Turnkey Historic Office
For Sale
Contact for pricing
1605 N Classen Blvd, Oklahoma City, OK 73106
Renovated craftsman office building with private offices, conference room, basement, and seven parking spaces.
Property Size2,620 SF
Price / SF$265.27
Days on Market101
Property Features for 1605 N Classen Blvd
General Information
Standard status
Active
Size
2,620 SF
Class
B
Total Parking Spaces
7
Property subtype
Office
Zoning
SPUD-1509
Investment Type
Owner/User
Additional Details
Office Units
5
Building Details
Year Built
1912
Stories
3
Units
1
Listing Agency:
Creek Price Edwards
Listed By:
Aden Struble · License #209339
(405) 210-3910
Source:
Crexi
Added: May 29
Changed: Aug 14
Last Checked: Sep 5 at 8:56AM
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 Creek Price Edwards
Investment Insights
Based on property information with market context.
This early 1900s craftsman has been beautifully renovated and offers turnkey office space for a range of professional uses. The layout includes five private offices and a conference room, along with a full basement that can support day-to-day storage or operational needs. The property also includes seven parking spaces, supporting convenient on-site access for staff and clients.
The building sits directly on N Classen Blvd in Oklahoma City, with access directly off 15th and Classen Blvd. It is positioned within minutes of Downtown OKC, Midtown, and the Paseo Arts District, which can support visibility and client access for office-based businesses.
With its combination of private office rooms, meeting space, and parking, the property is well-suited for professional services, legal, consulting, creative, or boutique medical tenants. The completed renovations reduce move-in friction for an operator seeking a historic character setting with practical, functional office improvements already in place.
The building sits directly on N Classen Blvd in Oklahoma City, with access directly off 15th and Classen Blvd. It is positioned within minutes of Downtown OKC, Midtown, and the Paseo Arts District, which can support visibility and client access for office-based businesses.
With its combination of private office rooms, meeting space, and parking, the property is well-suited for professional services, legal, consulting, creative, or boutique medical tenants. The completed renovations reduce move-in friction for an operator seeking a historic character setting with practical, functional office improvements already in place.
Key Highlights
- 1912 craftsman office building renovated and located directly on N Classen Blvd in OKC
- Office layout includes 5 private offices plus a conference room
- Full basement provides additional usable space
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
$37,275
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
5.36%
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%
$745,500
$745.5K
Cap Rate 7%
$532,500
$532.5K
Cap Rate 9%
$414,167
$414.2K
Market Conditions
NOI Build-Up for 2,620 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
$65.4K $24.96/SF
− Vacancy
−$15.7K −$5.99/SF
EGI
$49.7K $18.97/SF
− OpEx
−$12.4K −$4.74/SF
NOI
$37.3K $14.23/SF
Area
Oklahoma City, OK
Vacancy
24.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$745,500
Cap Rate 7%
$532,500
Cap Rate 9%
$414,167
Alternative Uses
Best Use
Office B
$532.5K
$465.9K – $621.3K
NOI $37,275 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$896.0K
$784.0K – $1.05M
NOI $62,723 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
2,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
Median Home Value
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated craftsman office building with private offices, conference room, basement, and seven parking spaces.
Where is this office building located?
The property is located at 1605 N Classen Blvd Oklahoma City, OK.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 1912 craftsman office building renovated and located directly on N Classen Blvd in OKC; Office layout includes 5 private offices plus a conference room; Full basement provides additional usable space
