Historic Church Converted to
For Sale
$4,500,000
300 N Walnut Ave, Oklahoma City, OK 73104
Historic church renovated into Class A office space in prime location.
Property Size18,356 SF
Price / SF$245.15
Days on Market332
Property Features for 300 N Walnut Ave
General Information
Standard status
Active
Size
18,356 SF
Class
A
Property subtype
Office
Building Details
Building Size
18,356 SF
Year Built
1921
Listing Agency:
Creek Price Edwards and Company - Oklahoma City
(405) 412-3810
Listed By:
Tre Dupuy
(405) 412-3810
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 21
Last Checked: Aug 22 at 5:17AM
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 Creek Price Edwards and Company - Oklahoma City
Investment Insights
Based on property information with market context.
Originally constructed in 1921 and listed on the National Register of Historic Places, the Calvary Baptist Church played a role in the Civil Rights movement in Oklahoma City. In 2012, the building underwent a major renovation to convert it into office space, highlighting historic features while creating a Class A work environment. The second and third levels contain 19 private offices with floor-to-ceiling, frameless glass partitions that allow natural light to filter through the Tiffany stained-glass windows. The entrance level was redesigned to accommodate a large reception area, four conference rooms, a full kitchen, and a gymnasium. The property has a new roof and skylight, a parking lot with 23 spaces, a security system, a basement level entry plaza, exterior signage, updated landscaping, and data systems. Protective storm windows, new paint, restored stained glass, updated plumbing, electrical, and mechanical systems, temperature control in every private office, updated historic lighting fixtures, new electrical service for modern lighting and power, restored historic hardwood floors, new flooring (carpeting, porcelain tile, vinyl flooring), renovated restrooms, a protective masonry security wall, restored historic pews, ADA accessibility at the basement and sanctuary level, and frameless glass partition walls are all present. The 18,356 square-foot Calvary Baptist Church building is located at the northeast corner of NE 2nd Street and Walnut Avenue, near the LEVEL and Deep Deuce Apartment complexes, as well as the Aloft Hotel. It is 0.5 miles from the downtown courthouse, 0.2 miles from Bricktown, and a short drive from I-235.
Key Highlights
- Historic Significance: Building is listed on the National Register of Historic Places and played a key role in the Civil Rights Movement, including hosting Martin Luther King, Jr.
- Prime Location: Situated at a prominent intersection near downtown courthouse, Bricktown, Aloft Hotel, and with quick access to I‑235.
- Completely Renovated in 2012: Transformed into Class A office space while preserving historic features.
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
$261,154
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
5.80%
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%
$5,223,080
$5.2M
Cap Rate 7%
$3,730,771
$3.7M
Cap Rate 9%
$2,901,711
$2.9M
Market Conditions
NOI Build-Up for 18,356 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
$458.2K $24.96/SF
− Vacancy
−$110.0K −$5.99/SF
EGI
$348.2K $18.97/SF
− OpEx
−$87.1K −$4.74/SF
NOI
$261.2K $14.23/SF
Area
Oklahoma City, OK
Vacancy
24.00%
Lease Rate
$24.96 /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%
$5,223,080
Cap Rate 7%
$3,730,771
Cap Rate 9%
$2,901,711
Alternative Uses
Best Use
Office B
$3.73M
$3.26M – $4.35M
NOI $261,154 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.28M
$5.49M – $7.32M
NOI $439,443 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 73104, OK
3,545
Population
2,405
Households
1.5
Avg Household Size
29
Median Age
75%
College-Educated
97%
High-School Grad
1.6 sq mi
ZIP Area
2,216
Density / Sq Mi
$69,886
Median Household Income
$59,023
Median Earnings
$1,536
Median Rent
$341,300
Median Home Value
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic church renovated into Class A office space in prime location.
Where is this office building located?
The property is located at 300 N Walnut Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Historic Significance: Building is listed on the National Register of Historic Places and played a key role in the Civil Rights Movement, including hosting Martin Luther King, Jr.; Prime Location: Situated at a prominent intersection near downtown courthouse, Bricktown, Aloft Hotel, and with quick access to I‑235.; Completely Renovated in 2012: Transformed into Class A office space while preserving historic features.
