Two-Story Flex Space
For Sale
$2,500,000
120 E Main Street, Oklahoma City, OK 73104
SINGLE_FAMILY - Oklahoma City, OK
Property Size14,485 SF
Lot Size0.40 Acres
Price / SF$172.59
Days on Market345
Property Features for 120 E Main Street
General Information
Property type
Residential
Property subtype
Retail
Zoning
Commercial
Directions
From Sheridan and Oklahoma go North and East on Main St to property.
Standard status
Active
APN
120EMain73104
Size
14,485 SF
Lot size
0.40 Acres
Building Details
Year built
1918
Floors in Building
2
Building materials
Brick
Listing Agency:
RE/MAX at Home · RE/MAX International
(405) 708-6691
Listed By:
Mary L Walker · License #143671
(405) 209-0124
Added: Sep 12, 2025
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 1135454
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.
Two-story brick flex space building built in 1918, totaling 14,485 square feet on approximately 0.4 acres. The property is described as an office/warehouse-style structure with original architectural details, positioned on roughly half of the five lots offered, leaving room for expansion and/or repurposing. Included on-site are temporary structures that, if removed, would provide approximately 30 parking spaces.
The building sits in the Bricktown Core Zoning District within Oklahoma City’s Bricktown entertainment and tourism area. The property is noted as being located in an Opportunity zone, with the surrounding district shaped by year-round events and ongoing development.
The configuration supports a range of reuse concepts discussed for the site, including continued commercial use and multiple redevelopment directions such as hospitality, residential lofts, apartments or townhomes/condos, mixed-use development, gallery or museum, and restaurant use.
The building sits in the Bricktown Core Zoning District within Oklahoma City’s Bricktown entertainment and tourism area. The property is noted as being located in an Opportunity zone, with the surrounding district shaped by year-round events and ongoing development.
The configuration supports a range of reuse concepts discussed for the site, including continued commercial use and multiple redevelopment directions such as hospitality, residential lofts, apartments or townhomes/condos, mixed-use development, gallery or museum, and restaurant use.
Key Highlights
- Approximately 0.4 acres
- Two‑story office/warehouse‑style flex space with original architectural details
- 14,485 square feet
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,590
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story, brick flex space in a Bricktown core zoning district, built in 1918, with opportunity-zone designation.
Where is this flex space located?
The property is located at 120 E Main Street 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: Approximately 0.4 acres; Two‑story office/warehouse‑style flex space with original architectural details; 14,485 square feet
