Leased Mixed-Use
New
For Sale
$850,000
118 N Main Street, Sand Springs, OK 74063
Commercial, Sand Springs, OK
Property Size8,100 SF
Lot Size0.16 Acres
Price / SF$104.94
Days on Market1
Property Features for 118 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CH
Parking features
Off Street
Security features
Security System
Interior features
Display Window, High Speed Internet, Mini-Kitchen, Public Restrooms, Security System-Owned
Exterior features
Door Sign, Dumpster, Lighting, Sidewalk
Subdivision
Sand Springs OT
Elementary school district
Sand Springs - Sch Dist (2)
Middle school district
Sand Springs - Sch Dist (2)
High school district
Sand Springs - Sch Dist (2)
Directions
From US-412 take the Adams Road exit - Continue onto E 2nd St - Turn left on Main St - Property is on the right
Standard status
Active
APN
61475-91-11-05990
Size
8,100 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LTS 6 & 7 BLK 44
Tax Annual Amount
6836
Legal Description
LTS 6 & 7 BLK 44
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Amenities
sprinkler system
security cameras
Building Details
Year built
1925
Flooring type
Wood, Tile
Building materials
Brick
Listing Agency:
Skyline Realty, LLC
(918) 277-4931
Listed By:
Ricky L Powell · License #157203
(918) 606-8006
Added: Aug 28
Last Checked: Aug 28 at 4:06PM
MLS# 2629407
Copyright © 2026 MLS Technology, 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.
Located at 118 N Main Street in Sand Springs, this 8,100-square-foot mixed-use building contains two commercial units on the lower level and four residential units above. The property was built in 1925 and carries CH zoning. Brick construction, wood and tile flooring, display windows, sidewalks, and off-street parking are among the existing features.
Operational improvements include separate gas and electric sub-metering for each tenant, an owned security system with cameras, digital locks serving the loft units, and a sprinkler system. The property also has central heating and air conditioning, newer water heaters, and an A/C unit replaced in 2023. Residential interiors include open layouts, exposed brick, hardwood flooring, and mini-kitchens, while commercial areas provide public restrooms and high-speed internet access.
Operational improvements include separate gas and electric sub-metering for each tenant, an owned security system with cameras, digital locks serving the loft units, and a sprinkler system. The property also has central heating and air conditioning, newer water heaters, and an A/C unit replaced in 2023. Residential interiors include open layouts, exposed brick, hardwood flooring, and mini-kitchens, while commercial areas provide public restrooms and high-speed internet access.
Key Highlights
- 8,100 SF mixed‑use building on a 0.161‑acre lot
- Two commercial units plus four upstairs residential units
- Fully leased property at 118 N Main Street, Sand Springs
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four residential units sit above two commercial suites in a fully leased downtown property.
Where is this mixed-use property located?
The property is located at 118 N Main Street 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: 8,100 SF mixed‑use building on a 0.161‑acre lot; Two commercial units plus four upstairs residential units; Fully leased property at 118 N Main Street, Sand Springs
