Mixed-Use Property with Warehouse
New
For Sale
Contact for pricing
3401 N May Ave, Oklahoma City, OK 73112
An existing pharmacy lease provides rental income alongside flexible interior areas, offices, and customer-facing space.
Property Size17,060 SF
Price / SF$99.36
Days on Market6
Property Features for 3401 N May Ave
General Information
Standard status
Active
Size
17,060 SF
Property subtype
Retail, Office, Industrial
Additional Details
Road Access
Yes
Listing Agency:
Interwest West Realty
Listed By:
George W. Huffman · License #OK
Source:
Crexi
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:28PM
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 Interwest West Realty
Investment Insights
Based on property information with market context.
This mixed-use commercial property combines open interior areas, private offices, and warehouse space. Existing kitchen and restroom facilities support day-to-day operations, while varied room sizes can accommodate administrative or customer-facing functions. Ashbury Pharmacy leases 1,840 square feet, providing an established tenant presence and rental income. Any prospective use or alterations remain subject to applicable approvals and existing tenant rights.
The property fronts N May Avenue near NW 33rd Street in an established commercial and residential setting. Its combination of leased and other space offers a range of ways to configure the property, subject to the existing lease and required approvals.
The property fronts N May Avenue near NW 33rd Street in an established commercial and residential setting. Its combination of leased and other space offers a range of ways to configure the property, subject to the existing lease and required approvals.
Key Highlights
- Ashbury Pharmacy leases 1,840 SF
- Frontage on N May Avenue near NW 33rd Street
- Interior includes open areas, private offices, and warehouse space
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
$135,033
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
7.97%
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%
$2,700,660
$2.7M
Cap Rate 7%
$1,929,043
$1.9M
Cap Rate 9%
$1,500,367
$1.5M
Market Conditions
NOI Build-Up for 17,060 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
$163.8K $9.60/SF
− Vacancy
−$4.9K −$0.29/SF
EGI
$158.9K $9.31/SF
− OpEx
−$23.8K −$1.40/SF
NOI
$135.0K $7.92/SF
Area
Oklahoma City, OK
Vacancy
3.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$2,700,660
Cap Rate 7%
$1,929,043
Cap Rate 9%
$1,500,367
Alternative Uses
Best Use
Retail
$4.81M
$4.21M – $5.61M
NOI $336,764 @ 7.0% cap · market cap 19.87%
Second Best
Mixed Use
$3.36M
$2.94M – $3.92M
NOI $235,428 @ 7.0% cap · market cap 13.89%
Theoretical Best
Specialty Retail
$5.83M
$5.11M – $6.81M
NOI $408,416 @ 7.0% cap · market cap 24.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 73112, OK
31,113
Population
16,413
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
7.6 sq mi
ZIP Area
4,094
Density / Sq Mi
$57,833
Median Household Income
$39,641
Median Earnings
$1,030
Median Rent
$173,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Mixed-use property - An existing pharmacy lease provides rental income alongside flexible interior areas, offices, and customer-facing space.
Where is this mixed-use property located?
The property is located at 3401 N May Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Ashbury Pharmacy leases 1,840 SF; Frontage on N May Avenue near NW 33rd Street; Interior includes open areas, private offices, and warehouse space
