Retail Space on Highway
1516 N Lynn Riggs Blvd Claremore, OK 74017
For Sale
Contact for pricing
Remodeled retail space in prime Claremore location.
Property Size7,200 SF
Price / SF$201.39
Days on Market1512
Property Features for 1516 N Lynn Riggs Blvd
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Retail
Building Details
Year Built
1980
Listing Agency:
Walman Commercial Real Estate Services
(918) 481-8888
Listed By:
Justin Brown · License #OK 160445
Source:
Crexi
Added: Jun 9, 2022
Changed: Jul 6
Last Checked: Jul 28 at 5:23PM
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 Walman Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This retail property is located on Highway 66 in Claremore. The property was fully remodeled in 2017, including new HVAC units, electrical panels, and LED lighting. The building has a national credit tenant occupying 60% of the 7,200 square feet. The average household income within a 5-mile radius exceeds $74,000.
Key Highlights
- New 5‑year lease in place.
- National credit tenant occupies 60% of the building.
- Located on HWY 66 in the prime retail corridor of Claremore.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $152.9k | $21.24 |
| − Vacancy | −$8.6k | −$1.19 |
| EGI | $144.4k | $20.05 |
| − OpEx | −$43.3k | −$6.02 |
| NOI | $101.1k | $14.04 |
7,200 SF · lease $21.24/SF/yr · vacancy 5.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.44M
$1.26M – $1.68M
NOI $101,055 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,230 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Remodeled retail space in prime Claremore location.
Where is this retail space located?
The property is located at 1516 N Lynn Riggs Blvd Claremore, OK.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: New 5‑year lease in place.; National credit tenant occupies 60% of the building.; Located on HWY 66 in the prime retail corridor of Claremore.
