Updated Office
For Sale
$1,625,000
1624 SW 122nd Street, Oklahoma City, OK 73170
Commercial Sale, Oklahoma City, OK
Property Size9,122 SF
Price / SF$178.14
Days on Market93
Property Features for 1624 SW 122nd Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Directions
From SW 122nd and S. Penn east to property
Standard status
Active
APN
1624SW122nd73170
Size
9,122 SF
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
2005
Floors in Building
2
Listing Agency:
Keller Williams-Green Meadow/Summit · Keller Williams Realty
(405) 691-2556
Listed By:
Grant Hawkins · License #71137
(405) 924-6191
Added: Jun 4
Changed: Sep 2
Last Checked: Sep 4 at 1:06PM
MLS# 1232858
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 office building contains 9,122 square feet and was constructed in 2005. The property received updates in April 2026 and is equipped with central air and electric cooling, along with natural-gas heating. Commercial zoning supports its established office use.
The building is leased to a national tenant under a long-term lease. It is located at 1624 SW 122nd Street in Oklahoma City, Oklahoma 73170, within Cleveland County. The property may also be acquired together with 1630-1634 SW 122nd.
The building is leased to a national tenant under a long-term lease. It is located at 1624 SW 122nd Street in Oklahoma City, Oklahoma 73170, within Cleveland County. The property may also be acquired together with 1630-1634 SW 122nd.
Key Highlights
- 9,122‑square‑foot office building constructed in 2005
- Updates completed in April 2026
- Leased to a national tenant under a long‑term lease
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
$112,310
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
6.91%
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%
$2,246,200
$2.2M
Cap Rate 7%
$1,604,429
$1.6M
Cap Rate 9%
$1,247,889
$1.2M
Market Conditions
NOI Build-Up for 9,122 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
$197.0K $21.60/SF
− Vacancy
−$47.3K −$5.18/SF
EGI
$149.7K $16.42/SF
− OpEx
−$37.4K −$4.10/SF
NOI
$112.3K $12.31/SF
Area
ZIP 73170
Vacancy
24.00%
Lease Rate
$21.60 /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%
$2,246,200
Cap Rate 7%
$1,604,429
Cap Rate 9%
$1,247,889
Alternative Uses
Best Use
Office B
$1.60M
$1.40M – $1.87M
NOI $112,310 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.71M
$3.25M – $4.33M
NOI $259,717 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
Explore this area
Business Placement
Demographics for 73170, OK
41,343
Population
16,658
Households
2.5
Avg Household Size
40
Median Age
37%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
1,969
Density / Sq Mi
$92,403
Median Household Income
$44,653
Median Earnings
$1,525
Median Rent
$249,800
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 - Commercially zoned office property with central air, electric cooling, and natural-gas heating.
Where is this office building located?
The property is located at 1624 SW 122nd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: 9,122‑square‑foot office building constructed in 2005; Updates completed in April 2026; Leased to a national tenant under a long‑term lease
