Medical Office with
For Sale
$215,000
1929 NW 23rd Street, Oklahoma City, OK 73106
Commercial Sale, Oklahoma City, OK
Property Size1,392 SF
Lot Size0.16 Acres
Price / SF$154.45
Days on Market117
Property Features for 1929 NW 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Directions
On NW 23rd close to Penn
Standard status
Active
APN
1929NW23rd73106
Size
1,392 SF
Lot size
0.16 Acres
Building Details
Year built
1932
Floors in Building
1
Listing Agency:
Spearhead Realty Group LLC
(405) 493-8144
Listed By:
Thao Nguyen-Pham · License #200060
(405) 514-0930
Added: Apr 28
Changed: Aug 20
Last Checked: Aug 22 at 9:06PM
MLS# 1226417
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 1,392-square-foot medical office property includes a reception area, four private rooms, and one restroom within the primary space. An unfinished 900-square-foot basement provides additional storage or expansion area. The building dates to 1932 and includes an accessible front entrance for clients and staff.
A large concrete parking area occupies the rear of the property. The address is in Oklahoma City, with access to downtown, Uptown, the Asian District, and major highways. The layout supports medical office, professional business, or studio use as described in the property information.
A large concrete parking area occupies the rear of the property. The address is in Oklahoma City, with access to downtown, Uptown, the Asian District, and major highways. The layout supports medical office, professional business, or studio use as described in the property information.
Key Highlights
- 1,392‑square‑foot medical office property
- Four private rooms, reception area, and one restroom
- Unfinished 900‑square‑foot basement
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
$19,679
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
9.15%
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%
$393,580
$393.6K
Cap Rate 7%
$281,129
$281.1K
Cap Rate 9%
$218,656
$218.7K
Market Conditions
NOI Build-Up for 1,392 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
$35.1K $25.20/SF
− Vacancy
−$2.3K −$1.64/SF
EGI
$32.8K $23.56/SF
− OpEx
−$13.1K −$9.42/SF
NOI
$19.7K $14.14/SF
Area
Oklahoma City, OK
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$393,580
Cap Rate 7%
$281,129
Cap Rate 9%
$218,656
Alternative Uses
Best Use
Office B
$282.9K
$247.6K – $330.1K
NOI $19,804 @ 7.0% cap · market cap 9.21%
Second Best
Healthcare Medical
$281.1K
$246.0K – $328.0K
NOI $19,679 @ 7.0% cap · market cap 9.15%
Theoretical Best
Specialty Retail
$476.1K
$416.6K – $555.4K
NOI $33,324 @ 7.0% cap · market cap 15.50%
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
790
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured commercial space with reception, private rooms, restroom, rear parking, and an accessible entrance.
Where is this medical office space located?
The property is located at 1929 NW 23rd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 1,392‑square‑foot medical office property; Four private rooms, reception area, and one restroom; Unfinished 900‑square‑foot basement
