Gated Office
For Sale
$339,900
16399 W Highway 66, El Reno, OK 73036
Four private offices, conference and break areas support a functional business layout.
Property Size2,351 SF
Price / SF$144.58
Days on Market40
Property Features for 16399 W Highway 66
General Information
Standard status
Active
Size
2,351 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
gated drive
paving
landscaping
overflow parking area
break room
conference room
private restroom
Building Details
Year Built
1988
Listing Agency:
Waving Wheat Realty
(580) 512-7686
Listed By:
Morgan McKee
Source:
Alloverok
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 10:54AM
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 Waving Wheat Realty
Investment Insights
Based on property information with market context.
This 2,351-square-foot office building, constructed in 1988, provides a practical configuration for business operations. The interior includes four private lockable offices, with one office offering its own restroom, along with two common restrooms, a conference room, and a spacious break room.
Exterior improvements include a gated drive, paved areas, landscaped grounds, and rear space that can accommodate overflow parking or trailer storage. A new septic system is also in place. The property sits just north of Route 66, with access to Garth Brooks Blvd, downtown El Reno, downtown Yukon, and Interstate 40 for eastbound and westbound travel.
Exterior improvements include a gated drive, paved areas, landscaped grounds, and rear space that can accommodate overflow parking or trailer storage. A new septic system is also in place. The property sits just north of Route 66, with access to Garth Brooks Blvd, downtown El Reno, downtown Yukon, and Interstate 40 for eastbound and westbound travel.
Key Highlights
- 2,351 sq ft office building constructed in 1988
- Four private, lockable offices, including one with a private restroom
- Conference room, spacious break room, and two common restrooms
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
$30,557
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
8.99%
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%
$611,140
$611.1K
Cap Rate 7%
$436,529
$436.5K
Cap Rate 9%
$339,522
$339.5K
Market Conditions
NOI Build-Up for 2,351 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
$45.4K $19.32/SF
− Vacancy
−$4.7K −$1.99/SF
EGI
$40.7K $17.33/SF
− OpEx
−$10.2K −$4.33/SF
NOI
$30.6K $13.00/SF
Area
Canadian County, OK
Vacancy
10.30%
Lease Rate
$19.32 /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%
$611,140
Cap Rate 7%
$436,529
Cap Rate 9%
$339,522
Alternative Uses
Best Use
Office B
$436.5K
$382.0K – $509.3K
NOI $30,557 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$511.9K
$447.9K – $597.2K
NOI $35,834 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four private offices, conference and break areas support a functional business layout.
Where is this office building located?
The property is located at 16399 W Highway 66 El Reno, OK.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 2,351 sq ft office building constructed in 1988; Four private, lockable offices, including one with a private restroom; Conference room, spacious break room, and two common restrooms
