Building Details

Building Size 2,044 SF

Year Built 1894

Listing Agency: Homestead + Co b***@homesteadrealtyco.com Show Phone

Listed By: Braxton Heard Show Phone

Source: Jarmanrealtyok

Added: Jul 31 Changed: Aug 9 Last Checked: Aug 10 at 11:00AM

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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 Homestead + Co

Investment Insights

Based on property information with market context.

This 2,044-square-foot flex-space property sits on 3 acres along Main Street and has undergone a full renovation. The former bank retains original character details, creating a distinctive setting for business occupancy or flexible commercial use. The building offers a combination of interior workspace and surrounding land within a historic structure.

Commercial zoning supports the property’s business-oriented positioning. Its Main Street address in Mulhall, Oklahoma, provides a straightforward setting for an owner-user or an occupant seeking a renovated commercial building with recognizable historic character.

Key Highlights

• 2,044‑square‑foot renovated flex‑space building
• 3‑acre property along Main Street
• Former bank building with original character details

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

$12,692

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

5.08%

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%

$253,840 $253.8K

Cap Rate 7%

$181,314 $181.3K

Cap Rate 9%

$141,022 $141.0K

Market Conditions

NOI Build-Up for 2,044 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

$19.6K $9.60/SF

− Vacancy

−$1.5K −$0.73/SF

EGI

$18.1K $8.87/SF

− OpEx

−$5.4K −$2.66/SF

NOI

$12.7K $6.21/SF

Area

Logan County, OK

Vacancy

7.60%

Lease Rate

$9.60 /SF/Yr

Expense Ratio

30.00%

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%

$253,840

Cap Rate 7%

$181,314

Cap Rate 9%

$141,022

Alternative Uses

Best Use

Flex RnD

$362.7K

$317.4K – $423.2K (±1% cap)

NOI $25,390 @ 7.0% cap · market cap 10.16%

Second Best

Industrial

$181.3K

$158.7K – $211.5K (±1% cap)

NOI $12,692 @ 7.0% cap · market cap 5.08%

Theoretical Best

Specialty Retail

$494.1K

$432.3K – $576.4K (±1% cap)

NOI $34,584 @ 7.0% cap · market cap 13.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Catering Service Food Market Farmer's Market Department Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 73063, OK

710

Population

414

Households

1.7

Avg Household Size

45

Median Age

27%

College-Educated

96%

High-School Grad

108.3 sq mi

ZIP Area

7

Density / Sq Mi

$76,500

Median Household Income

$48,698

Median Earnings

$179,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Commercially zoned property combines updated interiors with preserved character from its former bank use.

Where is this flex space located?

The property is located at 106 N Main Street Mulhall, OK.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 2,044‑square‑foot renovated flex‑space building; 3‑acre property along Main Street; Former bank building with original character details