Renovated Craftsman Office
For Sale
$589,500
1605 N Classen Boulevard, Oklahoma City, OK 73106
Five private offices, a conference room, basement, and on-site parking support professional use.
Property Size2,472 SF
Days on Market71
Property Features for 1605 N Classen Boulevard
General Information
Standard status
Active
Size
2,472 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,577
Building Details
Building Size
2,472 SF
Year Built
1912
Buildings
1
Stories
3
Construction
craftsman
Listing Agency:
180 Development
(405) 822-6917
Listed By:
Aimee Struble · License #110502
(405) 822-6917
Source:
Capitalrealestateok
Added: Jun 14
Changed: Aug 21
Last Checked: Aug 23 at 12:04PM
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 180 Development
Investment Insights
Based on property information with market context.
Originally built in 1912, this renovated craftsman office building combines historic residential-era character with a practical professional layout. The interior includes 5 private offices, a conference room, and a full basement measuring 828 square feet. Recent renovation work has been completed, and the property includes 7 parking spaces.
The building occupies 1605 N Classen Boulevard in Oklahoma City, with direct placement along N Classen Boulevard. Downtown OKC, Midtown, and the Paseo Arts District are each described as minutes away. The configuration is suited to professional services, legal, consulting, creative, or boutique medical operations, subject to applicable approvals.
The building occupies 1605 N Classen Boulevard in Oklahoma City, with direct placement along N Classen Boulevard. Downtown OKC, Midtown, and the Paseo Arts District are each described as minutes away. The configuration is suited to professional services, legal, consulting, creative, or boutique medical operations, subject to applicable approvals.
Key Highlights
- Renovated craftsman office building originally constructed in 1912
- 5 private offices and a dedicated conference room
- Full basement with 828 sq ft
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
$35,170
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
5.97%
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%
$703,400
$703.4K
Cap Rate 7%
$502,429
$502.4K
Cap Rate 9%
$390,778
$390.8K
Market Conditions
NOI Build-Up for 2,472 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
$61.7K $24.96/SF
− Vacancy
−$14.8K −$5.99/SF
EGI
$46.9K $18.97/SF
− OpEx
−$11.7K −$4.74/SF
NOI
$35.2K $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%
$703,400
Cap Rate 7%
$502,429
Cap Rate 9%
$390,778
Alternative Uses
Best Use
Office B
$502.4K
$439.6K – $586.2K
NOI $35,170 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$845.4K
$739.8K – $986.3K
NOI $59,180 @ 7.0% cap · market cap 10.04%
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
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 - Five private offices, a conference room, basement, and on-site parking support professional use.
Where is this office building located?
The property is located at 1605 N Classen Boulevard Oklahoma City, OK.
What is the asking price?
The asking price for this property is $589,500.
What are key features of this property?
This property features: Renovated craftsman office building originally constructed in 1912; 5 private offices and a dedicated conference room; Full basement with 828 sq ft
