Historic Motel
220 Walnut St Chelsea, OK 74016
220 Walnut St, Chelsea, OK, 74016
$99,900
For Sale
$99,900
Historic motel with six units and restrooms, including an iconic neon sign in need of rehabilitation.
Property Size1,200 SF
Price / SF$83.25
Days on Market78
Property Features for 220 Walnut St
General Information
- Standard status
- Active
- Size
- 1,200 SF
Listing agency
Keller Williams Premier
(918) 844-9400
Listed by
Sheri DeLozier
(918) 844-9400
Source
Exprealty
Added: May 6 Updated: Jul 22 at 3:05PM Checked: Jul 22 at 3:05PM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
This historic motel property features six units with restrooms. The building is listed on the National Historic Registry of Historic Places, and it includes an elaborate neon sign that requires rehabilitation.
The property is located in Chelsea, Oklahoma along Route 66, with additional lots transferring along the Highway 66 frontage. The year built is guestimated between 1936 and 1939, and the estimated site size is approximately 0.69 acres, to be confirmed by a surveyor.
Offered for sale, the property size is listed at 1,200 square feet.
The property is located in Chelsea, Oklahoma along Route 66, with additional lots transferring along the Highway 66 frontage. The year built is guestimated between 1936 and 1939, and the estimated site size is approximately 0.69 acres, to be confirmed by a surveyor.
Offered for sale, the property size is listed at 1,200 square feet.
Key Highlights
- Historic Chelsea Motel sits on Route 66 in Chelsea, Oklahoma
- Listed on the National Historic Registry of Historic Places, qualifying for tax credits and restoration funding
- Motel has 6 units and 6 units/restrooms
Local Financial Insights For Hotel Hospitality
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 | $17.3k | $14.40 |
| − Vacancy | −$2.1k | −$1.73 |
| EGI | $15.2k | $12.67 |
| − OpEx | −$8.0k | −$6.65 |
| NOI | $7.2k | $6.02 |
1,200 SF · lease $14.40/SF/yr · vacancy 12.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$103.2K
$90.3K – $120.4K
NOI $7,223 @ 7.0% cap · market cap 7.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$300.5K
$263.0K – $350.6K
NOI $21,038 @ 7.0% cap · market cap 21.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Motels
Similar Off Market Nearby
- Chelsea Motor Inn — 325 E Layton St, Chelsea, OK 74016
- Hickory North Apartments — 500 Hickory St, Chelsea, OK 74016
FAQs
What type of property is this?
Motel - Historic motel with six units and restrooms, including an iconic neon sign in need of rehabilitation.
Where is this motel located?
The property is located at 220 Walnut St Chelsea, OK.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: Historic Chelsea Motel sits on Route 66 in Chelsea, Oklahoma; Listed on the National Historic Registry of Historic Places, qualifying for tax credits and restoration funding; Motel has 6 units and 6 units/restrooms
