Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Waynoka School Gymnasium Title is generated by Realmo AI

    1871 Elm, Waynoka, OK 73860

    View on Map
    Claim this Listing
    For Sale
    $115,000

    COMMERCIAL - Waynoka, OK

    Property size:
    11,011 SF
    Lot size:
    4.00 Acres
    Price / SF:
    $10/SF
    Added:
    Mar 18, 2026
    Days on Market:
    74
    Last Refresh:
    May 30 at 10:06 am

    Property Features for 1871 Elm

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    Size
    11,011 SF
    Lot size
    4.00 Acres

    Building Details

    Year built
    1950
    Floors in Building
    2
    Flooring type
    Wood, Concrete
    Roof type
    Other, Metal

    We can help!

    Listing Contact
    Ira Smith

    Listing agent Ira Smith License #070869

    Listing office Smith & Co Auction & Realty Inc 1102 Oklahoma Brokerage #120265, Woodward, OK

    Listing date Mar 18, 2026

    MLS# 20260323

    Copyright © 2026 Northwest Oklahoma Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large, versatile space (11,011+\/- sq. ft.) suitable for storage, recreation, business, or multi‑use development.
    • Convenient location near downtown and the new city swimming pool with access on three sides.
    • Includes a secondary building (former Ag/Home Economics classrooms) for additional storage or workspace.
    • Features a gymnasium with wood floor, bathrooms, locker room, and upstairs classroom with restrooms.
    • High ceilings (23' side walls) and an overhead door provide easy access for large equipment.
    • Electricity is already in place.

    Overview

    The historic Waynoka school gymnasium, constructed in 1950, provides 11,011+/- sq. ft. of adaptable space featuring 23' side walls. The property includes an additional building that was previously used for Ag and Home Economics classrooms, offering storage or workspace options. The gymnasium has a wood floor, bathrooms, a locker room, and an upstairs classroom with additional restrooms on the south end. An overhead door on the east side facilitates access for larger equipment or recreational use, and electricity is already in place. Situated just off downtown and adjacent to the new city swimming pool, this property is suitable for storage, recreation, business, or multi-use development. The property, zoned commercial, has access on three sides and sidewalks along two, and sits on a 4-acre lot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Schools

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Auto Parts Store Bar & Pub Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waynoka
    County
    Woods
    State
    Oklahoma
    Longitude
    -98.878165
    Latitude
    36.582598

    Nearby Similar for Sale

    • $299,000
      14,000 SF

      Versatile Mixed-Use Income Property

      Income-producing mixed-use property with residence in downtown Waynoka, Oklahoma.
      1580 Main Street, Waynoka, OK 73860
      View Details
    • $79,000

      Waynoka Multifamily Investment Opportunity

      Three bungalow-style houses on four city lots in Waynoka, Oklahoma.
      1239 Nickerson, Waynoka, OK 73860
      View Details

    FAQs

    What type of property is this?
    School - Versatile commercial space with potential for various uses.
    Where is this school located?
    The property is located at 1871 Elm Waynoka, OK.
    What is the asking price?
    The asking price for this property is $115,000.
    What are key features of this property?
    This property features: Large, versatile space (11,011+\/- sq. ft.) suitable for storage, recreation, business, or multi‑use development.; Convenient location near downtown and the new city swimming pool with access on three sides.; Includes a secondary building (former Ag/Home Economics classrooms) for additional storage or workspace.
    (580) 334-6001
    We can help!
    Listing Contact
    Ira Smith
    Real Estate License ID: 070869
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1871 Elm, Waynoka, OK 73860-0000
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!