Storefront Property with Office
For Sale
$699,000
321 S Lynn Riggs Boulevard, Claremore, OK 74017
Downtown commercial building combining customer-facing windows, office rooms, rear expansion area, and off-street parking.
Property Size3,200 SF
Price / SF$218.44
Days on Market37
Property Features for 321 S Lynn Riggs Boulevard
General Information
Standard status
Active
Size
3,200 SF
Building Details
Year Built
1960
Listing Agency:
Keller Williams Premier
(918) 906-7906
Listed By:
Dawna Barnes · License #148516
Source:
Cheathamrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 11:35AM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
Built in 1960, this 3,200-square-foot storefront property offers a flexible commercial layout with prominent window frontage, a reception area, and four-plus offices. The rear portion provides expansion space, while a separate entrance serves the office area. The building includes 1.5 baths and off-street parking.
Situated on Route 66 in downtown Claremore, the property places a customer-facing business in a recognizable commercial setting. Its combination of retail-oriented frontage and dedicated office areas supports a range of storefront and professional space configurations, subject to the buyer’s intended use.
Situated on Route 66 in downtown Claremore, the property places a customer-facing business in a recognizable commercial setting. Its combination of retail-oriented frontage and dedicated office areas supports a range of storefront and professional space configurations, subject to the buyer’s intended use.
Key Highlights
- 3,200‑square‑foot storefront property
- Located on Route 66 in downtown Claremore
- Large window frontage for customer‑facing display
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
$44,913
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
6.43%
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%
$898,260
$898.3K
Cap Rate 7%
$641,614
$641.6K
Cap Rate 9%
$499,033
$499.0K
Market Conditions
NOI Build-Up for 3,200 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
$68.0K $21.24/SF
− Vacancy
−$3.8K −$1.19/SF
EGI
$64.2K $20.05/SF
− OpEx
−$19.2K −$6.02/SF
NOI
$44.9K $14.04/SF
Area
Rogers County, OK
Vacancy
5.60%
Lease Rate
$21.24 /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%
$898,260
Cap Rate 7%
$641,614
Cap Rate 9%
$499,033
Alternative Uses
Best Use
Retail
$641.6K
$561.4K – $748.6K
NOI $44,913 @ 7.0% cap · market cap 6.43%
Second Best
Office B
$602.9K
$527.5K – $703.4K
NOI $42,203 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$801.5K
$701.3K – $935.0K
NOI $56,102 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74017, OK
29,083
Population
12,038
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
140.5 sq mi
ZIP Area
207
Density / Sq Mi
$65,519
Median Household Income
$38,165
Median Earnings
$1,015
Median Rent
$184,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Downtown commercial building combining customer-facing windows, office rooms, rear expansion area, and off-street parking.
Where is this storefront property located?
The property is located at 321 S Lynn Riggs Boulevard Claremore, OK.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,200‑square‑foot storefront property; Located on Route 66 in downtown Claremore; Large window frontage for customer‑facing display
