Remodeled Freestanding Office
New
For Sale
$299,900
1216 NE 23rd Street, Oklahoma City, OK 73111
Commercial Sale, Oklahoma City, OK
Property Size1,272 SF
Lot Size0.14 Acres
Price / SF$235.77
Days on Market6
Property Features for 1216 NE 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Directions
From I-35N, take 62 east onto NE Grand blvd, then make a left onto NE 23rd street, come down 1.5 miles. Property sits on the left side of the street, just across from Tinker Federal CU.
Standard status
Active
APN
1216NE23rd73111
Size
1,272 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Building materials
Brick
Listing Agency:
Ariston Realty LLC
(405) 802-1174
Listed By:
Roshonda Wilson
(405) 503-8333
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 23 at 2:06PM
MLS# 1241805
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.
This freestanding office property at 1216 NE 23rd Street provides 1,272 square feet on a 0.1377-acre lot. Built in 1956 and remodeled, the brick building has electric heating, electric cooling with central air, and public water service.
The property is across from TFCU and near the state Capitol, Governor's mansion, downtown Oklahoma City, and major highways. Its standalone configuration and commercial zoning support continued office use in an established urban setting.
The property is across from TFCU and near the state Capitol, Governor's mansion, downtown Oklahoma City, and major highways. Its standalone configuration and commercial zoning support continued office use in an established urban setting.
Key Highlights
- 1,272 square feet of office space on a 0.1377‑acre lot
- Freestanding brick office building built in 1956
- Remodeled interior and modernized office presentation
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
403
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
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled standalone office with brick construction, central air, and public water service.
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: 1,272 square feet of office space on a 0.1377‑acre lot; Freestanding brick office building built in 1956; Remodeled interior and modernized office presentation
