Oklahoma City Commercial Property
For Sale
Contact for pricing
13501 Memorial Park Dr, Oklahoma City, OK 73120
118-unit commercial property ideal for senior living redevelopment.
Property Size68,480 SF
Price / SF$105.14
Days on Market200
Property Features for 13501 Memorial Park Dr
General Information
Standard status
Active
Size
68,480 SF
Total Parking Spaces
120
Property subtype
Hospitality
Zoning
PUD-249
Investment Type
Redevelopment
Building Details
Year Built
2009
Year Renovated
2022
Buildings
1
Stories
4
Listing Agency:
Keller Williams Realty
Listed By:
Denzel Cromwell · License #181680
Source:
Crexi
Added: Feb 4
Changed: Aug 22
Last Checked: Aug 22 at 3:59PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 118-unit commercial property, constructed in 2010 and featuring recently renovated interiors, is located in Oklahoma City's Quail Springs corridor. The 68,480 square foot property is positioned with direct highway access and proximity to major hospitals and retail areas. It is suitable for senior living or affordable housing redevelopment. The existing infrastructure includes elevators, a commercial kitchen, a pool, and handicap-accessible design. Planned new development in the surrounding Oklahoma City area may capitalize on expanding infrastructure, population growth, and increasing demand for diversified housing options. The property is suited for senior living, affordable housing, or mixed-use redevelopment, aligning with demographic and housing trends across the metro. This property presents investors and developers with a chance to secure a strategic footprint ahead of continued Oklahoma City expansion.
Key Highlights
- Prime location in Oklahoma City's Quail Springs corridor with direct highway access and proximity to hospitals and retail.
- Turnkey infrastructure including elevators, commercial kitchen, pool, and handicap‑accessible design.
- Significant redevelopment potential for senior living, affordable housing, or mixed‑use, aligning with strong market demand.
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
$574,768
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
7.98%
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%
$11,495,360
$11.5M
Cap Rate 7%
$8,210,971
$8.2M
Cap Rate 9%
$6,386,311
$6.4M
Market Conditions
NOI Build-Up for 68,480 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
$1.11M $16.20/SF
− Vacancy
−$64.3K −$0.94/SF
EGI
$1.05M $15.26/SF
− OpEx
−$470.3K −$6.87/SF
NOI
$574.8K $8.39/SF
Area
ZIP 73120
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$11,495,360
Cap Rate 7%
$8,210,971
Cap Rate 9%
$6,386,311
Alternative Uses
Best Use
Apartment 5plus
$8.21M
$7.18M – $9.58M
NOI $574,768 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.48M
$14.42M – $19.23M
NOI $1,153,751 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73120, OK
36,530
Population
20,356
Households
1.8
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
3,321
Density / Sq Mi
$62,942
Median Household Income
$45,333
Median Earnings
$1,045
Median Rent
$227,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - 118-unit commercial property ideal for senior living redevelopment.
Where is this senior housing / retirement home located?
The property is located at 13501 Memorial Park Dr Oklahoma City, OK.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: Prime location in Oklahoma City's Quail Springs corridor with direct highway access and proximity to hospitals and retail.; Turnkey infrastructure including **elevators, commercial kitchen, pool, and handicap‑accessible design.**; Significant redevelopment potential for senior living, affordable housing, or mixed‑use, aligning with strong market demand.
