Renovated Office
New
For Sale
$1,299,375
11217 N May Avenue, Oklahoma City, OK 73120
Commercial Sale, Oklahoma City, OK
Property Size6,930 SF
Lot Size0.78 Acres
Price / SF$187.50
Days on Market2
Property Features for 11217 N May Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Standard status
Active
APN
11217NMay73120
Size
6,930 SF
Lot size
0.78 Acres
Amenities
Large Reception Area
LargeConference Room
Large Kitchen/Employee Breakroom
Great for Events!
Open Concept Upstairs Working Space
Building Details
Year built
1972
Listing Agency:
Solas Real Estate LLC
(405) 451-0000
Listed By:
Shyon Keoppel
(405) 229-1475
Added: Sep 15
Last Checked: Sep 16 at 3:06AM
MLS# 1249249
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 6,930-square-foot office building sits on 0.7825 acres and was renovated in 2019. The layout includes 12 individual offices, a spacious reception area, one large conference room, a kitchen with employee breakroom space, and two restrooms. An open-plan work area occupies the upper level, complementing the private office configuration.
The property at 11217 N May Avenue in Oklahoma City is zoned O-2 and includes 28 parking spaces. Originally built in 1972, the building combines an established structure with more recent interior improvements and a modernized design.
The property at 11217 N May Avenue in Oklahoma City is zoned O-2 and includes 28 parking spaces. Originally built in 1972, the building combines an established structure with more recent interior improvements and a modernized design.
Key Highlights
- 6,930 SF office building on 0.7825 acres
- Renovated in 2019 with modern design
- 12 individual offices plus an upper‑level open workspace
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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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Updated commercial office with private rooms, shared workspace, meeting facilities, and on-site parking.
Where is this office building located?
The property is located at 11217 N May Avenue 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 0.7825 acres; Renovated in 2019 with modern design; 12 individual offices plus an upper‑level open workspace
