Office Building with Gated
For Sale
$339,900
16399 W Highway 66, El Reno, OK 73036
Commercial Sale, El Reno, OK
Property Size2,351 SF
Lot Size8.28 Acres
Price / SF$144.58
Days on Market51
Property Features for 16399 W Highway 66
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Directions
From I-40 & Garth Brooks Blvd, travel north to Route 66. Turn west and continue approximately 7 minutes. Property is located on the north side with gated drive access.
Standard status
Active
APN
16399WHighway6673036
Size
2,351 SF
Lot size
8.28 Acres
Utilities
Water source
Public
Amenities
gated drive
conference room
break room
Building Details
Year built
1988
Floors in Building
1
Listing Agency:
Waving Wheat Realty
(405) 714-7827
Listed By:
Morgan McKee
(580) 512-7686
Added: Jul 2
Changed: Aug 20
Last Checked: Aug 21 at 7:06AM
MLS# 1234516
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 2351-square-foot office building, constructed in 1988, is arranged with four private lockable offices, including one with its own restroom. Two additional common restrooms, a dedicated conference room, and a separate break room add practical support areas. The property is zoned Commercial and served by public water, with a new septic system in place.
Located at 16399 W Highway 66 in El Reno, the property sits just north of Route 66 and provides access to Garth Brooks Blvd, downtown El Reno, downtown Yukon, and Interstate 40. The 8.28-acre site includes a gated drive, paved areas, landscaping, rear space for overflow parking or trailer storage, and eastbound and westbound interstate access.
Located at 16399 W Highway 66 in El Reno, the property sits just north of Route 66 and provides access to Garth Brooks Blvd, downtown El Reno, downtown Yukon, and Interstate 40. The 8.28-acre site includes a gated drive, paved areas, landscaping, rear space for overflow parking or trailer storage, and eastbound and westbound interstate access.
Key Highlights
- 2351‑square‑foot office building on an 8.28‑acre site
- Four private lockable offices, including one with a private restroom
- Dedicated conference room, 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
18
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 space, and a dedicated break room provide a functional setup for business operations.
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: 2351‑square‑foot office building on an 8.28‑acre site; Four private lockable offices, including one with a private restroom; Dedicated conference room, break room, and two common restrooms
