Corner Redevelopment Flex
For Sale
Contact for pricing
823 N Walker Ave, Oklahoma City, OK 73102
Corner flex building with three overhead doors, suitable for retail, office, or light manufacturing redevelopment.
Property Size7,000 SF
Price / SF$155.57
Days on Market1323
Property Features for 823 N Walker Ave
General Information
Standard status
Active
Size
7,000 SF
Property subtype
RETAIL
Listing Agency:
Wiggin Properties - OKC
(405) 842-0100
Listed By:
Matt Ralls
(405) 740-6928
Source:
Moodyscre
Added: Feb 1, 2023
Changed: Sep 5
Last Checked: Sep 16 at 7:33PM
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 Wiggin Properties - OKC
Investment Insights
Based on property information with market context.
This corner redevelopment opportunity includes an existing building with three overhead doors. The property lends itself to retail, office, or light manufacturing uses, offering flexibility for a range of commercial redevelopment plans.
The site is located across the street from St. Anthony Hospital in downtown Oklahoma City, along the west perimeter of Midtown. The address at 823 N Walker Ave is walkable to local restaurants and shops.
For buyers seeking a flexible improvement footprint, the existing overhead-door configuration provides a practical starting point for redevelopment of the corner location.
The site is located across the street from St. Anthony Hospital in downtown Oklahoma City, along the west perimeter of Midtown. The address at 823 N Walker Ave is walkable to local restaurants and shops.
For buyers seeking a flexible improvement footprint, the existing overhead-door configuration provides a practical starting point for redevelopment of the corner location.
Key Highlights
- Corner lot redevelopment opportunity across the street from St. Anthony Hospital
- Existing building has 3 overhead doors
- Existing property lends itself to retail, office, or light manufacturing uses
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
$94,349
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
8.66%
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%
$1,886,980
$1.9M
Cap Rate 7%
$1,347,843
$1.3M
Cap Rate 9%
$1,048,322
$1.0M
Market Conditions
NOI Build-Up for 7,000 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
$151.2K $21.60/SF
− Vacancy
−$6.0K −$0.86/SF
EGI
$145.2K $20.74/SF
− OpEx
−$50.8K −$7.26/SF
NOI
$94.3K $13.48/SF
Area
Oklahoma City, OK
Vacancy
4.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,886,980
Cap Rate 7%
$1,347,843
Cap Rate 9%
$1,048,322
Alternative Uses
Best Use
Flex RnD
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 8.66%
Second Best
Industrial
$608.0K
$532.0K – $709.3K
NOI $42,557 @ 7.0% cap · market cap 3.91%
Theoretical Best
Specialty Retail
$2.39M
$2.09M – $2.79M
NOI $167,580 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,398
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 73102, OK
3,072
Population
1,460
Households
2.1
Avg Household Size
35
Median Age
27%
College-Educated
86%
High-School Grad
0.8 sq mi
ZIP Area
3,840
Density / Sq Mi
$67,542
Median Household Income
$37,067
Median Earnings
$1,253
Median Rent
$212,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Corner flex building with three overhead doors, suitable for retail, office, or light manufacturing redevelopment.
Where is this flex space located?
The property is located at 823 N Walker Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,089,000.
What are key features of this property?
This property features: Corner lot redevelopment opportunity across the street from St. Anthony Hospital; Existing building has 3 overhead doors; Existing property lends itself to retail, office, or light manufacturing uses
