Multi-Tenant Flex Investment
For Sale
$2,900,000
1231 Sovereign Row, Oklahoma City, OK 73108
Stabilized flex property with diversified tenant pool, near I-40.
Property Size38,717 SF
Price / SF$74.90
Days on Market207
Property Features for 1231 Sovereign Row
General Information
Standard status
Active
Size
38,717 SF
Property subtype
Industrial
Building Details
Building Size
38,717 SF
Listing Agency:
Creek Price Edwards and Company - Oklahoma City
(405) 408-5449
Listed By:
Danny Rivera
(405) 408-5449
Source:
Tcnworldwide
Added: Jan 27
Changed: Aug 21
Last Checked: Aug 22 at 4:12AM
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 Creek Price Edwards and Company - Oklahoma City
Investment Insights
Based on property information with market context.
This property features a mix of office spaces and flex bays with warehouse components. The site is located just south of I-40 off of South Meridian Avenue. Constructed of concrete, the property is zoned I-2. The property consists of multi-tenant flex units and is currently 94% occupied across 16 units. The property operates at a 7.8% capitalization rate.
Key Highlights
- 7.8% Cap Rate
- 94% Occupancy on 16 Units (Stabilized Asset)
- Multi‑Tenant Flex Units (Office and Warehouse)
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
$235,380
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
8.12%
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%
$4,707,600
$4.7M
Cap Rate 7%
$3,362,571
$3.4M
Cap Rate 9%
$2,615,333
$2.6M
Market Conditions
NOI Build-Up for 38,717 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
$348.5K $9.00/SF
− Vacancy
−$12.2K −$0.32/SF
EGI
$336.3K $8.69/SF
− OpEx
−$100.9K −$2.61/SF
NOI
$235.4K $6.08/SF
Area
Oklahoma City, OK
Vacancy
3.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,707,600
Cap Rate 7%
$3,362,571
Cap Rate 9%
$2,615,333
Alternative Uses
Best Use
Office B
$7.87M
$6.89M – $9.18M
NOI $550,835 @ 7.0% cap · market cap 18.99%
Second Best
Flex RnD
$7.45M
$6.52M – $8.70M
NOI $521,843 @ 7.0% cap · market cap 17.99%
Theoretical Best
Specialty Retail
$13.24M
$11.59M – $15.45M
NOI $926,885 @ 7.0% cap · market cap 31.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73108, OK
14,451
Population
6,221
Households
2.3
Avg Household Size
30
Median Age
4%
College-Educated
56%
High-School Grad
7.6 sq mi
ZIP Area
1,901
Density / Sq Mi
$35,278
Median Household Income
$31,017
Median Earnings
$799
Median Rent
$75,000
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 - Stabilized flex property with diversified tenant pool, near I-40.
Where is this flex space located?
The property is located at 1231 Sovereign Row Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 7.8% Cap Rate; 94% Occupancy on 16 Units (Stabilized Asset); Multi‑Tenant Flex Units (Office and Warehouse)
