Bar Property With Covered
For Sale
$165,000
Pending
13523 NE 23rd Street, Choctaw, OK 73020
Commercial Sale, Choctaw, OK
Property Size1,200 SF
Lot Size0.32 Acres
Days on Market506
Property Features for 13523 NE 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
On NE 23rd Street (US Highway 62) between Hiawassee & Henney in Choctaw. GPS is accurate.
Standard status
Pending
APN
13523NE23rd73020
Size
1,200 SF
Lot size
0.32 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Central Air
Water source
Well
Amenities
covered deck
water well
Building Details
Year built
1950
Building materials
Frame, Metal Siding
Listing Agency:
RE/MAX First · RE/MAX International
(405) 843-8448
Listed By:
Joe Forrest · License #143557
(405) 850-8489
Added: Apr 3, 2025
Changed: Aug 21
Last Checked: Aug 21 at 10:06AM
MLS# 1162941
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 1,200-square-foot bar property sits on approximately 0.324 acres and was built in 1950. The interior features an open layout with a bar, two restrooms, and a separate storage and equipment room. A covered deck extends into the backyard, adding outdoor space to the existing improvements.
Located at 13523 NE 23rd Street in Choctaw, the property is positioned at the west edge of the city. The building has frame construction with metal siding, natural gas heat, and electric central air conditioning. Water is supplied by a well, while wastewater service is provided through the public sewer system. Commercial zoning supports the property’s established commercial setting.
Located at 13523 NE 23rd Street in Choctaw, the property is positioned at the west edge of the city. The building has frame construction with metal siding, natural gas heat, and electric central air conditioning. Water is supplied by a well, while wastewater service is provided through the public sewer system. Commercial zoning supports the property’s established commercial setting.
Key Highlights
- 1,200‑square‑foot bar property on approximately 0.324 acres
- Open interior layout with an existing bar
- Two restrooms plus a storage and equipment room
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
$12,623
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
7.65%
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%
$252,460
$252.5K
Cap Rate 7%
$180,329
$180.3K
Cap Rate 9%
$140,256
$140.3K
Market Conditions
NOI Build-Up for 1,200 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
$18.0K $15.00/SF
− Vacancy
−$1.2K −$0.98/SF
EGI
$16.8K $14.03/SF
− OpEx
−$4.2K −$3.51/SF
NOI
$12.6K $10.52/SF
Area
Oklahoma County, OK
Vacancy
6.50%
Lease Rate
$15.00 /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%
$252,460
Cap Rate 7%
$180,329
Cap Rate 9%
$140,256
Alternative Uses
Best Use
Specialty Retail
$180.3K
$157.8K – $210.4K
NOI $12,623 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$249.9K
$218.7K – $291.6K
NOI $17,496 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
4k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
O'Reilly Auto Parts
Shops & Services
4,393 visits/mo
0.4 miles
Demographics for 73020, OK
24,627
Population
9,857
Households
2.5
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
61.6 sq mi
ZIP Area
400
Density / Sq Mi
$99,108
Median Household Income
$54,688
Median Earnings
$1,363
Median Rent
$248,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Charlies Sports Grill — 2200 N Hiwassee Rd, Choctaw, OK 73020
Frequently Asked Questions
What type of property is this?
Bar & Pub - Commercial bar building with an open interior, service area, storage, and outdoor covered deck.
Where is this bar & pub located?
The property is located at 13523 NE 23rd Street Choctaw, OK.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 1,200‑square‑foot bar property on approximately 0.324 acres; Open interior layout with an existing bar; Two restrooms plus a storage and equipment room
