General Commercial Land with
For Sale
$950,000
16266 NE 23rd Street, Choctaw, OK 73020
Commercial Sale, Choctaw, OK
Property Size5,106 SF
Lot Size16.92 Acres
Price / SF$186.06
Days on Market190
Property Features for 16266 NE 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
South side of NE 23rd St between Indian Meridian and Triple X Rd.
Standard status
Active
APN
16266NE23rd73020
Size
5,106 SF
Lot size
16.92 Acres
Building Details
Year built
1940
Listing Agency:
West and Main Homes
(405) 652-0078
Listed By:
Autumn Qualls
(405) 420-3661
Added: Feb 20
Changed: Aug 20
Last Checked: Aug 29 at 1:06PM
MLS# 1215143
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 commercially zoned property includes approximately 16.92 acres MOL with a combined 593 feet of road frontage. The site features an existing 3-bedroom, 2.5-bath residential structure with multiple living areas and a large kitchen, along with a gravel driveway, established grass with mature trees and shrubs, and chain-link and wire/post fencing.
Improvements on the property include two ponds, an approximately 880 SF detached shop building, an approximately 1,218 SF stable/shed, a 575 SF detached garage, a detached 2-car garage and a 2-car carport, additional ancillary outbuildings, and an outdoor storm shelter. The structure may be suitable for renovation, office conversion, interim use, or redevelopment, depending on the buyer’s plans.
The land is located along NE 23rd Street in Choctaw. It is zoned C-G (General Commercial), which supports a variety of commercial uses; permitted uses should be verified with the municipality. Buyer to verify zoning, utilities, permitted uses, and all other property information.
Improvements on the property include two ponds, an approximately 880 SF detached shop building, an approximately 1,218 SF stable/shed, a 575 SF detached garage, a detached 2-car garage and a 2-car carport, additional ancillary outbuildings, and an outdoor storm shelter. The structure may be suitable for renovation, office conversion, interim use, or redevelopment, depending on the buyer’s plans.
The land is located along NE 23rd Street in Choctaw. It is zoned C-G (General Commercial), which supports a variety of commercial uses; permitted uses should be verified with the municipality. Buyer to verify zoning, utilities, permitted uses, and all other property information.
Key Highlights
- Approximately 17 acres MOL with 593 ft of road frontage (263 ft + 330 ft) along NE 23rd St in Choctaw
- Zoned C‑G (General Commercial); permitted uses to be verified with the municipality
- Includes a 5,106 SF residential structure built in 1940 with 3 bedrooms and 2.5 baths
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
$32,489
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
3.42%
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%
$649,780
$649.8K
Cap Rate 7%
$464,129
$464.1K
Cap Rate 9%
$360,989
$361.0K
Market Conditions
NOI Build-Up for 5,106 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
$65.6K $12.84/SF
− Vacancy
−$6.5K −$1.27/SF
EGI
$59.1K $11.57/SF
− OpEx
−$26.6K −$5.21/SF
NOI
$32.5K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
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%
$649,780
Cap Rate 7%
$464,129
Cap Rate 9%
$360,989
Alternative Uses
Best Use
Apartment 5plus
$464.1K
$406.1K – $541.5K
NOI $32,489 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$930.6K – $1.24M
NOI $74,444 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Explore this area
Business Placement
Demographics for 73020, OK
24,627
Population
9,857
Households
2.5
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
61.6 sq mi
ZIP Area
400
Density / Sq Mi
$99,108
Median Household Income
$54,688
Median Earnings
$1,363
Median Rent
$248,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercially zoned land with two ponds and multiple outbuildings, including a sizable residential structure and detached shop.
Where is this commercial land located?
The property is located at 16266 NE 23rd Street Choctaw, OK.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 17 acres MOL with 593 ft of road frontage (263 ft + 330 ft) along NE 23rd St in Choctaw; Zoned C‑G (General Commercial); permitted uses to be verified with the municipality; Includes a 5,106 SF residential structure built in 1940 with 3 bedrooms and 2.5 baths
