Renovated Office
New
For Sale
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11217 N May Ave, Oklahoma City, OK 73120
Two-level layout combines private offices, shared workspace, and employee amenities.
Property Size6,930 SF
Lot Size0.78 Acres
Price / SF$187.50
Days on Market3
Property Features for 11217 N May Ave
General Information
Standard status
Active
Size
6,930 SF
Total Parking Spaces
28
Lot size
0.78 Acres
Property subtype
OFFICE
Zoning
O-2
Additional Details
Office Units
12
Building Details
Year Renovated
2019
Listing Agency:
InterWest Properties, Inc
(405) 752-2525
Listed By:
Shyon Keoppel
(405) 229-1475
Source:
Moodyscre
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 1:38PM
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 InterWest Properties, Inc
Investment Insights
Based on property information with market context.
This 6,930-square-foot office building occupies .78 acres MOL and was renovated in 2019. The interior provides 12 individual offices, a spacious reception area, a large conference room, and an open-concept work area on the upper level. A kitchen and employee breakroom, along with two restrooms, support daily operations.
The property is located at 11217 N May Ave in Oklahoma City, Oklahoma. O-2 zoning supports its office use, while 28 parking spaces serve the building. The combination of private rooms, collaborative workspace, meeting capacity, and on-site employee facilities creates a functional configuration for a range of office operations.
The property is located at 11217 N May Ave in Oklahoma City, Oklahoma. O-2 zoning supports its office use, while 28 parking spaces serve the building. The combination of private rooms, collaborative workspace, meeting capacity, and on-site employee facilities creates a functional configuration for a range of office operations.
Key Highlights
- 6,930 SF office building on .78 acres MOL
- Renovated in 2019
- 12 individual offices with a large reception area
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
$98,594
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
7.59%
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%
$1,971,880
$2.0M
Cap Rate 7%
$1,408,486
$1.4M
Cap Rate 9%
$1,095,489
$1.1M
Market Conditions
NOI Build-Up for 6,930 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
$173.0K $24.96/SF
− Vacancy
−$41.5K −$5.99/SF
EGI
$131.5K $18.97/SF
− OpEx
−$32.9K −$4.74/SF
NOI
$98.6K $14.23/SF
Area
ZIP 73120
Vacancy
24.00%
Lease Rate
$24.96 /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%
$1,971,880
Cap Rate 7%
$1,408,486
Cap Rate 9%
$1,095,489
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.64M
NOI $98,594 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,757 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Office units
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 73120, OK
36,530
Population
20,356
Households
1.8
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
3,321
Density / Sq Mi
$62,942
Median Household Income
$45,333
Median Earnings
$1,045
Median Rent
$227,600
Median Home Value
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Market
Vacancy Rate% for Office in Oklahoma City, OK
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Frequently Asked Questions
What type of property is this?
Office building - Two-level layout combines private offices, shared workspace, and employee amenities.
Where is this office building located?
The property is located at 11217 N May Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,299,375.
What are key features of this property?
This property features: 6,930 SF office building on .78 acres MOL; Renovated in 2019; 12 individual offices with a large reception area
