Flex Space With Two
For Sale
$650,000
Pending
1617 S May Avenue, Oklahoma City, OK 73108
Commercial Sale, Oklahoma City, OK
Property Size9,558 SF
Lot Size0.69 Acres
Days on Market179
Property Features for 1617 S May Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Standard status
Pending
APN
1617SMay73108
Size
9,558 SF
Lot size
0.69 Acres
Building Details
Year built
1953
Listing Agency:
KW Summit · Keller Williams Realty
(405) 691-2556
Listed By:
Grant Hawkins · License #71137
(405) 924-6191
Added: Mar 10
Changed: Aug 24
Last Checked: Sep 4 at 9:06AM
MLS# 1218333
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 Oklahoma City industrial property includes 9,558 square feet of space across two building structures. Constructed in 1953, the improvements occupy an approximately 0.6887-acre site with Industrial zoning. The configuration provides a substantial base for warehouse, distribution, manufacturing, contractor, or service-related operations, subject to applicable zoning requirements.
The property is located at 1617 S May Avenue in Oklahoma City, with access to major city corridors. Will Rogers World Airport and central Oklahoma City business districts are described as being just minutes away. The site also includes an approximately 30,000-square-foot lot, providing land area in addition to the existing industrial improvements.
The property is located at 1617 S May Avenue in Oklahoma City, with access to major city corridors. Will Rogers World Airport and central Oklahoma City business districts are described as being just minutes away. The site also includes an approximately 30,000-square-foot lot, providing land area in addition to the existing industrial improvements.
Key Highlights
- 9,558 square feet of industrial space
- Two building structures on the property
- Approximately 0.6887 acres, with an approximately 30,000 SF lot
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
$58,108
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
8.94%
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%
$1,162,160
$1.2M
Cap Rate 7%
$830,114
$830.1K
Cap Rate 9%
$645,644
$645.6K
Market Conditions
NOI Build-Up for 9,558 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
$86.0K $9.00/SF
− Vacancy
−$3.0K −$0.32/SF
EGI
$83.0K $8.69/SF
− OpEx
−$24.9K −$2.61/SF
NOI
$58.1K $6.08/SF
Area
Oklahoma City, OK
Vacancy
3.50%
Lease Rate
$9.00 /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%
$1,162,160
Cap Rate 7%
$830,114
Cap Rate 9%
$645,644
Alternative Uses
Best Use
Flex RnD
$1.84M
$1.61M – $2.15M
NOI $128,827 @ 7.0% cap · market cap 19.82%
Second Best
Industrial
$830.1K
$726.4K – $968.5K
NOI $58,108 @ 7.0% cap · market cap 8.94%
Theoretical Best
Specialty Retail
$3.27M
$2.86M – $3.81M
NOI $228,819 @ 7.0% cap · market cap 35.20%
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
Under-served
Demand for This Use
Explore this area
Business Placement
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 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 - Industrial zoning supports warehouse, manufacturing, contractor, and service-oriented operations.
Where is this flex space located?
The property is located at 1617 S May Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 9,558 square feet of industrial space; Two building structures on the property; Approximately 0.6887 acres, with an approximately 30,000 SF lot
