Flex Space With Fenced
For Sale
$575,000
Pending
1608 E State Highway 152, Mustang, OK 73064
Commercial Sale, Mustang, OK
Property Size3,000 SF
Lot Size0.56 Acres
Days on Market797
Property Features for 1608 E State Highway 152
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
HWY 152/Morgan Rd, W to property on S side.
Standard status
Pending
APN
1608EStateHighway15273064
Size
3,000 SF
Lot size
0.56 Acres
Utilities
Sewer type
Septic Tank
Water source
Public
Amenities
reception area
kitchenette
bathroom
fully fenced
Building Details
Year built
1984
Building materials
Metal Siding
Listing Agency:
1st United Okla, REALTORS
(405) 376-1515
Listed By:
Diane Denison · License #57322
(405) 919-7457
Added: Jun 17, 2024
Changed: Aug 20
Last Checked: Aug 22 at 9:06PM
MLS# 1121143
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 flex property combines a 3,000-square-foot metal-sided building with office and service functionality. Interior improvements include a refreshed reception area, offices, kitchenette, and bathroom, while the shop provides two overhead doors measuring 10x9 and 10x12, both equipped with openers. An air compressor and 3-phase electric service support shop operations. The property is offered in its current condition.
Set on 0.558 acres with State Highway 152 frontage near Morgan Road, the site includes a concrete parking area and additional secured space behind fencing and a gate. A storage container at the rear will remain with the property. Water service is public, and wastewater is handled by a septic tank. Built in 1984, the property also includes city water and a fenced site configuration suitable for commercial storage or service-oriented operations.
Set on 0.558 acres with State Highway 152 frontage near Morgan Road, the site includes a concrete parking area and additional secured space behind fencing and a gate. A storage container at the rear will remain with the property. Water service is public, and wastewater is handled by a septic tank. Built in 1984, the property also includes city water and a fenced site configuration suitable for commercial storage or service-oriented operations.
Key Highlights
- 3,000‑square‑foot flex building on 0.558 acres
- State Highway 152 frontage near Morgan Road
- Two overhead doors: 10x9 and 10x12, with openers
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
$18,628
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
3.24%
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%
$372,560
$372.6K
Cap Rate 7%
$266,114
$266.1K
Cap Rate 9%
$206,978
$207.0K
Market Conditions
NOI Build-Up for 3,000 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
$28.8K $9.60/SF
− Vacancy
−$2.2K −$0.73/SF
EGI
$26.6K $8.87/SF
− OpEx
−$8.0K −$2.66/SF
NOI
$18.6K $6.21/SF
Area
Canadian County, OK
Vacancy
7.60%
Lease Rate
$9.60 /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%
$372,560
Cap Rate 7%
$266,114
Cap Rate 9%
$206,978
Alternative Uses
Best Use
Industrial
$266.1K
$232.9K – $310.5K
NOI $18,628 @ 7.0% cap · market cap 3.24%
Second Best
Flex RnD
$240.2K
$210.2K – $280.2K
NOI $16,813 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$653.2K
$571.6K – $762.1K
NOI $45,725 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73064, OK
25,137
Population
10,285
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
53.7 sq mi
ZIP Area
468
Density / Sq Mi
$93,861
Median Household Income
$51,699
Median Earnings
$1,280
Median Rent
$236,700
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 - Metal-sided commercial building offers office and shop areas with gated parking.
Where is this flex space located?
The property is located at 1608 E State Highway 152 Mustang, OK.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,000‑square‑foot flex building on 0.558 acres; State Highway 152 frontage near Morgan Road; Two overhead doors: 10x9 and 10x12, with openers
