15-Unit Self-Storage
For Sale
$275,000
230 Us Highway 77, Lexington, OK 73051
Corner property with storage units, climate-controlled space, parking, and an existing building formerly used as a deli.
Property Size3,675 SF
Price / SF$74.83
Days on Market10
Property Features for 230 Us Highway 77
General Information
Standard status
Active
Size
3,675 SF
Listing Agency:
Sunshine Realty LLC
(405) 872-7355
Listed By:
Rhonda Simmons · License #142160OKLAHOMA
(405) 808-0705
Source:
Exprealty
Added: Aug 30
Changed: Sep 5
Last Checked: Sep 7 at 1:34PM
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 Sunshine Realty LLC
Investment Insights
Based on property information with market context.
This 3,675-square-foot property includes 15 storage units, with 11 units measuring 10x15, one measuring 20x30, and two 10x15 units with climate control. Fourteen units are leased, while one is used by the owner. The improvements include a building formerly operated as a deli; restaurant equipment is not included.
The property occupies a corner lot at 230 US Highway 77 in Lexington, Oklahoma, with ample parking. Lots 5-6, associated with the Beech St address, are zoned residential per tax records, while Lots 7-12 are zoned commercial. The building is leased through Dec 2026, although the tenant may be willing to vacate earlier.
The property occupies a corner lot at 230 US Highway 77 in Lexington, Oklahoma, with ample parking. Lots 5-6, associated with the Beech St address, are zoned residential per tax records, while Lots 7-12 are zoned commercial. The building is leased through Dec 2026, although the tenant may be willing to vacate earlier.
Key Highlights
- 15 storage units included; 14 are leased and one is owner‑used
- Two 10x15 units are climate controlled
- Unit mix includes eleven 10x15 units, one 20x30 unit, and two additional 10x15 units
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
$17,564
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
6.39%
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%
$351,280
$351.3K
Cap Rate 7%
$250,914
$250.9K
Cap Rate 9%
$195,156
$195.2K
Market Conditions
NOI Build-Up for 3,675 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
$21.9K $5.95/SF
− Vacancy
−$1.2K −$0.33/SF
EGI
$20.7K $5.62/SF
− OpEx
−$3.1K −$0.84/SF
NOI
$17.6K $4.78/SF
Area
Cleveland County, OK
Vacancy
5.50%
Lease Rate
$5.95 /SF/Yr
Expense Ratio
15.00%
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%
$351,280
Cap Rate 7%
$250,914
Cap Rate 9%
$195,156
Alternative Uses
Best Use
Self Storage
$492.2K
$430.6K – $574.2K
NOI $34,451 @ 7.0% cap · market cap 12.53%
Second Best
Warehouse
$250.9K
$219.6K – $292.7K
NOI $17,564 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$903.7K
$790.8K – $1.05M
NOI $63,261 @ 7.0% cap · market cap 23.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 73051, OK
9,541
Population
3,210
Households
3
Avg Household Size
42
Median Age
12%
College-Educated
83%
High-School Grad
126.7 sq mi
ZIP Area
75
Density / Sq Mi
$65,074
Median Household Income
$37,857
Median Earnings
$934
Median Rent
$152,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Corner property with storage units, climate-controlled space, parking, and an existing building formerly used as a deli.
Where is this self storage facility located?
The property is located at 230 Us Highway 77 Lexington, OK.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 15 storage units included; 14 are leased and one is owner‑used; Two 10x15 units are climate controlled; Unit mix includes eleven 10x15 units, one 20x30 unit, and two additional 10x15 units
