Four-Unit Flex
For Sale
$450,000
1611 E Us Highway 66, El Reno, OK 73036
Multi-unit commercial property with warehouse features and leases extending through July 2028.
Property Size6,000 SF
Price / SF$75
Days on Market9
Property Features for 1611 E Us Highway 66
General Information
Standard status
Active
Size
6,000 SF
Listing Agency:
Murphy Real Estate
(405) 833-4799
Listed By:
Kyra Escott
(405) 833-4799
Source:
Exprealty
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 20 at 11:46AM
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 Murphy Real Estate
Investment Insights
Based on property information with market context.
This 6,000-square-foot flex property contains four units, with three occupied by two long-term tenants under leases extending through July 2028. The warehouse area includes two overhead doors, while a separate set of double doors is equipped with a car lift. The owner currently occupies one portion of the property.
Positioned along Historic Route 66 at 1611 E US Highway 66 in El Reno, the property includes 24 parking spaces and a loading dock at the northeast corner. Grass yard areas extend along the north and west sides, with additional side-yard space that may support outdoor use. The existing layout and combination of warehouse, parking, loading, and yard areas provide a range of functional configurations within the flex-space format.
Positioned along Historic Route 66 at 1611 E US Highway 66 in El Reno, the property includes 24 parking spaces and a loading dock at the northeast corner. Grass yard areas extend along the north and west sides, with additional side-yard space that may support outdoor use. The existing layout and combination of warehouse, parking, loading, and yard areas provide a range of functional configurations within the flex-space format.
Key Highlights
- 6,000 SF flex property with 4 units
- 2 of 4 units are occupied by 2 long‑term tenants
- Leases are in place through July, 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
$37,256
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
8.28%
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%
$745,120
$745.1K
Cap Rate 7%
$532,229
$532.2K
Cap Rate 9%
$413,956
$414.0K
Market Conditions
NOI Build-Up for 6,000 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
$57.6K $9.60/SF
− Vacancy
−$4.4K −$0.73/SF
EGI
$53.2K $8.87/SF
− OpEx
−$16.0K −$2.66/SF
NOI
$37.3K $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%
$745,120
Cap Rate 7%
$532,229
Cap Rate 9%
$413,956
Alternative Uses
Best Use
Warehouse
$646.3K
$565.5K – $754.0K
NOI $45,239 @ 7.0% cap · market cap 10.05%
Second Best
Industrial
$532.2K
$465.7K – $620.9K
NOI $37,256 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,451 @ 7.0% cap · market cap 20.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73036, OK
19,602
Population
7,790
Households
2.5
Avg Household Size
37
Median Age
19%
College-Educated
87%
High-School Grad
183.8 sq mi
ZIP Area
107
Density / Sq Mi
$59,617
Median Household Income
$35,660
Median Earnings
$912
Median Rent
$162,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-unit commercial property with warehouse features and leases extending through July 2028.
Where is this flex space located?
The property is located at 1611 E Us Highway 66 El Reno, 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: 6,000 SF flex property with 4 units; 2 of 4 units are occupied by 2 long‑term tenants; Leases are in place through July, 2028
