High-Visibility Corner Property For
For Sale
Contact for pricing
1601 S May Ave, Oklahoma City, OK 73108
Corner property with redevelopment potential and in-place income.
Property Size722 SF
Lot Size0.44 Acres
Price / SF$623.27
Days on Market169
Property Features for 1601 S May Ave
General Information
Standard status
Active
Size
722 SF
Lot size
0.44 Acres
Property subtype
Industrial, Land, Retail
Zoning
I-2
Occupancy
100%
Lease Type
NN
Investment Type
Redevelopment
Net Operating Income
$28,389
Building Details
Year Built
1961
Year Renovated
2025
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Fidelity Real Estate Brokers
(405) 205-7585
Listed By:
Andi Bytyqi · License #OK 154932
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 12 at 9:21AM
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 Fidelity Real Estate Brokers
Investment Insights
Based on property information with market context.
The property at 1601 S May Ave is a corner property in Oklahoma City. It is located near the I-44 and I-40 corridors. The site is approximately 19,212 square feet of I-2 zoned land. The property is currently leased at $2,500 per month through March 31, 2028. The tenant is responsible for maintenance and insurance. County taxes are approximately $1,610.70 annually. The corner location at S May Ave and SW 15th Street offers access and visibility. The site is suited for redevelopment into automotive, industrial, service, gas station, quick-service restaurant, or other commercial uses permitted under I-2 zoning. The property offers stable income during the remaining lease term, and flexibility for repositioning or redevelopment in the near future.
Key Highlights
- High‑visibility corner property near I‑44 and I‑40 corridors
- I‑2 zoning allows for diverse redevelopment options such as automotive, industrial, restaurant
- In‑place income of $2,500 per month through March 31, 2028
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
$14,252
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
3.17%
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%
$285,040
$285.0K
Cap Rate 7%
$203,600
$203.6K
Cap Rate 9%
$158,356
$158.4K
Market Conditions
NOI Build-Up for 722 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
$21.7K $30.00/SF
− Vacancy
−$1.3K −$1.80/SF
EGI
$20.4K $28.20/SF
− OpEx
−$6.1K −$8.46/SF
NOI
$14.3K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /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%
$285,040
Cap Rate 7%
$203,600
Cap Rate 9%
$158,356
Alternative Uses
Best Use
Retail
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$246.9K
$216.1K – $288.1K
NOI $17,285 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
470
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
FedEx Office Print & Ship Center
Shops & Services
470 visits/mo
0.2 miles
Demographics for 73108, OK
14,451
Population
6,221
Households
2.3
Avg Household Size
30
Median Age
4%
College-Educated
56%
High-School Grad
7.6 sq mi
ZIP Area
1,901
Density / Sq Mi
$35,278
Median Household Income
$31,017
Median Earnings
$799
Median Rent
$75,000
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Corner property with redevelopment potential and in-place income.
Where is this commercial land located?
The property is located at 1601 S May Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: High‑visibility corner property near I‑44 and I‑40 corridors; I‑2 zoning allows for diverse redevelopment options such as automotive, industrial, restaurant; In‑place income of $2,500 per month through March 31, 2028
