Leased Mixed-Use
New
For Sale
$850,000
118 N Main St, Sand Springs, OK 74063
Two commercial units and four residences occupy this centrally located property.
Property Size8,100 SF
Price / SF$104.94
Days on Market2
Property Features for 118 N Main St
General Information
Standard status
Active
Size
8,100 SF
Occupancy
100%
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Multifamily Units
4
Amenities
sprinkler system
security cameras
digital lock systems (lofts)
hardwoods
exposed brick
open concept residential units
Building Details
Year Built
1925
Buildings
1
Tenancy
Multi
Abandoned
No
Listing Agency:
Skyline Realty, LLC
Listed By:
Ricky L Powell · License #157203
(918) 606-8006
Source:
Therentzteam
Added: Sep 1
Last Checked: Sep 1 at 10:01PM
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 Skyline Realty, LLC
Investment Insights
Based on property information with market context.
This 8,100-square-foot mixed-use building, constructed in 1925, combines two ground-floor commercial units with four residential units above. The property is fully leased, with gas and electric service sub-metered by tenant. Residential interiors include hardwood flooring, exposed brick, and open-concept layouts.
Building systems and security features include a sprinkler system, security cameras, and digital lock systems serving the lofts. The A/C unit was replaced in 2023, and the property also has newer water heaters. Located at 118 N Main St in Downtown Sand Springs, the building offers a vertically integrated commercial and residential configuration.
Building systems and security features include a sprinkler system, security cameras, and digital lock systems serving the lofts. The A/C unit was replaced in 2023, and the property also has newer water heaters. Located at 118 N Main St in Downtown Sand Springs, the building offers a vertically integrated commercial and residential configuration.
Key Highlights
- Fully leased mixed‑use property with 2 commercial units and 4 residential units
- 8,100 square feet on a 1925‑built structure
- Gas and electric service sub‑metered for each tenant
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
$73,811
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
8.68%
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%
$1,476,220
$1.5M
Cap Rate 7%
$1,054,443
$1.1M
Cap Rate 9%
$820,122
$820.1K
Market Conditions
NOI Build-Up for 8,100 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
$131.2K $16.20/SF
− Vacancy
−$13.1K −$1.62/SF
EGI
$118.1K $14.58/SF
− OpEx
−$44.3K −$5.47/SF
NOI
$73.8K $9.11/SF
Area
Tulsa County, OK
Vacancy
10.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,476,220
Cap Rate 7%
$1,054,443
Cap Rate 9%
$820,122
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.37M
NOI $82,499 @ 7.0% cap · market cap 9.71%
Second Best
Mixed Use
$1.05M
$922.6K – $1.23M
NOI $73,811 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,786 @ 7.0% cap · market cap 15.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Explore this area
Business Placement
Demographics for 74063, OK
30,630
Population
12,823
Households
2.4
Avg Household Size
42
Median Age
24%
College-Educated
91%
High-School Grad
129.8 sq mi
ZIP Area
236
Density / Sq Mi
$71,569
Median Household Income
$41,815
Median Earnings
$989
Median Rent
$187,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial units and four residences occupy this centrally located property.
Where is this mixed-use property located?
The property is located at 118 N Main St Sand Springs, OK.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully leased mixed‑use property with 2 commercial units and 4 residential units; 8,100 square feet on a 1925‑built structure; Gas and electric service sub‑metered for each tenant
