Two-Story Flex Space
New
For Sale
$2,500,000
120 E Main St, Oklahoma City, OK 73104
Office and warehouse configuration with original architectural details and Bricktown Core zoning.
Property Size14,485 SF
Price / SF$172.59
Days on Market2
Property Features for 120 E Main St
General Information
Standard status
Active
Size
14,485 SF
Building Details
Year Built
1918
Listing Agency:
RE/MAX at Home
Listed By:
Mary L Walker · License #143671
(405) 209-0124
Source:
Alloverok
Added: Sep 21
Last Checked: Sep 21 at 2:42PM
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 RE/MAX at Home
Investment Insights
Based on property information with market context.
This two-story flex space property combines office and warehouse functions within a 14,485-square-foot building at 120 E Main St. Original architectural details remain, providing a character-rich setting for continued commercial occupancy or repositioning. The property also includes temporary structures that could be removed to create approximately 30 parking spaces.
Located in Oklahoma City’s Bricktown District, the property is near the Bricktown Canal, restaurants, bars, hotels, entertainment venues, and Chickasaw Baseball Stadium. The downtown business district is within walking distance, while the site is also positioned near MAPS 4-funded developments and the future Oklahoma City Thunder arena. Bricktown Core Zoning District designation supports a range of development concepts identified for the property, including mixed-use, residential, hospitality, restaurant, gallery, museum, or continued commercial use. The property is within an Opportunity Zone.
Located in Oklahoma City’s Bricktown District, the property is near the Bricktown Canal, restaurants, bars, hotels, entertainment venues, and Chickasaw Baseball Stadium. The downtown business district is within walking distance, while the site is also positioned near MAPS 4-funded developments and the future Oklahoma City Thunder arena. Bricktown Core Zoning District designation supports a range of development concepts identified for the property, including mixed-use, residential, hospitality, restaurant, gallery, museum, or continued commercial use. The property is within an Opportunity Zone.
Key Highlights
- 14,485‑square‑foot two‑story office/warehouse building
- Bricktown Core Zoning District designation
- Original architectural details remain in 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
$206,081
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
8.24%
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%
$4,121,620
$4.1M
Cap Rate 7%
$2,944,014
$2.9M
Cap Rate 9%
$2,289,789
$2.3M
Market Conditions
NOI Build-Up for 14,485 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
$361.5K $24.96/SF
− Vacancy
−$86.8K −$5.99/SF
EGI
$274.8K $18.97/SF
− OpEx
−$68.7K −$4.74/SF
NOI
$206.1K $14.23/SF
Area
Oklahoma City, OK
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%
$4,121,620
Cap Rate 7%
$2,944,014
Cap Rate 9%
$2,289,789
Alternative Uses
Best Use
Office B
$2.94M
$2.58M – $3.43M
NOI $206,081 @ 7.0% cap · market cap 8.24%
Second Best
Flex RnD
$2.79M
$2.44M – $3.25M
NOI $195,235 @ 7.0% cap · market cap 7.81%
Theoretical Best
Specialty Retail
$4.95M
$4.33M – $5.78M
NOI $346,771 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73104, OK
3,545
Population
2,405
Households
1.5
Avg Household Size
29
Median Age
75%
College-Educated
97%
High-School Grad
1.6 sq mi
ZIP Area
2,216
Density / Sq Mi
$69,886
Median Household Income
$59,023
Median Earnings
$1,536
Median Rent
$341,300
Median Home Value
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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?
Flex space - Office and warehouse configuration with original architectural details and Bricktown Core zoning.
Where is this flex space located?
The property is located at 120 E Main St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 14,485‑square‑foot two‑story office/warehouse building; Bricktown Core Zoning District designation; Original architectural details remain in the building
