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    101 S Randall Ave Elk City, OK 73644

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    For Lease
    $2,000 /Mo

    Office space for lease on high visibility corner lot.

    Property size:
    500 SF
    Lot size:
    0.32 Acres
    Added:
    Jan 19, 2025
    Days on Market:
    463
    Last Refresh:
    Jan 14 at 6:43 am

    Property Features for 101 S Randall Ave

    General Information

    Standard status
    Active
    Size
    500 SF
    Lot size
    0.32 Acres

    We can help!

    Listing Contact
    Janet Redd
    Janet Redd

    Listing agent Janet Redd License #68219

    Listing office Western Oklahoma Realty LLC

    Listing date Jan 19, 2025

    Source Exprealty

    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 Western Oklahoma Realty LLC

    Overview

    Elk City Office Space Available

    Located on a high visibility corner lot at Broadway and S. Randall in Elk City, Oklahoma, this commercial property is available for lease. The property includes 8 offices, with 2 offices equipped with water. It also features a reception area with a waiting room, 2 handicapped-accessible restrooms with laundry hook-ups, and a break room. Upstairs, there is an open room with approximately 500 square feet. The property offers excellent parking for businesses and clients and has 3 entrances. The intended use of the property is for office space. The lease term is for 3 years.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    John D. Edwards, ... Physician Ford & Edwards Physician Smith Title & Closing ... Law Firm Myofascial Pain Clinic Alternative Medicine Practice Acupuncture at OK Chiropractic ... Medical Clinic

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elk City
    County
    Beckham
    State
    Oklahoma
    Longitude
    -99.4173
    Latitude
    35.4112

    Nearby Similar for Lease

    • $5,000/Mo

      Elk City Commercial Property

      Five-acre commercial property with three buildings and office space for rent.
      120 W 12th Street, Elk City, OK 73644
      View Details
    • $2,750/Mo

      Elk City Office Space Available

      Stand-alone office space with multiple offices, reception, and kitchen.
      108 W 12th Street, Elk City, OK 73644
      View Details
    • $12 SF/Yr

      Retail Space Near Walmart

      Retail space available off Regional Drive with I-40 frontage.
      401 Regional Dr, Elk City, OK
      View Details
    • Contact for pricing

      Restaurant Building For Lease

      Free-standing second-generation restaurant building available for lease.
      2710 W 3rd St, Elk City, OK 73644
      View Details
    • Contact for pricing

      Restaurant Building with Drive Thru

      Free-standing restaurant building with drive-thru available for lease.
      2710 W 3rd St, Elk City, OK 73644
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for lease on high visibility corner lot.
    Where is this office units located?
    The property is located at 101 S Randall Ave Elk City, OK.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: High visibility corner lot location on Broadway and S. Randall.; Eight offices, two with water.; Reception area with waiting room.
    (580) 243-7994
    We can help!
    Listing Contact
    Janet Redd
    Janet Redd
    Real Estate License ID: 68219
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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