Building Details

Year built 1973

Floors in Building 1

Listing Agency: Metro Brokers of Ok Connect c***@aol.com Show Phone

Listed By: Sarah Neal · License #157407 Show Phone

Added: Oct 16, 2025 Changed: Aug 9 Last Checked: Aug 9 at 4:06AM

Report an Issue

MLS# 1196383

Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This storefront property at 132 W Broadway Street contains 1380 square feet on a 0.16-acre corner lot. The building dates to 1973 and includes a newer roof along with a large HVAC system designed to support year-round interior comfort. Cooling is provided through central air and electric service.

The property is located in Lexington, Oklahoma, within Cleveland County and the 73051 postal area. Its commercial zoning supports its positioning as a retail-oriented asset, while the corner configuration provides a distinct physical setting along the site’s street frontage.

Key Highlights

• 1380‑square‑foot storefront property
• 0.16‑acre corner commercial lot
• Newer roof

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

$13,766

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

7.28%

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%

$275,320 $275.3K

Cap Rate 7%

$196,657 $196.7K

Cap Rate 9%

$152,956 $153.0K

Market Conditions

NOI Build-Up for 1,380 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

$20.7K $15.00/SF

− Vacancy

−$1.0K −$0.75/SF

EGI

$19.7K $14.25/SF

− OpEx

−$5.9K −$4.27/SF

NOI

$13.8K $9.98/SF

Area

Cleveland County, OK

Vacancy

5.00%

Lease Rate

$15.00 /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%

$275,320

Cap Rate 7%

$196,657

Cap Rate 9%

$152,956

Alternative Uses

Best Use

Retail

$196.7K

$172.1K – $229.4K (±1% cap)

NOI $13,766 @ 7.0% cap · market cap 7.28%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$339.4K

$296.9K – $395.9K (±1% cap)

NOI $23,755 @ 7.0% cap · market cap 12.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick Big Box & Wholesale Store Storage Facility Furniture & Home Goods Hair Salon Kitchen & Bath Showroom HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

119

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 73051, OK

9,541

Population

3,210

Households

3

Avg Household Size

42

Median Age

12%

College-Educated

83%

High-School Grad

126.7 sq mi

ZIP Area

75

Density / Sq Mi

$65,074

Median Household Income

$37,857

Median Earnings

$934

Median Rent

$152,900

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Cannabis Grow Facility with Live-Work

18851 Deercreek Rd, Lexington, OK 73051

$499,950

7,056 SF

View details

Climatized Industrial Facility

700 N Main St, Lexington, OK 73051

Contact for pricing

13,715 SF

View details

Specialty Highway Frontage Land

18900 State Highway 39, Lexington, OK 73051

$42,500

View details

Lexington Convenience Store & Gas

12001 Slaughterville Road, Lexington, OK 73051

$329,000

1,248 SF

View details

Frequently Asked Questions

What type of property is this?

Storefront property - Commercial space with a newer roof and central electric cooling in a freestanding building.

Where is this storefront property located?

The property is located at 132 W Broadway Street Lexington, OK.

What is the asking price?

The asking price for this property is $189,000.

What are key features of this property?

This property features: 1380‑square‑foot storefront property; 0.16‑acre corner commercial lot; Newer roof