Retail and Office Corridor
For Sale
$690,000
1732 NW 23rd Street, Oklahoma City, OK 73106
Commercial property offered for sale with options for retail and office use along a major OKC corridor.
Property Size2,412 SF
Days on Market71
Property Features for 1732 NW 23rd Street
General Information
Standard status
Active
Size
2,412 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,236
Building Details
Building Size
2,412 SF
Year Built
1999
Stories
1
Units
1
Listing Agency:
Keller Williams Summit
(405) 314-8199
Listed By:
Sue Yoon · License #144471
(405) 314-8199
Source:
Capitalrealestateok
Added: Jun 14
Changed: Aug 23
Last Checked: Aug 23 at 4:21AM
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 Keller Williams Summit
Investment Insights
Based on property information with market context.
This commercial property offers flexible use for retail and office tenants, with availability for purchase or lease. The offering also includes the adjacent opportunity at 1724 NW 23rd Street, which may support assemblage and expanded development possibilities where additional space is needed.
The property is positioned on the NW 23rd Street corridor within the broader Plaza District and nearby entertainment, dining, retail, and cultural destinations. It is described as minutes from I-44 and I-235, supporting convenient access for visitors and day-to-day operations.
The property is presented as an owner-user, investor, or redevelopment option, with the adjacent parcel potentially creating additional frontage and space for operational needs such as outdoor seating or storage, subject to applicable approvals.
The property is positioned on the NW 23rd Street corridor within the broader Plaza District and nearby entertainment, dining, retail, and cultural destinations. It is described as minutes from I-44 and I-235, supporting convenient access for visitors and day-to-day operations.
The property is presented as an owner-user, investor, or redevelopment option, with the adjacent parcel potentially creating additional frontage and space for operational needs such as outdoor seating or storage, subject to applicable approvals.
Key Highlights
- Commercial property on NW 23rd Street in Oklahoma City’s active entertainment, dining, retail, and cultural corridor
- Minutes from I‑44 and I‑235 for convenient access
- Offered for sale or lease; lease rate listed at $3,500 per month
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
$47,613
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
6.90%
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%
$952,260
$952.3K
Cap Rate 7%
$680,186
$680.2K
Cap Rate 9%
$529,033
$529.0K
Market Conditions
NOI Build-Up for 2,412 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
$72.4K $30.00/SF
− Vacancy
−$4.3K −$1.80/SF
EGI
$68.0K $28.20/SF
− OpEx
−$20.4K −$8.46/SF
NOI
$47.6K $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%
$952,260
Cap Rate 7%
$680,186
Cap Rate 9%
$529,033
Alternative Uses
Best Use
Retail
$680.2K
$595.2K – $793.6K
NOI $47,613 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$824.9K
$721.8K – $962.4K
NOI $57,743 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 40%
Electronics 6%
SONIC Drive In
Dining
6,354 visits/mo
0.2 miles
Family Dollar
Shops & Services
4,689 visits/mo
0.3 miles
AutoZone
Shops & Services
3,073 visits/mo
0.2 miles
Cash America Pawn
Shops & Services
893 visits/mo
0.2 miles
Cricket Wireless Authorized Retailer
Electronics
531 visits/mo
0.2 miles
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial property offered for sale with options for retail and office use along a major OKC corridor.
Where is this retail space located?
The property is located at 1732 NW 23rd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Commercial property on NW 23rd Street in Oklahoma City’s active entertainment, dining, retail, and cultural corridor; Minutes from I‑44 and I‑235 for convenient access; Offered for sale or lease; lease rate listed at $3,500 per month
