Oklahoma City Office Building For
For Sale
Contact for pricing
Pending
2017 Heritage Park Drive, Oklahoma City, OK 73120
Well-maintained 4,600 SF office building in Heritage Park.
Property Size4,600 SF
Lot Size0.46 Acres
Days on Market171
Property Features for 2017 Heritage Park Drive
General Information
Standard status
Pending
Size
4,600 SF
Class
B
Total Parking Spaces
25
Lot size
0.46 Acres
Property subtype
Office
Zoning
O-2
Investment Type
Owner/User
Building Details
Year Built
1990
Stories
1
Units
2
Listing Agency:
Creek Price Edwards
Listed By:
Nick Gray · License #OK 159340
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Jul 24 at 12:54PM
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 Creek Price Edwards
Investment Insights
Based on property information with market context.
Located in the Heritage Park business district of Northwest Oklahoma City, this single-story office building offers approximately 4,600 square feet of space on a 0.46-acre lot. Constructed in 1990, the property features a flexible multi-suite layout suitable for professional services, medical users, or owner-occupants seeking investment potential with additional income opportunities. The property is zoned O-2, supporting a wide range of professional office uses. The location provides accessibility, visibility, and on-site parking. Situated just off NW 122nd Street, the property offers quick access to major thoroughfares, retail amenities, and established residential neighborhoods. It is located near the Memorial Road Retail Corridor and provides quick access to major thoroughfares including the John Kilpatrick Turnpike, Broadway Extension, and Lake Hefner Parkway.
Key Highlights
- Prime location in the Heritage Park business district of Northwest Oklahoma City, near the Memorial Road Retail Corridor.
- Excellent accessibility and visibility with quick access to major thoroughfares including John Kilpatrick Turnpike, Broadway Extension, and Lake Hefner Parkway.
- Flexible, multi‑suite layout suitable for various professional office uses, medical users, or owner‑occupants.
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
$65,445
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
8.73%
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%
$1,308,900
$1.3M
Cap Rate 7%
$934,929
$934.9K
Cap Rate 9%
$727,167
$727.2K
Market Conditions
NOI Build-Up for 4,600 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
$114.8K $24.96/SF
− Vacancy
−$27.6K −$5.99/SF
EGI
$87.3K $18.97/SF
− OpEx
−$21.8K −$4.74/SF
NOI
$65.4K $14.23/SF
Area
ZIP 73120
Vacancy
24.00%
Lease Rate
$24.96 /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%
$1,308,900
Cap Rate 7%
$934,929
Cap Rate 9%
$727,167
Alternative Uses
Best Use
Office B
$934.9K
$818.1K – $1.09M
NOI $65,445 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.8K – $1.29M
NOI $77,501 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 73120, OK
36,530
Population
20,356
Households
1.8
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
3,321
Density / Sq Mi
$62,942
Median Household Income
$45,333
Median Earnings
$1,045
Median Rent
$227,600
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?
Office building - Well-maintained 4,600 SF office building in Heritage Park.
Where is this office building located?
The property is located at 2017 Heritage Park Drive Oklahoma City, OK.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Prime location in the Heritage Park business district of Northwest Oklahoma City, near the Memorial Road Retail Corridor.; Excellent accessibility and visibility with quick access to major thoroughfares including John Kilpatrick Turnpike, Broadway Extension, and Lake Hefner Parkway.; Flexible, multi‑suite layout suitable for various professional office uses, medical users, or owner‑occupants.
