Fenced Flex
For Sale
$699,999
3025 N Westminster Rd, Spencer, OK 73084
Flexible commercial property combines a substantial shop with attached residential and office accommodations.
Property Size6,500 SF
Price / SF$107.69
Days on Market48
Property Features for 3025 N Westminster Rd
General Information
Standard status
Active
Size
6,500 SF
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Power
400 amps
Voltage
600 V
Building Details
Year Built
1949
Listing Agency:
Copper Creek Real Estate
(405) 740-5399
Listed By:
Zackary Davis · License #182686
Source:
Alloverok
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 25 at 3:55AM
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 Copper Creek Real Estate
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.
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 = 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
$40,360
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
5.77%
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%
$807,200
$807.2K
Cap Rate 7%
$576,571
$576.6K
Cap Rate 9%
$448,444
$448.4K
Market Conditions
NOI Build-Up for 6,500 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
$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 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%
$807,200
Cap Rate 7%
$576,571
Cap Rate 9%
$448,444
Alternative Uses
Best Use
Flex RnD
$1.16M
$1.01M – $1.35M
NOI $81,142 @ 7.0% cap · market cap 11.59%
Second Best
Industrial
$576.6K
$504.5K – $672.7K
NOI $40,360 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,768 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 Rd 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
