Mixed-Use Property with
New
For Sale
$580,000
1709 Wheeler Street, Oklahoma City, OK 73108
Commercial Sale, Oklahoma City, OK
Property Size1,614 SF
Lot Size0.03 Acres
Price / SF$359.36
Days on Market6
Property Features for 1709 Wheeler Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From the intersection of I-40 & Western Ave, go South on Western Ave. Turn Right on Wheeler St. Take the first left. 1709 is on the right.
Standard status
Active
APN
1709NONEWheeler73108
Size
1,614 SF
Lot size
0.03 Acres
Taxes and HOA fees
HOA Fee
$1,500 Annually
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
rooftop access
solar panels
multiple private entrances
Building Details
Year built
2023
Floors in Building
3
Building materials
Brick
Listing Agency:
Salt Real Estate Inc
(405) 839-7070
Listed By:
Sade Dawson
(405) 667-0384
Added: Aug 29
Changed: Sep 3
Last Checked: Sep 3 at 4:06PM
MLS# 1246831
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.
Built in 2023, this 1,614-square-foot mixed-use property combines a ground-floor commercial area with a private residence spanning the second and third levels. The commercial portion is configured as a salon, while the residential component includes two bedrooms, 2.5 bathrooms, a kitchen with stainless steel appliances, a living room, dining area, half bath, primary suite, walk-in shower, and oversized closet. Multiple private entrances separate the commercial and residential areas.
The property also provides rooftop access with downtown views and includes solar panels. Brick construction, electric heating and cooling, public water, and public sewer are in place. The 0.0312-acre site is zoned Commercial and is located in Oklahoma City’s Wheeler District.
The property also provides rooftop access with downtown views and includes solar panels. Brick construction, electric heating and cooling, public water, and public sewer are in place. The 0.0312-acre site is zoned Commercial and is located in Oklahoma City’s Wheeler District.
Key Highlights
- 1,614 SF mixed‑use property built in 2023
- Ground‑floor commercial area configured as a salon
- Two‑story residence with 2 bedrooms and 2.5 bathrooms
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
$31,860
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
5.49%
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%
$637,200
$637.2K
Cap Rate 7%
$455,143
$455.1K
Cap Rate 9%
$354,000
$354.0K
Market Conditions
NOI Build-Up for 1,614 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
$48.4K $30.00/SF
− Vacancy
−$2.9K −$1.80/SF
EGI
$45.5K $28.20/SF
− OpEx
−$13.7K −$8.46/SF
NOI
$31.9K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$637,200
Cap Rate 7%
$455,143
Cap Rate 9%
$354,000
Alternative Uses
Best Use
Retail
$455.1K
$398.3K – $531.0K
NOI $31,860 @ 7.0% cap · market cap 5.49%
Second Best
Office B
$328.0K
$287.0K – $382.7K
NOI $22,963 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$552.0K
$483.0K – $644.0K
NOI $38,639 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 73108, OK
14,451
Population
6,221
Households
2.3
Avg Household Size
30
Median Age
4%
College-Educated
56%
High-School Grad
7.6 sq mi
ZIP Area
1,901
Density / Sq Mi
$35,278
Median Household Income
$31,017
Median Earnings
$799
Median Rent
$75,000
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?
Mixed-use property - Commercial space occupies the ground level, with a private two-story residence and separate entrances above.
Where is this mixed-use property located?
The property is located at 1709 Wheeler Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 1,614 SF mixed‑use property built in 2023; Ground‑floor commercial area configured as a salon; Two‑story residence with 2 bedrooms and 2.5 bathrooms
