Remodeled Freestanding Office
New
For Sale
$299,900
1216 NE 23rd Street, Oklahoma City, OK 73111
Updated standalone office property positioned across from TFCU and near Oklahoma City’s Capitol and downtown areas.
Property Size1,272 SF
Days on Market6
Property Features for 1216 NE 23rd Street
General Information
Standard status
Active
Size
1,272 SF
Property subtype
Office Freestanding
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,487
Building Details
Building Size
1,272 SF
Year Built
1956
Buildings
1
Listing Agency:
Ariston Realty LLC
(405) 503-8333
Listed By:
Roshonda Wilson
Source:
Stetsonbentley
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 10:39AM
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 Ariston Realty LLC
Investment Insights
Based on property information with market context.
This freestanding office building was constructed in 1956 and has been fully remodeled, providing a refreshed setting for business operations. Its standalone configuration distinguishes it from multi-tenant office environments while retaining a practical commercial profile.
The property is located across from TFCU and near the state Capitol, the Governor’s mansion, downtown Oklahoma City, and major highways. These nearby civic, business, and transportation references provide clear context for the building’s central Oklahoma City setting.
The property is located across from TFCU and near the state Capitol, the Governor’s mansion, downtown Oklahoma City, and major highways. These nearby civic, business, and transportation references provide clear context for the building’s central Oklahoma City setting.
Key Highlights
- Fully remodeled freestanding office building
- Constructed in 1956
- Across from TFCU
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
$18,097
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
6.03%
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%
$361,940
$361.9K
Cap Rate 7%
$258,529
$258.5K
Cap Rate 9%
$201,078
$201.1K
Market Conditions
NOI Build-Up for 1,272 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
$31.7K $24.96/SF
− Vacancy
−$7.6K −$5.99/SF
EGI
$24.1K $18.97/SF
− OpEx
−$6.0K −$4.74/SF
NOI
$18.1K $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%
$361,940
Cap Rate 7%
$258,529
Cap Rate 9%
$201,078
Alternative Uses
Best Use
Office B
$258.5K
$226.2K – $301.6K
NOI $18,097 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$435.0K
$380.7K – $507.5K
NOI $30,452 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 73111, OK
11,451
Population
5,670
Households
2
Avg Household Size
42
Median Age
19%
College-Educated
86%
High-School Grad
8.6 sq mi
ZIP Area
1,332
Density / Sq Mi
$39,739
Median Household Income
$30,159
Median Earnings
$941
Median Rent
$109,500
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?
Office building - Updated standalone office property positioned across from TFCU and near Oklahoma City’s Capitol and downtown areas.
Where is this office building located?
The property is located at 1216 NE 23rd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Fully remodeled freestanding office building; Constructed in 1956; Across from TFCU
