Building Details

Year Built 1924

Building Size 2,044 SF

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

Listed By: Braxton Heard Show Phone

Source: Exprealty

Added: Jul 31 Changed: Aug 30 Last Checked: Aug 30 at 11:50PM

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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 flex space at 106 N Main St encompasses 2,044 square feet on a 3-acre property. Constructed in 1924, the building is identified as the former Mulhall bank and has been fully renovated while retaining original character details. The interior and surrounding acreage provide a substantial setting for continued commercial use or a future occupant’s buildout plans.

The property fronts Main Street in Mulhall, Oklahoma, providing an established in-town setting for a flexible commercial operation. Its combination of renovated improvements, historic building identity, and land area distinguishes it from a conventional standalone space.

Key Highlights

• 2,044‑square‑foot flex space
• 3‑acre property along Main Street
• Built in 1924

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

Property Profile

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.

Lease Details

Yes

Paved road access

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

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Frequently Asked Questions

What type of property is this?

Flex space - The renovated building combines adaptable commercial space with preserved character details from its 1924 construction.

Where is this flex space located?

The property is located at 106 N Main St 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 flex space; 3‑acre property along Main Street; Built in 1924