Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Fully Leased Office Building Title is generated by Realmo AI

    1621 Midtown Pl, Oklahoma City, OK

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully leased office building with a 7.02% cap rate.

    Type:OFFICE
    Property size:
    4,980 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $240/SF
    Added:
    May 8, 2025
    Days on Market:
    375
    Last Refresh:
    Apr 5 at 10:58 pm

    Property Features for 1621 Midtown Pl

    General Information

    Standard status
    Active
    Size
    4,980 SF
    Lot size
    0.31 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Chris Anderson
    Chris Anderson

    Listing agent Chris Anderson

    Listing office Grant Group

    Listing date May 8, 2025

    Source Moodyscre

    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 Grant Group

    HighLights

    • Fully leased building
    • Solid 7.02% cap rate

    Overview

    This is a fully leased office building. The property features a 7.02% cap rate and a total size of 4980 square feet.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $787.2K
    NOI $70,851 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.01M
    NOI $70,851 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.42M
    NOI $70,851 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $124.3k $24.96
    − Vacancy −$29.8k −$5.99
    EGI $94.5k $18.97
    − OpEx −$23.6k −$4.74
    NOI $70.9k $14.23
    4,980 SF · lease $24.96/SF/yr · vacancy 24.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.01M
    $885.6K – $1.18M (±1% cap)
    NOI $70,851 @ 7.0% cap · market cap 5.90%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $1.70M
    $1.49M – $1.99M (±1% cap)
    NOI $119,221 @ 7.0% cap · market cap 9.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Oklahoma City
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.52
    Latitude
    35.47

    Nearby Similar for Sale

    • $1,000,000
      10,588 SF

      Versatile Commercial Property, Oklahoma City

      Expansive commercial property near Downtown OKC, ideal for entertainment venue.
      1508 SE 25th Street, Oklahoma City, OK 73129
      View Details
    • $540,000
      3,597 SF

      Oklahoma City Commercial Opportunity

      Commercial property with high visibility and strong traffic flow.
      1045 SW 89th Street, Oklahoma City, OK 73139
      View Details
    • $325,000
      1,144 SF

      Commercial Package in High-Visibility Location

      Two adjacent commercial properties with versatile use potential.
      2508 W I 44 Service Road, Oklahoma City, OK 73112
      View Details
    • $1,550,000
      3,262 SF

      Turn-Key Medical Office Opportunity

      Free-standing medical office in South Oklahoma City/Moore trade area.
      2804 SW 134th Street, Oklahoma City, OK 73170
      View Details
    • $399,000
      4,750 SF

      Warehouse/Showroom with Fenced Yard

      4,750 SF light industrial warehouse/showroom with excellent accessibility.
      1825 W Main Street, Oklahoma City, OK 73106
      View Details
    • $3,000,000
      9,374 SF

      Oklahoma City Commercial Property

      Move-in ready facility suited for medical, school, or office use.
      14500 S Western Avenue, Oklahoma City, OK 73170
      View Details
    • $850,000
      1,719 SF

      Versatile Commercial Office Building

      One-story office building with expansion potential in central Oklahoma City.
      1220 NW 50th Street, Oklahoma City, OK 73118
      View Details
    • $1,200,000
      3,700 SF

      Oklahoma City Retail Opportunity

      Income-producing retail property with established liquor store and additional tenant.
      3637 N Pennsylvania, Oklahoma City, OK 73112
      View Details
    • $700,000
      1,891 SF

      Established Restaurant Building For Sale

      Successful Korean restaurant and building for sale in Midwest, OK.
      4517 S Sunnylane Rd, Midwest, OK 73135
      View Details
    • $320,000
      3,035 SF

      Northwest OKC Duplex Investment Opportunity

      Duplex in high-demand location with cash-flow potential.
      8418 Candlewood Drive, Oklahoma City, OK 73132
      View Details
    • $490,000
      4,238 SF

      Oklahoma City Commercial Office Building

      Commercial office building for sale in Oklahoma City, Oklahoma.
      1212 S Air Depot Boulevard, Oklahoma City, OK 73110
      View Details
    • $650,000
      4,710 SF

      Income-Producing Restaurant and Retail Buildings

      Two buildings with long-term tenants and high-visibility signage.
      2415 SW 59 Street, Oklahoma City, OK 73119
      View Details

    FAQs

    What type of property is this?
    Office building - Fully leased office building with a 7.02% cap rate.
    Where is this office building located?
    The property is located at 1621 Midtown Pl Oklahoma City, OK.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Fully leased building; Solid 7.02% cap rate
    (405) 408-9098 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Anderson
    Chris Anderson
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1621 Midtown Pl , Oklahoma City, OK
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!