Two-Story Flex
For Sale
$2,500,000
120 E Main Street, Oklahoma City, OK 73104
Bricktown Core zoning supports commercial use and potential redevelopment, with original architectural details and additional lot area.
Property Size14,485 SF
Price / SF$172.59
Days on Market346
Property Features for 120 E Main Street
General Information
Standard status
Active
Size
14,485 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$11,734
Building Details
Building Size
14,485 SF
Year Built
1918
Buildings
1
Stories
2
Construction
brick
Listing Agency:
RE/MAX at Home
(405) 209-0124
Listed By:
Mary L Walker · License #143671
(405) 209-0124
Source:
Capitalrealestateok
Added: Sep 12, 2025
Changed: Aug 23
Last Checked: Aug 23 at 8:39AM
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 includes an approximately 14,485-square-foot office/warehouse building with original architectural details. The property is situated on approximately one-half of the five lots offered, providing additional land area for expansion or repurposing. Temporary structures are also included; removing them would provide approximately 30 parking spaces.
Located at 120 E Main Street in Oklahoma City's Bricktown District, the property is near the Bricktown Canal, Chickasaw Baseball Stadium, downtown business district, and MAPS 4-funded developments. The Bricktown Core Zoning District supports a range of development projects. Potential uses identified for the property include continued commercial use, mixed-use development, a boutique hotel, urban residential lofts, apartments, townhomes or condos, an art gallery, historic museum, or restaurant.
Located at 120 E Main Street in Oklahoma City's Bricktown District, the property is near the Bricktown Canal, Chickasaw Baseball Stadium, downtown business district, and MAPS 4-funded developments. The Bricktown Core Zoning District supports a range of development projects. Potential uses identified for the property include continued commercial use, mixed-use development, a boutique hotel, urban residential lofts, apartments, townhomes or condos, an art gallery, historic museum, or restaurant.
Key Highlights
- Approximately 14,485‑square‑foot two‑story office/warehouse building
- Situated on approximately one‑half of the 5 lots offered
- Temporary structures could be removed to provide approximately 30 parking spaces
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
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
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Bricktown Core zoning supports commercial use and potential redevelopment, with original architectural details and additional lot area.
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 14,485‑square‑foot two‑story office/warehouse building; Situated on approximately one‑half of the 5 lots offered; Temporary structures could be removed to provide approximately 30 parking spaces
