Self Storage Property with Commercial
For Sale
Contact for pricing
1505 N Main St, Newcastle, OK 73065
CC2-zoned property combines a commercial building with 34 rear storage units.
Property Size8,560 SF
Lot Size1.83 Acres
Price / SF$103.39
Days on Market153
Property Features for 1505 N Main St
General Information
Standard status
Active
Size
8,560 SF
Lot size
1.83 Acres
Property subtype
Business for Sale
Zoning
CC2
Investment Type
Owner/User
Additional Details
Self-Storage Units
34
Building Details
Year Built
1983
Buildings
2
Listing Agency:
LB Realty Group
Listed By:
Dani Mehrens · License #182276
Source:
Crexi
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 7:09PM
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 LB Realty Group
Investment Insights
Based on property information with market context.
This Newcastle commercial property includes an 8,560-square-foot building and 34 storage units positioned at the rear of the site. Constructed in 1983, the property occupies approximately 1.83 acres and has supported a longtime feed store use. The existing combination of enclosed commercial space and storage improvements creates a varied operating configuration within one parcel.
The property is located along N Main Street in Newcastle, Oklahoma, with direct street access and visible frontage noted in the property information. CC2 Commercial zoning supports its current commercial character and provides a framework for continued business use. The site can accommodate an owner seeking to retain the existing operation or evaluate another commercial concept, subject to applicable zoning and approvals.
The property is located along N Main Street in Newcastle, Oklahoma, with direct street access and visible frontage noted in the property information. CC2 Commercial zoning supports its current commercial character and provides a framework for continued business use. The site can accommodate an owner seeking to retain the existing operation or evaluate another commercial concept, subject to applicable zoning and approvals.
Key Highlights
- 34 storage units located at the rear of the property
- 8,560‑square‑foot commercial building
- Approximately 1.83 acres along N Main Street
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
$80,245
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
9.07%
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%
$1,604,900
$1.6M
Cap Rate 7%
$1,146,357
$1.1M
Cap Rate 9%
$891,611
$891.6K
Market Conditions
NOI Build-Up for 8,560 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
$123.3K $14.40/SF
− Vacancy
−$8.6K −$1.01/SF
EGI
$114.6K $13.39/SF
− OpEx
−$34.4K −$4.02/SF
NOI
$80.2K $9.37/SF
Area
McClain County, OK
Vacancy
7.00%
Lease Rate
$14.40 /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%
$1,604,900
Cap Rate 7%
$1,146,357
Cap Rate 9%
$891,611
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.42M
NOI $85,386 @ 7.0% cap · market cap 9.65%
Second Best
Self Storage
$1.15M
$1.00M – $1.34M
NOI $80,245 @ 7.0% cap · market cap 9.07%
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,835 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
216
Businesses Nearby
Explore this area
Business Placement
Demographics for 73065, OK
9,725
Population
4,413
Households
2.2
Avg Household Size
38
Median Age
32%
College-Educated
91%
High-School Grad
51.8 sq mi
ZIP Area
188
Density / Sq Mi
$93,451
Median Household Income
$51,717
Median Earnings
$990
Median Rent
$240,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - CC2-zoned property combines a commercial building with 34 rear storage units.
Where is this self storage facility located?
The property is located at 1505 N Main St Newcastle, OK.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 34 storage units located at the rear of the property; 8,560‑square‑foot commercial building; Approximately 1.83 acres along N Main Street
