Retail Space with Existing
For Sale
$695,000
2623 E Highway 37, Tuttle, OK 73089
Commercial Sale, Tuttle, OK
Property Size2,775 SF
Lot Size0.71 Acres
Price / SF$250.45
Days on Market50
Property Features for 2623 E Highway 37
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Directions
From the corner of N. Mustang Road and E SH-37, go West on E SH-37 to Wolf Ln. Property is located on the West side of Wolf Ln. and E SH-37.
Standard status
Active
APN
2623EHighway3773089
Size
2,775 SF
Lot size
0.71 Acres
Building Details
Year built
1979
Listing Agency:
McGraw REALTORS (BO)
(405) 348-4422
Listed By:
Ashley Huff
(405) 503-3643
Added: Jul 23
Changed: Aug 19
Last Checked: Sep 10 at 5:06PM
MLS# 1241085
Copyright © 2026 MLSOK, 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 retail property includes a 2,775-square-foot existing building on 0.71 acres. Constructed in 1979, the building provides a current structure for retail use and is located within Commercial zoning.
The property is situated along State Highway 37 at 2623 E Highway 37 in Tuttle, Oklahoma. Its location places the existing retail space within the SH-37 corridor, with the site offering both an established building and land area for commercial use.
The property is situated along State Highway 37 at 2623 E Highway 37 in Tuttle, Oklahoma. Its location places the existing retail space within the SH-37 corridor, with the site offering both an established building and land area for commercial use.
Key Highlights
- 2,775‑square‑foot existing retail building
- 0.71‑acre commercial property
- Located along the SH‑37 corridor
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
$27,681
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
3.98%
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%
$553,620
$553.6K
Cap Rate 7%
$395,443
$395.4K
Cap Rate 9%
$307,567
$307.6K
Market Conditions
NOI Build-Up for 2,775 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
$41.6K $15.00/SF
− Vacancy
−$2.1K −$0.75/SF
EGI
$39.5K $14.25/SF
− OpEx
−$11.9K −$4.27/SF
NOI
$27.7K $9.98/SF
Area
Grady County, OK
Vacancy
5.00%
Lease Rate
$15.00 /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%
$553,620
Cap Rate 7%
$395,443
Cap Rate 9%
$307,567
Alternative Uses
Best Use
Retail
$395.4K
$346.0K – $461.4K
NOI $27,681 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$670.8K
$586.9K – $782.6K
NOI $46,953 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 73089, OK
13,696
Population
5,040
Households
2.7
Avg Household Size
41
Median Age
26%
College-Educated
93%
High-School Grad
106.8 sq mi
ZIP Area
128
Density / Sq Mi
$101,205
Median Household Income
$52,277
Median Earnings
$912
Median Rent
$264,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Existing retail space is positioned along the SH-37 corridor in Tuttle.
Where is this retail space located?
The property is located at 2623 E Highway 37 Tuttle, OK.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,775‑square‑foot existing retail building; 0.71‑acre commercial property; Located along the SH‑37 corridor
