Renovated Flex Space on
For Sale
$250,000
106 N Main Street, Mulhall, OK 73063
Commercial Sale, Mulhall, OK
Property Size2,044 SF
Lot Size3.00 Acres
Price / SF$122.31
Days on Market22
Property Features for 106 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
I-35 N to W 56th St/E0660 Rd in Payne County. Take exit 170 from I-35N, Continue on E0660 Rd. Drive to US-77N/S Main St in Mulhall, Turn left onto W 56th St/E0660 Rd, Turn right onto US-77 N/S Main St
Standard status
Active
APN
106NMain73063
Size
2,044 SF
Lot size
3.00 Acres
Building Details
Year built
1894
Listing Agency:
Homestead + Co
(405) 509-0541
Listed By:
Braxton Heard
(405) 541-1280
Added: Jul 31
Changed: Aug 20
Last Checked: Aug 21 at 12:06AM
MLS# 1239328
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 renovated flex-space property includes 2,044 square feet of interior area on a 3-acre parcel along Main Street. The building retains original character from its former bank use while offering updated space for a commercial operation or occupancy by another business.
Commercial zoning supports the property’s existing commercial positioning. The combination of an established Main Street setting, substantial land area, and adaptable building footprint provides both interior and exterior space within a single property in Mulhall, Oklahoma.
Commercial zoning supports the property’s existing commercial positioning. The combination of an established Main Street setting, substantial land area, and adaptable building footprint provides both interior and exterior space within a single property in Mulhall, Oklahoma.
Key Highlights
- 2,044‑square‑foot renovated flex‑space property
- 3‑acre parcel along Main Street
- Former bank building with retained original character
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
$17,335
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
6.93%
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%
$346,700
$346.7K
Cap Rate 7%
$247,643
$247.6K
Cap Rate 9%
$192,611
$192.6K
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
$31.2K $15.24/SF
− Vacancy
−$8.0K −$3.93/SF
EGI
$23.1K $11.31/SF
− OpEx
−$5.8K −$2.83/SF
NOI
$17.3K $8.48/SF
Area
Logan County, OK
Vacancy
25.80%
Lease Rate
$15.24 /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%
$346,700
Cap Rate 7%
$247,643
Cap Rate 9%
$192,611
Alternative Uses
Best Use
Flex RnD
$362.7K
$317.4K – $423.2K
NOI $25,390 @ 7.0% cap · market cap 10.16%
Second Best
Office B
$247.6K
$216.7K – $288.9K
NOI $17,335 @ 7.0% cap · market cap 6.93%
Theoretical Best
Specialty Retail
$494.1K
$432.3K – $576.4K
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
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 Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Prairie Catering — 102 S Main St, Mulhall, OK 73063
Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial property with indoor and outdoor space along Main Street.
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 property; 3‑acre parcel along Main Street; Former bank building with retained original character
