Insulated Flex Space with
For Sale
Contact for pricing
26091 State Hwy 51, Wagoner, OK 74467
Heavy-duty construction includes insulated overhead doors, concrete floors, and shop, showroom, and office areas.
Property Size11,600 SF
Lot Size6.00 Acres
Price / SF$120.52
Days on Market8
Property Features for 26091 State Hwy 51
General Information
Standard status
Active
Size
11,600 SF
Lot size
6.00 Acres
Property subtype
Business for Sale, Mixed Use, Retail, Industrial, Office
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Drive-In Doors
12
Power
440 amps
Amenities
kitchen
restrooms
offices
security system
fiber-optic internet
VOIP phone wiring
Building Details
Year Built
2020
Buildings
1
Building Size
11,600 SF
Construction
metal building
Listing Agency:
Realty Connect OK
(918) 901-9690
Listed By:
Tina Berryhill · License #184167
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 3:22PM
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 Realty Connect OK
Investment Insights
Based on property information with market context.
Built in 2020, this 11,600-square-foot flex property combines shop, showroom, drive-through, and office components on approximately 6 acres. The building includes six 14’x14’ insulated overhead doors, four 10’x10’ insulated overhead doors, and two powered drive-through doors. Shop areas feature 16-foot ceilings, while the drive-through and showroom/office sections have 11-foot ceilings. Construction includes a metal roof and walls, full wall and roof insulation, 6-inch 4500-PSI concrete, concrete approaches at each overhead door, epoxy flooring, and an indoor wash bay.
Interior improvements include a kitchen, men’s and women’s restrooms, two offices, work benches, shop sinks, a floor safe, glass entry doors, and security closures. Building systems include a 22k Generac generator, 440-amp electrical service, gas heaters and sinks in both 50’x50’ shops, fiber-optic internet, monitored alarm equipment, and a camera system. Exterior features include a 10’x90’ covered front porch, 5+ acres of gravel parking, a 1/4” pipe fence, reinforced driveway construction, and one acre of grass. The property is located at 26091 State Hwy 51 in Wagoner, Oklahoma, between the Muskogee Turnpike and Highway 69, approximately 15 miles south of Highway 412.
Interior improvements include a kitchen, men’s and women’s restrooms, two offices, work benches, shop sinks, a floor safe, glass entry doors, and security closures. Building systems include a 22k Generac generator, 440-amp electrical service, gas heaters and sinks in both 50’x50’ shops, fiber-optic internet, monitored alarm equipment, and a camera system. Exterior features include a 10’x90’ covered front porch, 5+ acres of gravel parking, a 1/4” pipe fence, reinforced driveway construction, and one acre of grass. The property is located at 26091 State Hwy 51 in Wagoner, Oklahoma, between the Muskogee Turnpike and Highway 69, approximately 15 miles south of Highway 412.
Key Highlights
- 11,600 SF metal flex building on approximately 6 acres, built in 2020
- Six 14’x14’ and four 10’x10’ insulated overhead doors, plus two powered drive‑through doors
- 16‑foot shop ceilings and 11‑foot drive‑through and showroom/office ceilings
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
$128,231
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
9.17%
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%
$2,564,620
$2.6M
Cap Rate 7%
$1,831,871
$1.8M
Cap Rate 9%
$1,424,789
$1.4M
Market Conditions
NOI Build-Up for 11,600 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
$194.9K $16.80/SF
− Vacancy
−$11.7K −$1.01/SF
EGI
$183.2K $15.79/SF
− OpEx
−$55.0K −$4.74/SF
NOI
$128.2K $11.05/SF
Area
Wagoner County, OK
Vacancy
6.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,564,620
Cap Rate 7%
$1,831,871
Cap Rate 9%
$1,424,789
Alternative Uses
Best Use
Office B
$2.08M
$1.82M – $2.43M
NOI $145,534 @ 7.0% cap · market cap 10.41%
Second Best
Retail
$1.83M
$1.60M – $2.14M
NOI $128,231 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$2.74M
$2.39M – $3.19M
NOI $191,539 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74467, OK
13,981
Population
6,826
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
88%
High-School Grad
154.1 sq mi
ZIP Area
91
Density / Sq Mi
$58,398
Median Household Income
$39,350
Median Earnings
$852
Median Rent
$149,500
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?
Flex space - Heavy-duty construction includes insulated overhead doors, concrete floors, and shop, showroom, and office areas.
Where is this flex space located?
The property is located at 26091 State Hwy 51 Wagoner, OK.
What is the asking price?
The asking price for this property is $1,398,000.
What are key features of this property?
This property features: 11,600 SF metal flex building on approximately 6 acres, built in 2020; Six 14’x14’ and four 10’x10’ insulated overhead doors, plus two powered drive‑through doors; 16‑foot shop ceilings and 11‑foot drive‑through and showroom/office ceilings
