Versatile Commercial Space For
For Sale
$215,000
1929 NW 23rd Street, Oklahoma City, OK 73106
Well-maintained commercial space suitable for medical, office, or studio use.
Property Size1,392 SF
Price / SF$154.45
Days on Market105
Property Features for 1929 NW 23rd Street
General Information
Standard status
Active
Size
1,392 SF
Zoning
Commercial
Building Details
Year Built
1932
Stories
1
Listing Agency:
Spearhead Realty Group, LLC
(405) 514-0930
Listed By:
Thao Nguyen-Pham · License #200060
(405) 514-0930
Source:
Evrealestate
Added: May 12
Changed: Aug 23
Last Checked: Aug 23 at 7:41AM
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 Spearhead Realty Group, LLC
Investment Insights
Based on property information with market context.
This well-maintained commercial space is suitable for a medical office, professional business, or studio. Zoned O-2, the property features a reception area, four private rooms, and one restroom. A 900 square foot unfinished basement provides storage or expansion potential. The property includes a large concrete parking area in the rear and an accessible front entrance. The space is in great condition and ready for immediate use. The property is located with easy access to downtown, Uptown, the Asian District, and major highways. The property size is 1392 square feet.
Key Highlights
- Highly desirable location with easy access to downtown, Uptown, the Asian District, and major highways.
- Well‑maintained commercial space suitable for a medical office, professional business, or studio.
- Creative financing options available.
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
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 - Well-maintained commercial space suitable for medical, office, or studio use.
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: Highly desirable location with easy access to downtown, Uptown, the Asian District, and major highways.; Well‑maintained commercial space suitable for a medical office, professional business, or studio.; Creative financing options available.
