Flex Suite with Dental
For Sale
$490,000
1212 S Air Depot Boulevard 17 & 19, Oklahoma City, OK 73110
C-3 zoning, separate utility meters, and a reconfigurable interior support medical, office, and other commercial applications.
Property Size4,238 SF
Price / SF$115.62
Days on Market12
Property Features for 1212 S Air Depot Boulevard 17 & 19
General Information
Standard status
Active
Size
4,238 SF
Zoning
C-3
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Ample parking
Professional storefront
Signage opportunities
Building Details
Year Built
1979
Tenancy
Multi
Abandoned
No
Listing Agency:
LIME Realty
(704) 609-1395
Listed By:
Janice Foust · License #206542
Source:
Oklahomerealestate
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 31 at 6:26PM
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 LIME Realty
Investment Insights
Based on property information with market context.
This flex property combines two individually owned suites with a professional storefront, on-site parking, and signage opportunities. The interior includes multiple smaller exam or therapy rooms, larger meeting areas, and office space that can be adapted to different operational needs. Dental equipment is available separately for sale or lease. Several offices are subleased on a month-to-month basis, providing existing occupancy and income.
The property sits on the east side of S. Air Depot Boulevard between Reno Avenue and SE 15th Street in Oklahoma City. It is less than one mile from Tinker Air Force Base and Rose State College, near Town Center Plaza, and offers access to I-40, I-35, and Will Rogers World Airport, approximately 20 minutes away. Each suite has its own meter, and the property is zoned C-3 Commercial.
The property sits on the east side of S. Air Depot Boulevard between Reno Avenue and SE 15th Street in Oklahoma City. It is less than one mile from Tinker Air Force Base and Rose State College, near Town Center Plaza, and offers access to I-40, I-35, and Will Rogers World Airport, approximately 20 minutes away. Each suite has its own meter, and the property is zoned C-3 Commercial.
Key Highlights
- Two individually owned suites at 1212 S Air Depot Boulevard #17 & #19
- C‑3 Commercial zoning
- Dental office equipment available for sale or lease
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
$25,765
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
5.26%
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%
$515,300
$515.3K
Cap Rate 7%
$368,071
$368.1K
Cap Rate 9%
$286,278
$286.3K
Market Conditions
NOI Build-Up for 4,238 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
$38.1K $9.00/SF
− Vacancy
−$1.3K −$0.32/SF
EGI
$36.8K $8.69/SF
− OpEx
−$11.0K −$2.61/SF
NOI
$25.8K $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%
$515,300
Cap Rate 7%
$368,071
Cap Rate 9%
$286,278
Alternative Uses
Best Use
Office B
$861.4K
$753.7K – $1.00M
NOI $60,295 @ 7.0% cap · market cap 12.31%
Second Best
Healthcare Medical
$855.9K
$748.9K – $998.6K
NOI $59,913 @ 7.0% cap · market cap 12.23%
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,458 @ 7.0% cap · market cap 20.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C-3 zoning, separate utility meters, and a reconfigurable interior support medical, office, and other commercial applications.
Where is this flex space located?
The property is located at 1212 S Air Depot Boulevard 17 & 19 Oklahoma City, OK.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Two individually owned suites at 1212 S Air Depot Boulevard #17 & #19; C‑3 Commercial zoning; Dental office equipment available for sale or lease
