Two-Story Office
For Sale
$945,000
223 S Lynn Riggs Boulevard, Claremore, OK 74017
Adaptable office and business space with parking for customers and staff.
Property Size2,880 SF
Price / SF$328.13
Days on Market45
Property Features for 223 S Lynn Riggs Boulevard
General Information
Standard status
Active
Size
2,880 SF
Additional Details
Road Access
Yes
Building Details
Year Built
2005
Stories
2
Listing Agency:
Coldwell Banker Select
(918) 695-6979
Listed By:
David Roberts
Source:
Cheathamrealty
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 28 at 7:59AM
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 Coldwell Banker Select
Investment Insights
Based on property information with market context.
Built in 2005, this office property contains 2,880 square feet arranged across two floors. The interior layout is adaptable for office and other business functions, providing flexibility for an owner or occupant to configure the space around operational needs. Parking is available for both customers and staff.
The property is located at 223 S Lynn Riggs Boulevard in Claremore, along Historic Route 66. Downtown shopping, dining, the courthouse, and other amenities are nearby, adding convenience for daily business activity and visitors.
The property is located at 223 S Lynn Riggs Boulevard in Claremore, along Historic Route 66. Downtown shopping, dining, the courthouse, and other amenities are nearby, adding convenience for daily business activity and visitors.
Key Highlights
- 2,880 square feet arranged across two floors
- Flexible interior configuration for office and business uses
- Built in 2005
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
$37,982
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
4.02%
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%
$759,640
$759.6K
Cap Rate 7%
$542,600
$542.6K
Cap Rate 9%
$422,022
$422.0K
Market Conditions
NOI Build-Up for 2,880 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
$56.3K $19.56/SF
− Vacancy
−$5.7K −$1.98/SF
EGI
$50.6K $17.58/SF
− OpEx
−$12.7K −$4.40/SF
NOI
$38.0K $13.19/SF
Area
Rogers County, OK
Vacancy
10.10%
Lease Rate
$19.56 /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%
$759,640
Cap Rate 7%
$542,600
Cap Rate 9%
$422,022
Alternative Uses
Best Use
Office B
$542.6K
$474.8K – $633.0K
NOI $37,982 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$721.3K
$631.2K – $841.5K
NOI $50,492 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 74017, OK
29,083
Population
12,038
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
140.5 sq mi
ZIP Area
207
Density / Sq Mi
$65,519
Median Household Income
$38,165
Median Earnings
$1,015
Median Rent
$184,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Adaptable office and business space with parking for customers and staff.
Where is this office building located?
The property is located at 223 S Lynn Riggs Boulevard Claremore, OK.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 2,880 square feet arranged across two floors; Flexible interior configuration for office and business uses; Built in 2005
