Flex Space With Garage
For Sale
$350,000
1114 W Main St, Oklahoma City, OK 73106
Vacant downtown facility offers adaptable commercial space with rear alley access and two large garage doors.
Property Size3,500 SF
Price / SF$100
Days on Market46
Property Features for 1114 W Main St
General Information
Standard status
Active
Size
3,500 SF
Building Details
Year Built
1936
Listing Agency:
CB/Mike Jones Company
(405) 413-4415
Listed By:
Russell Carter
Source:
Sarahflemingestates
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 31 at 7:48PM
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 CB/Mike Jones Company
Investment Insights
Based on property information with market context.
Located at 1114 W Main St in downtown Oklahoma City, this 3,500-square-foot vacant garage is classified as flex space. The property includes two large garage doors and access from an alley behind the building. Its layout is identified as suitable for parking, storage, or other commercial functions, depending on the intended use.
The property is positioned in the downtown area near businesses, restaurants, and entertainment venues, with access to major thoroughfares. The owner also owns the unit next door, providing an additional property detail for parties evaluating the site.
The property is positioned in the downtown area near businesses, restaurants, and entertainment venues, with access to major thoroughfares. The owner also owns the unit next door, providing an additional property detail for parties evaluating the site.
Key Highlights
- 3,500‑square‑foot vacant garage
- Two large garage doors
- Rear alley access behind the building
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
$27,703
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
7.92%
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%
$554,060
$554.1K
Cap Rate 7%
$395,757
$395.8K
Cap Rate 9%
$307,811
$307.8K
Market Conditions
NOI Build-Up for 3,500 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
$33.6K $9.60/SF
− Vacancy
−$1.0K −$0.29/SF
EGI
$32.6K $9.31/SF
− OpEx
−$4.9K −$1.40/SF
NOI
$27.7K $7.92/SF
Area
Oklahoma City, OK
Vacancy
3.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$554,060
Cap Rate 7%
$395,757
Cap Rate 9%
$307,811
Alternative Uses
Best Use
Flex RnD
$673.9K
$589.7K – $786.2K
NOI $47,174 @ 7.0% cap · market cap 13.48%
Second Best
Warehouse
$395.8K
$346.3K – $461.7K
NOI $27,703 @ 7.0% cap · market cap 7.92%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,790 @ 7.0% cap · market cap 23.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,005
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant downtown facility offers adaptable commercial space with rear alley access and two large garage doors.
Where is this flex space located?
The property is located at 1114 W Main St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3,500‑square‑foot vacant garage; Two large garage doors; Rear alley access behind the building
