Heated Flex Shop with Roll-Up
For Sale
$190,000
1400 S Steele, Chandler, OK 74834
Land, Chandler, OK
Property Size2,400 SF
Lot Size0.24 Acres
Price / SF$79.17
Days on Market102
Property Features for 1400 S Steele
General Information
Property type
Land
Property subtype
Other
Zoning
Commercial
Lot features
Interior Lot
Elementary school
East Side ES,Park Road ES
Middle school
Chandler JHS
High school
Chandler HS
Elementary school district
Chandler
Middle school district
Chandler
High school district
Chandler
Standard status
Active
APN
1400SSteele74834
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
bathroom with shower
instant hot water tank
Building Details
Roof type
Metal
Listing Agency:
RE/MAX Realty Plus Inc · RE/MAX International
(405) 258-0857
Listed By:
Amy Miller · License #154260
(405) 240-6168
Added: May 11
Changed: Aug 19
Last Checked: Aug 20 at 1:06PM
MLS# 1228693
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.
Versatile heated flex shop built in 2021 offering 2,400 SF of usable space in a 60x40 layout. The building features concrete floors and a metal roof, with utilities including public water and public sewer. For access and operations, it has two roll-up garage doors with openers, plus an additional man door for convenient side entry. The interior includes a bathroom with a shower and an instant hot water tank.
The space is set up for a variety of practical uses such as a business workspace, storage facility, workshop, or similar small-bay operations. The building is heated, and it does not currently have air conditioning.
Outdoor land area is 0.241 acres, supporting the standalone shop configuration at the property on S Steele in Chandler, Oklahoma.
The space is set up for a variety of practical uses such as a business workspace, storage facility, workshop, or similar small-bay operations. The building is heated, and it does not currently have air conditioning.
Outdoor land area is 0.241 acres, supporting the standalone shop configuration at the property on S Steele in Chandler, Oklahoma.
Key Highlights
- 2,400 SF flex shop built in 2021 with a 60x40 layout
- Heated building with concrete floors and a metal roof
- Two roll‑up garage doors with openers plus an additional man door
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
$14,902
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
7.84%
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%
$298,040
$298.0K
Cap Rate 7%
$212,886
$212.9K
Cap Rate 9%
$165,578
$165.6K
Market Conditions
NOI Build-Up for 2,400 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
$23.0K $9.60/SF
− Vacancy
−$1.8K −$0.73/SF
EGI
$21.3K $8.87/SF
− OpEx
−$6.4K −$2.66/SF
NOI
$14.9K $6.21/SF
Area
Lincoln County, OK
Vacancy
7.60%
Lease Rate
$9.60 /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%
$298,040
Cap Rate 7%
$212,886
Cap Rate 9%
$165,578
Alternative Uses
Best Use
Flex RnD
$425.9K
$372.7K – $496.9K
NOI $29,812 @ 7.0% cap · market cap 15.69%
Second Best
Warehouse
$258.5K
$226.2K – $301.6K
NOI $18,096 @ 7.0% cap · market cap 9.52%
Theoretical Best
Specialty Retail
$580.1K
$507.6K – $676.8K
NOI $40,608 @ 7.0% cap · market cap 21.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74834, OK
7,011
Population
3,203
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
178.6 sq mi
ZIP Area
39
Density / Sq Mi
$59,436
Median Household Income
$40,747
Median Earnings
$798
Median Rent
$180,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Heated flex shop with concrete floors, two roll-up doors, and public water and sewer for business or storage use.
Where is this flex space located?
The property is located at 1400 S Steele Chandler, OK.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: 2,400 SF flex shop built in 2021 with a 60x40 layout; Heated building with concrete floors and a metal roof; Two roll‑up garage doors with openers plus an additional man door
