Storefront Building with
For Sale
$200,000
1302 N Key Boulevard, Midwest City, OK 73110
The roof was replaced in 2023, and the property is offered in as-is condition.
Property Size1,680 SF
Days on Market8
Property Features for 1302 N Key Boulevard
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Retail
Property Condition
Severity
Repairs Needed
Evidence
HVAC is not in working order
Taxes and HOA fees
Annual Taxes
$676
Building Details
Building Size
1,680 SF
Year Built
1961
Listing Agency:
KING Real Estate Group
Listed By:
Karen King · License #122366
(405) 834-1057
Source:
Stetsonbentley
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 26 at 2:25PM
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 KING Real Estate Group
Investment Insights
Based on property information with market context.
This storefront commercial building was constructed in 1961 and has previously accommodated salon and art studio uses. A mini-split system is present for air service, while the HVAC system is not operational. The roof was replaced in 2023.
The property sits at the south end of the 7-Eleven building near the intersection of SE 15th and Key Boulevard in Midwest City. It is offered in as-is condition, with the seller not planning to replace the nonworking HVAC system.
The property sits at the south end of the 7-Eleven building near the intersection of SE 15th and Key Boulevard in Midwest City. It is offered in as-is condition, with the seller not planning to replace the nonworking HVAC system.
Key Highlights
- Storefront commercial building constructed in 1961
- Roof replacement completed in 2023
- Prior salon and art studio use
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
$17,733
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
8.87%
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%
$354,660
$354.7K
Cap Rate 7%
$253,329
$253.3K
Cap Rate 9%
$197,033
$197.0K
Market Conditions
NOI Build-Up for 1,680 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
$28.0K $16.68/SF
− Vacancy
−$2.7K −$1.60/SF
EGI
$25.3K $15.08/SF
− OpEx
−$7.6K −$4.52/SF
NOI
$17.7K $10.56/SF
Area
Oklahoma County, OK
Vacancy
9.60%
Lease Rate
$16.68 /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%
$354,660
Cap Rate 7%
$253,329
Cap Rate 9%
$197,033
Alternative Uses
Best Use
Retail
$253.3K
$221.7K – $295.6K
NOI $17,733 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$349.9K
$306.2K – $408.2K
NOI $24,494 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
39k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 67%
Apparel 26%
Dining 4%
Home Improvements & Furnishings 3%
7-Eleven
Shops & Services
15,665 visits/mo
0.1 miles
Goodwill
Apparel
10,146 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,956 visits/mo
0.1 miles
Bank Of Oklahoma - Midwest City
Shops & Services
3,685 visits/mo
0.3 miles
Domino's Pizza
Dining
1,548 visits/mo
0.5 miles
Demographics for 73110, OK
33,156
Population
15,826
Households
2.1
Avg Household Size
35
Median Age
20%
College-Educated
91%
High-School Grad
15.5 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,436
Median Household Income
$35,043
Median Earnings
$1,007
Median Rent
$119,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Florist — midwest city, ok 73110
- Penny and Irene's Flowers & Gifts — 7556 SE 15th St, Midwest City, OK 73110
Frequently Asked Questions
What type of property is this?
Storefront property - The roof was replaced in 2023, and the property is offered in as-is condition.
Where is this storefront property located?
The property is located at 1302 N Key Boulevard Midwest City, OK.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Storefront commercial building constructed in 1961; Roof replacement completed in 2023; Prior salon and art studio use
