Wooded Acreage with
For Sale
$550,000
N Luther Rd Tract 2 & Tract 3, Luther, OK 73054
LAND - Luther, OK
Property Size2,800 SF
Lot Size24.60 Acres
Price / SF$196.43
Days on Market158
Property Features for N Luther Rd Tract 2 & Tract 3
General Information
Property type
Land
Property subtype
Other
Zoning
Residential
Lot features
Interior Lot, Pasture/ Ranch, Wooded
Elementary school
Luther ES
Middle school
Luther MS
High school
Luther HS
Elementary school district
Luther
Middle school district
Luther
High school district
Luther
Directions
From I-35 & 2nd St (Edmond) - Go East on 2nd St (Route 66). Follow to Luther Rd. Turn Left (N) on Luther Rd. At the stop sign of Coffee Creek, continue straight. Property on the left with a sign.
Standard status
Active
APN
0NLutherRd(Tract2&Tract3)73054
Lot size
24.60 Acres
Utilities
Sewer type
Septic Tank
Water source
Well
Listing Agency:
KW Summit · Keller Williams Realty
(405) 691-2556
Listed By:
Maleah Finucane · License #144707
(405) 664-3821
Added: Feb 28
Changed: Jul 28
Last Checked: Aug 5 at 10:06PM
MLS# 1214416
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.
A heavily wooded 24.6-acre property is being sold as two parcels together: Tract 2 (15.085 acres) and Tract 3 (9.521 acres). The land offers multiple potential build sites, with established trails and abundant wildlife noted in the listing. Tract 2 is described as rear wooded acreage used for hunting, with trails running throughout.
Access is provided via a 30-ft road easement off Luther Rd, located between Coffee Creek Rd and Sorghum Mill Rd. Road access to Tract 3 was recently completed, and fencing was added along the right side of the easement.
Tract 3 includes a 40x70 workshop on a concrete slab with electricity, along with an unfinished bathroom. A well and septic system are present for future use and are being sold AS-IS. No HOA is noted. Do not enter the property without a scheduled appointment.
Access is provided via a 30-ft road easement off Luther Rd, located between Coffee Creek Rd and Sorghum Mill Rd. Road access to Tract 3 was recently completed, and fencing was added along the right side of the easement.
Tract 3 includes a 40x70 workshop on a concrete slab with electricity, along with an unfinished bathroom. A well and septic system are present for future use and are being sold AS-IS. No HOA is noted. Do not enter the property without a scheduled appointment.
Key Highlights
- 24.6 acres of land (two parcels) offering privacy and nature
- 40x70 workshop on concrete slab with electricity and unfinished bathroom
- Multiple potential build sites for a custom or manufactured home
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.9k | $9.60 |
| − Vacancy | −$2.0k | −$0.73 |
| EGI | $24.8k | $8.87 |
| − OpEx | −$3.7k | −$1.33 |
| NOI | $21.1k | $7.54 |
2,800 SF · lease $9.60/SF/yr · vacancy 7.60% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$301.6K
$263.9K – $351.9K
NOI $21,112 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$583.2K
$510.3K – $680.4K
NOI $40,823 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 73054, OK
4,636
Population
1,956
Households
2.4
Avg Household Size
40
Median Age
26%
College-Educated
91%
High-School Grad
89.8 sq mi
ZIP Area
52
Density / Sq Mi
$57,292
Median Household Income
$36,220
Median Earnings
$788
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Residential land & home lot - Two combined tracts total 24.6 acres, with a 40x70 concrete-slab workshop plus well and septic sold as-is.
Where is this residential land & home lot located?
The property is located at N Luther Rd Tract 2 & Tract 3 Luther, OK.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 24.6 acres of land (two parcels) offering privacy and nature; 40x70 workshop on concrete slab with electricity and unfinished bathroom; Multiple potential build sites for a custom or manufactured home
