Building Details

Building Size 6,500 SF

Year Built 1949

Listing Agency: Copper Creek Real Estate

Listed By: Zackary Davis · License #182686 Show Phone

Source: Stetsonbentley

Added: Mar 3, 2025 Changed: Oct 11 Last Checked: Oct 23 at 1:14PM

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Investment Insights

Based on property information with market context.

This flex-space property includes a 5,000-square-foot shop and 1,500 square feet of attached living quarters. The residential component has two bedrooms, two full baths, one half bath, and an office, creating a combined 6,500 square feet of building area. Constructed in 1949, the property also offers a practical work-and-residence configuration for an owner-occupant or business operation.

The main shop is served by 600-volt, 400-amp electric service. Site improvements include four gates and a 6-foot metal privacy fence topped with barbed wire. The property covers just under 3 acres, providing room for the existing improvements and outdoor storage or operational needs supported by the site.

Key Highlights

• 5,000‑square‑foot shop with 1,500 square feet of living quarters
• Living quarters include 2 beds, 2 full baths, 1 half bath, and an office
• 600‑volt, 400‑amp electric service serving the main shop

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,360

Cap Rate

5.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$807,200 $807.2K

Cap Rate 7%

$576,571 $576.6K

Cap Rate 9%

$448,444 $448.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,500 SF

Gross rent

$62.4K $9.60/SF

− Vacancy

−$4.7K −$0.73/SF

EGI

$57.7K $8.87/SF

− OpEx

−$17.3K −$2.66/SF

NOI

$40.4K $6.21/SF

Area

Oklahoma County, OK

Vacancy

7.60%

Lease Rate

$9.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$807,200

Cap Rate 7%

$576,571

Cap Rate 9%

$448,444

Alternative Uses

Best Use

Flex RnD

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,142 @ 7.0% cap · market cap 11.59%

Second Best

Industrial

$576.6K

$504.5K – $672.7K (±1% cap)

NOI $40,360 @ 7.0% cap · market cap 5.77%

Theoretical Best

Office A

$1.35M

$1.18M – $1.58M (±1% cap)

NOI $94,768 @ 7.0% cap · market cap 13.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Big Box & Wholesale Store Hair Salon Law Firm Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

89

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 73084, OK

6,595

Population

2,978

Households

2.2

Avg Household Size

42

Median Age

21%

College-Educated

88%

High-School Grad

18.0 sq mi

ZIP Area

366

Density / Sq Mi

$54,694

Median Household Income

$35,400

Median Earnings

$873

Median Rent

$115,600

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Flexible commercial property combines a substantial shop with attached residential and office accommodations.

Where is this flex space located?

The property is located at 3025 N Westminster Road Spencer, OK.

What is the asking price?

The asking price for this property is $699,999.

What are key features of this property?

This property features: 5,000‑square‑foot shop with 1,500 square feet of living quarters; Living quarters include 2 beds, 2 full baths, 1 half bath, and an office; 600‑volt, 400‑amp electric service serving the main shop