Flex Space with Storage
For Sale
$885,000
Pending
1505 N Main Street, Newcastle, OK 73065
COMMERCIAL - Newcastle, OK
Property Size8,560 SF
Lot Size1.94 Acres
Days on Market161
Property Features for 1505 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From Hwy 9 & Main St in Newcastle, head north on Main St. Property is on the west side of the road near NW 16ht St.
Standard status
Pending
APN
1505NMain73065
Size
8,560 SF
Lot size
1.94 Acres
Building Details
Year built
1983
Listing Agency:
LB Realty Group-MB of Oklahoma
(405) 317-9542
Listed By:
Danielle Mehrens
(405) 519-7526
Added: Mar 16
Changed: Aug 19
Last Checked: Aug 23 at 5:06AM
MLS# 1219309
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 commercial property includes an 8,560-square-foot operating footprint on approximately 1.94 acres. The primary building contains 5,440 square feet, configured with 74% warehouse area and 26% store and office space. A separate rear storage component adds 3,120 square feet across 34 units, creating a mix of commercial and storage improvements on one site.
The property is located at 1505 N Main Street in Newcastle, Oklahoma, with access from N Main Street. It carries Commercial zoning and was built in 1983. The existing configuration supports continued commercial operations or adaptation for another business use, subject to applicable approvals.
The property is located at 1505 N Main Street in Newcastle, Oklahoma, with access from N Main Street. It carries Commercial zoning and was built in 1983. The existing configuration supports continued commercial operations or adaptation for another business use, subject to applicable approvals.
Key Highlights
- 8,560 square feet of total property improvements on approximately 1.94 acres
- 5,440‑square‑foot building with 74% warehouse and 26% store/office space
- Rear storage component totals 3,120 square feet across 34 units
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
Flex RnD
$1.52M
$1.33M – $1.77M
NOI $106,328 @ 7.0% cap · market cap 12.01%
Second Best
Retail
$1.22M
$1.07M – $1.42M
NOI $85,386 @ 7.0% cap · market cap 9.65%
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
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
216
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combines warehouse, store/office, and rear self-storage improvements.
Where is this flex space located?
The property is located at 1505 N Main Street 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: 8,560 square feet of total property improvements on approximately 1.94 acres; 5,440‑square‑foot building with 74% warehouse and 26% store/office space; Rear storage component totals 3,120 square feet across 34 units
