Two-Suite Office
For Sale
$899,000
9120 Kelley Avenue, Oklahoma City, OK 73131
Office suites provide reception areas, private offices, meeting rooms, kitchens, bathrooms, and covered patios with lake views.
Property Size3,158 SF
Price / SF$284.67
Days on Market1489
Property Features for 9120 Kelley Avenue
General Information
Standard status
Active
Size
3,158 SF
Property subtype
Office
Additional Details
Office Units
2
Amenities
grand reception area
fully equipped kitchen/break room
inviting meeting space complete with a cozy fireplace
four private offices
bathrooms
covered patio boasting serene lake views
3
Building Details
Year Built
2011
Listed By:
Blackstone Commercial Prop Adv
(405) 850-0987
Source:
Xome
Added: Aug 6, 2022
Changed: Sep 2
Last Checked: Sep 1 at 5:18PM
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 Blackstone Commercial Prop Adv
Investment Insights
Based on property information with market context.
Built in 2011, the property contains two office suites with a consistent interior program. Each suite includes a large reception area, a kitchen or break room, a meeting area with a fireplace, four private offices, bathrooms, and a covered patio oriented toward lake views.
The property is located at the southeast corner of E. Britton Rd. and N. Kelley Ave. Together, the suites offer an office configuration with dedicated reception, meeting, work, and support areas within each unit.
The property is located at the southeast corner of E. Britton Rd. and N. Kelley Ave. Together, the suites offer an office configuration with dedicated reception, meeting, work, and support areas within each unit.
Key Highlights
- Two office suites, each with four private offices
- Each suite includes a reception area, meeting space, kitchen or break room, and bathrooms
- Meeting areas feature fireplaces
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
$44,929
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
5.00%
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%
$898,580
$898.6K
Cap Rate 7%
$641,843
$641.8K
Cap Rate 9%
$499,211
$499.2K
Market Conditions
NOI Build-Up for 3,158 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
$78.8K $24.96/SF
− Vacancy
−$18.9K −$5.99/SF
EGI
$59.9K $18.97/SF
− OpEx
−$15.0K −$4.74/SF
NOI
$44.9K $14.23/SF
Area
Oklahoma City, OK
Vacancy
24.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$898,580
Cap Rate 7%
$641,843
Cap Rate 9%
$499,211
Alternative Uses
Best Use
Office B
$641.8K
$561.6K – $748.8K
NOI $44,929 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$945.0K – $1.26M
NOI $75,603 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 73131, OK
3,453
Population
1,541
Households
2.2
Avg Household Size
42
Median Age
45%
College-Educated
98%
High-School Grad
12.0 sq mi
ZIP Area
288
Density / Sq Mi
$118,375
Median Household Income
$60,417
Median Earnings
$2,060
Median Rent
$299,500
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?
Office units - Office suites provide reception areas, private offices, meeting rooms, kitchens, bathrooms, and covered patios with lake views.
Where is this office units located?
The property is located at 9120 Kelley Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two office suites, each with four private offices; Each suite includes a reception area, meeting space, kitchen or break room, and bathrooms; Meeting areas feature fireplaces
