New Flex Building with Highway
For Sale
$530,000
17983 E 116th Street N, Owasso, OK 74055
COMMERCIAL - Owasso, OK
Property Size1,900 SF
Lot Size0.07 Acres
Price / SF$278.95
Days on Market187
Property Features for 17983 E 116th Street N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
Interior features
Public Restrooms
Exterior features
Sidewalk
Elementary school district
Owasso - Sch Dist (11)
Middle school district
Owasso - Sch Dist (11)
High school district
Owasso - Sch Dist (11)
Directions
on 116th St North, just west of 177th E Avenue, next door to dollar general.
Standard status
Active
APN
660098221
Size
1,900 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot 1 Block 1 The Shops.
Tax Annual Amount
233
Legal Description
Lot 1 Block 1 The Shops.
Building Details
Year built
2023
Flooring type
Concrete
Building materials
Brick
Roof type
Metal
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(918) 272-0809
Listed By:
Jackie Shields · License #156798
(918) 798-5581
Added: Feb 6
Changed: Aug 4
Last Checked: Aug 12 at 7:06PM
MLS# 2604304
Copyright © 2026 MLS Technology, 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.
Constructed in 2023, this 1,900-square-foot flex building offers a modern commercial setting that can accommodate retail, office, or specialized use. The structure features brick construction, concrete flooring, a metal roof, and a sidewalk. One bathroom is complete, with plumbing installed for two additional bathrooms.
The property carries Com zoning and fronts Highway 20. Approved plans for additional on-site buildings are included, and two adjoining lots are available separately for users seeking additional development capacity.
The property carries Com zoning and fronts Highway 20. Approved plans for additional on-site buildings are included, and two adjoining lots are available separately for users seeking additional development capacity.
Key Highlights
- 1,900 SF flex building completed in 2023
- Com zoning supports the commercial property classification
- Highway 20 frontage with sidewalk access
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
$23,422
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
4.42%
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%
$468,440
$468.4K
Cap Rate 7%
$334,600
$334.6K
Cap Rate 9%
$260,244
$260.2K
Market Conditions
NOI Build-Up for 1,900 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
$35.6K $18.72/SF
− Vacancy
−$4.3K −$2.28/SF
EGI
$31.2K $16.44/SF
− OpEx
−$7.8K −$4.11/SF
NOI
$23.4K $12.33/SF
Area
Tulsa County, OK
Vacancy
12.20%
Lease Rate
$18.72 /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%
$468,440
Cap Rate 7%
$334,600
Cap Rate 9%
$260,244
Alternative Uses
Best Use
Office B
$334.6K
$292.8K – $390.4K
NOI $23,422 @ 7.0% cap · market cap 4.42%
Second Best
Retail
$276.5K
$241.9K – $322.5K
NOI $19,352 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$428.2K
$374.7K – $499.6K
NOI $29,975 @ 7.0% cap · market cap 5.66%
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
189
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74055, OK
48,776
Population
19,539
Households
2.5
Avg Household Size
37
Median Age
39%
College-Educated
95%
High-School Grad
50.9 sq mi
ZIP Area
958
Density / Sq Mi
$86,897
Median Household Income
$46,956
Median Earnings
$1,218
Median Rent
$261,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Newly constructed commercial space adaptable for retail, office, or specialized use.
Where is this flex space located?
The property is located at 17983 E 116th Street N Owasso, OK.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: 1,900 SF flex building completed in 2023; Com zoning supports the commercial property classification; Highway 20 frontage with sidewalk access
