Prairie Style Bed and
For Sale
$1,250,000
124 NW 15th Street Oklahoma, Oklahoma City, OK 73103
Historic hospitality property with boutique suites, event amenities, and remaining finish work before completion.
Property Size6,270 SF
Days on Market54
Property Features for 124 NW 15th Street Oklahoma
General Information
Standard status
Active
Size
6,270 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
R4
Property Condition
Severity
Repairs Needed
Evidence
Finish work needed
Amenities
pool
hot tub
outdoor kitchen
event venue
Fireplace
Water Heater
Composition
Building Details
Building Size
6,270 SF
Year Built
1902
Stories
3
Construction
Prairie Style
Listing Agency:
CityGates Real Estate LLC
(405) 412-8369
Listed By:
Brooke Bale
Source:
Kw
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 31 at 12:53AM
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 CityGates Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1902, this Prairie Style bed and breakfast is approximately 85% complete and includes 9 boutique suites plus a kids’ loft. Existing work includes finished bathroom tile, while remaining improvements include final paint, vanities, a kitchen backsplash, and granite countertops. The honeymoon suite includes heated bathroom floors, and the property features a fireplace and water heater.
Outdoor amenities include a pool, hot tub, outdoor kitchen, and a dedicated setting for intimate weddings. The layout also provides space for an on-site manager. Zoned R4, the property has 9 on-site parking spaces and sits just blocks from Midtown District dining and entertainment. The composition exterior and historic architecture are complemented by modern comfort features.
Outdoor amenities include a pool, hot tub, outdoor kitchen, and a dedicated setting for intimate weddings. The layout also provides space for an on-site manager. Zoned R4, the property has 9 on-site parking spaces and sits just blocks from Midtown District dining and entertainment. The composition exterior and historic architecture are complemented by modern comfort features.
Key Highlights
- 9 boutique suites and a kids’ loft
- Prairie Style property built in 1902
- Pool, hot tub, and outdoor kitchen
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
$45,567
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
3.65%
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%
$911,340
$911.3K
Cap Rate 7%
$650,957
$651.0K
Cap Rate 9%
$506,300
$506.3K
Market Conditions
NOI Build-Up for 6,270 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
$112.9K $18.00/SF
− Vacancy
−$16.9K −$2.70/SF
EGI
$95.9K $15.30/SF
− OpEx
−$50.4K −$8.03/SF
NOI
$45.6K $7.27/SF
Area
Oklahoma City, OK
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$911,340
Cap Rate 7%
$650,957
Cap Rate 9%
$506,300
Alternative Uses
Best Use
Hotel Hospitality
$651.0K
$569.6K – $759.5K
NOI $45,567 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.14M
$1.88M – $2.50M
NOI $150,104 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73103, OK
5,046
Population
3,489
Households
1.4
Avg Household Size
34
Median Age
61%
College-Educated
99%
High-School Grad
1.2 sq mi
ZIP Area
4,205
Density / Sq Mi
$56,934
Median Household Income
$50,055
Median Earnings
$954
Median Rent
$400,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic hospitality property with boutique suites, event amenities, and remaining finish work before completion.
Where is this bed & breakfast located?
The property is located at 124 NW 15th Street Oklahoma Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 9 boutique suites and a kids’ loft; Prairie Style property built in 1902; Pool, hot tub, and outdoor kitchen
