‑square‑foot wedding and event venue
- Remodeled 2,718‑square‑foot residence established in the short‑term rental market
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
$60,108
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
6.72%
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%
$1,202,160
$1.2M
Cap Rate 7%
$858,686
$858.7K
Cap Rate 9%
$667,867
$667.9K
Market Conditions
NOI Build-Up for 6,950 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
$116.8K $16.80/SF
− Vacancy
−$7.5K −$1.08/SF
EGI
$109.3K $15.72/SF
− OpEx
−$49.2K −$7.08/SF
NOI
$60.1K $8.65/SF
Area
Lincoln County, OK
Vacancy
6.40%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,202,160
Cap Rate 7%
$858,686
Cap Rate 9%
$667,867
Alternative Uses
Best Use
Apartment 5plus
$858.7K
$751.4K – $1.00M
NOI $60,108 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,594 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 74855, OK
4,495
Population
1,748
Households
2.6
Avg Household Size
43
Median Age
19%
College-Educated
88%
High-School Grad
105.2 sq mi
ZIP Area
43
Density / Sq Mi
$55,861
Median Household Income
$36,910
Median Earnings
$896
Median Rent
$151,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Established event property with a finished venue, overnight lodging, agricultural improvements, and expansive open acreage.
Where is this wedding venue located?
The property is located at 102199 S Highway 18 Meeker, OK.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 42.5 acres with a large pond, mature trees, open land, barns, and outbuildings; Approximately 4,232‑square‑foot wedding and event venue; Remodeled 2,718‑square‑foot residence established in the short‑term rental market
