Historic Six-Unit
For Sale
$89,900
220 Walnut Street, Chelsea, OK 74016
Commercial, Chelsea, OK
Property Size1,200 SF
Lot Size0.60 Acres
Price / SF$74.92
Days on Market120
Property Features for 220 Walnut Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
Parking features
Off Street, Paved or Surfaced
Exterior features
Pole Sign
Elementary school district
Chelsea - Sch Dist (22)
Middle school district
Chelsea - Sch Dist (22)
High school district
Chelsea - Sch Dist (22)
Directions
Chelsea OK -Intersection of Hwy 66 and Main (6th St). Continue N on 66 to the intersection of 1st Street and Hwy 66. The safest entrance to the motel is off First (1st) Street. Sits N of the United Pentecostal Church
Standard status
Active
APN
660026794
Size
1,200 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Legal Supplemental
Tax Annual Amount
486
Legal Description
See Legal Supplemental
Utilities
Utilities
Water Available
Building Details
Year built
1936
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(918) 272-0809
Listed By:
Sheri DeLozier
(918) 844-9400
Added: May 5
Changed: Aug 19
Last Checked: Sep 1 at 12:06PM
MLS# 2616502
Copyright © 2026 MLS Technology, 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 1,200-square-foot motel property includes six units with restrooms and is constructed with stucco exteriors beneath a composition roof. The site also features paved, off-street parking, water availability, and a pole-mounted neon sign that requires rehabilitation. Zoning is Com.
The property fronts Route 66 in Chelsea, Oklahoma, with additional lots transferring as part of the offering. Its National Historic Registry of Historic Places listing provides a documented preservation designation and may support eligibility for restoration-related tax credits and funding, as stated in the property information.
The property fronts Route 66 in Chelsea, Oklahoma, with additional lots transferring as part of the offering. Its National Historic Registry of Historic Places listing provides a documented preservation designation and may support eligibility for restoration-related tax credits and funding, as stated in the property information.
Key Highlights
- Six motel units with restrooms
- 1,200 square feet of property size
- Frontage on Route 66 in Chelsea, Oklahoma
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
$7,223
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
8.03%
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%
$144,460
$144.5K
Cap Rate 7%
$103,186
$103.2K
Cap Rate 9%
$80,256
$80.3K
Market Conditions
NOI Build-Up for 1,200 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
$17.3K $14.40/SF
− Vacancy
−$2.1K −$1.73/SF
EGI
$15.2K $12.67/SF
− OpEx
−$8.0K −$6.65/SF
NOI
$7.2K $6.02/SF
Area
Rogers County, OK
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$144,460
Cap Rate 7%
$103,186
Cap Rate 9%
$80,256
Alternative Uses
Best Use
Hotel Hospitality
$103.2K
$90.3K – $120.4K
NOI $7,223 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$300.5K
$263.0K – $350.6K
NOI $21,038 @ 7.0% cap · market cap 23.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74016, OK
5,919
Population
2,692
Households
2.2
Avg Household Size
42
Median Age
13%
College-Educated
87%
High-School Grad
143.6 sq mi
ZIP Area
41
Density / Sq Mi
$59,701
Median Household Income
$31,685
Median Earnings
$779
Median Rent
$114,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hickory North Apartments — 500 Hickory St, Chelsea, OK 74016
- Chelsea Motor Inn — 325 E Layton St, Chelsea, OK 74016
Frequently Asked Questions
What type of property is this?
Motel - Route 66 frontage, National Historic Registry recognition, and restoration-focused character define this Chelsea hospitality property.
Where is this motel located?
The property is located at 220 Walnut Street Chelsea, OK.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Six motel units with restrooms; 1,200 square feet of property size; Frontage on Route 66 in Chelsea, Oklahoma
