Insulated Flex Building with Overhead
For Sale
$1,397,000
26091 State Hwy 51, Wagoner, OK 74467
Commercial, Wagoner, OK
Property Size11,600 SF
Lot Size6.00 Acres
Price / SF$120.43
Days on Market52
Property Features for 26091 State Hwy 51
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Security features
Security System
Interior features
Cable TV Wired, Display Window, High Speed Internet, Mini-Kitchen, Public Restrooms, Security System-Owned, Smoke Detector
Exterior features
Door Sign, Lighting, Pole Sign, Storage
Fencing
Fenced
Elementary school district
Wagoner - Sch Dist (31)
Middle school district
Wagoner - Sch Dist (31)
High school district
Wagoner - Sch Dist (31)
Directions
From Tulsa: From Highway 351, take Exit 13. Turn left. Approximately 9.5 miles to shop on left.
Standard status
Active
APN
730084272
Size
11,600 SF
Lot size
6.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
08-17-18 A TRACT IN SW SW DESC AS COM AT SW COR -N01'40'35"W ALONG W LINE 164' TO POB - CONTINUING N
Tax Annual Amount
4242
Legal Description
08-17-18 A TRACT IN SW SW DESC AS COM AT SW COR -N01'40'35"W ALONG W LINE 164' TO POB - CONTINUING N
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
camera system
monitored alarm
fiber-optic internet
Building Details
Year built
2020
Floors in Building
1
Flooring type
Concrete
Building materials
Frame
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Realty Connect
(918) 901-9690
Listed By:
Tina Berryhill · License #184167
(918) 344-6711
Added: Aug 2
Changed: Sep 14
Last Checked: Sep 22 at 2:06PM
MLS# 2628532
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.
Built in 2020, this 11,600-square-foot flex building on approximately 6 acres combines showroom, drive-through, office, and shop areas. The property includes six 14'x14' insulated overhead doors, four 10'x10' insulated overhead doors, and two powered drive-through doors. Shop ceilings reach 16 feet, while the drive-through and showroom/office areas have 11-foot ceilings. Interior improvements include epoxy concrete floors, an indoor wash bay, kitchen, men’s and women’s restrooms, two offices, work benches, shop sinks, a floor safe, and security closures for walk-in glass doors.
Construction features include 6-inch 4500-PSI concrete, concrete approaches at each overhead door, insulated metal walls and roof, 440-amp electrical service, gas heaters and sinks in both 50'x50' shops, and a 22k Generac generator. Exterior improvements include a 10'x90' covered porch, 5+ acres of gravel parking, a reinforced driveway, and a 1/4-inch pipe fence. The property is located at 26091 State Hwy 51 in Wagoner, between the Muskogee Turnpike and Highway 69, approximately 15 miles south of Highway 412.
Construction features include 6-inch 4500-PSI concrete, concrete approaches at each overhead door, insulated metal walls and roof, 440-amp electrical service, gas heaters and sinks in both 50'x50' shops, and a 22k Generac generator. Exterior improvements include a 10'x90' covered porch, 5+ acres of gravel parking, a reinforced driveway, and a 1/4-inch pipe fence. The property is located at 26091 State Hwy 51 in Wagoner, 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
- Six 14'x14' and four 10'x10' insulated overhead doors, plus two powered drive‑through doors
- 5+ acres of gravel parking with a reinforced main driveway
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
$100,976
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
7.23%
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%
$2,019,520
$2.0M
Cap Rate 7%
$1,442,514
$1.4M
Cap Rate 9%
$1,121,956
$1.1M
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
$167.0K $14.40/SF
− Vacancy
−$11.7K −$1.01/SF
EGI
$155.3K $13.39/SF
− OpEx
−$54.4K −$4.69/SF
NOI
$101.0K $8.70/SF
Area
Wagoner County, OK
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,019,520
Cap Rate 7%
$1,442,514
Cap Rate 9%
$1,121,956
Alternative Uses
Best Use
Flex RnD
$1.44M
$1.26M – $1.68M
NOI $100,976 @ 7.0% cap · market cap 7.23%
Second Best
Warehouse
$967.4K
$846.4K – $1.13M
NOI $67,715 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$2.74M
$2.39M – $3.19M
NOI $191,539 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C-3-zoned flex property with highway frontage, extensive gravel parking, and space for retail, service, or industrial operations.
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 $1,397,000.
What are key features of this property?
This property features: 11,600 SF metal flex building on approximately 6 acres; Six 14'x14' and four 10'x10' insulated overhead doors, plus two powered drive‑through doors; 5+ acres of gravel parking with a reinforced main driveway
