Retail Building with
For Sale
$400,000
400 S Air Depot Blvd, Midwest City, OK 73110
Retail building on a major arterial with a drive-through, parking for 30+ vehicles, and both covered spaces and pole signage.
Property Size1,978 SF
Price / SF$202.22
Days on Market128
Property Features for 400 S Air Depot Blvd
General Information
Standard status
Active
Size
1,978 SF
Total Parking Spaces
30
Zoning
C-3
Additional Details
Traffic Count
20,000 vehicles/day
Liquor License
Yes
Listing Agency:
Dean Lemons & Associates
(405) 503-0492
Listed By:
Craig Ahrens · License #146322
(405) 503-0492
Source:
Exprealty
Added: Apr 20
Changed: Jul 10
Last Checked: Aug 23 at 3:30AM
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 Dean Lemons & Associates
Investment Insights
Based on property information with market context.
This for-sale retail property offers a drive-through and an existing retail sales layout totaling approximately 1,126 sq. ft. MOL, plus an additional 180 sq. ft. MOL separated by a faux wall that could be opened to increase the showroom area to around 1,300 sq. ft. MOL. The building includes two small office areas of approximately 179 sq. ft. each, an existing refrigeration unit that is not currently operable, and a dry basement space not shown on county records that measures approximately 888 sq. ft. MOL for potential back-stock use. All shelving and racking remain with the property.
The site is located on a major north-south arterial in the heart of Midwest City. The property is zoned C-3 with a special use permit for liquor sales and is described as having very high traffic counts of over 20,000 vehicles daily. Parking is available for over 30 vehicles, including 16 covered spaces, and the property has an existing pole sign.
The site is located on a major north-south arterial in the heart of Midwest City. The property is zoned C-3 with a special use permit for liquor sales and is described as having very high traffic counts of over 20,000 vehicles daily. Parking is available for over 30 vehicles, including 16 covered spaces, and the property has an existing pole sign.
Key Highlights
- Zoned C‑3 with special use permit for liquor sales.
- Drive‑thru retail building with an existing sales floor configuration of approx. 1,126 SF MOL.
- Potential to increase showroom area to about 1,300 SF MOL by removing a faux wall separating approx. 180 SF MOL.
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
$20,878
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
5.22%
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%
$417,560
$417.6K
Cap Rate 7%
$298,257
$298.3K
Cap Rate 9%
$231,978
$232.0K
Market Conditions
NOI Build-Up for 1,978 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
$33.0K $16.68/SF
− Vacancy
−$3.2K −$1.60/SF
EGI
$29.8K $15.08/SF
− OpEx
−$8.9K −$4.52/SF
NOI
$20.9K $10.56/SF
Area
Oklahoma County, OK
Vacancy
9.60%
Lease Rate
$16.68 /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%
$417,560
Cap Rate 7%
$298,257
Cap Rate 9%
$231,978
Alternative Uses
Best Use
Retail
$298.3K
$261.0K – $348.0K
NOI $20,878 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.0K
$360.5K – $480.7K
NOI $28,839 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
177k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Apparel 23%
Groceries 10%
Superstores 7%
Ross Dress for Less
Apparel
23,201 visits/mo
0.3 miles
Braum's Ice Cream & Dairy Stores
Dining
20,471 visits/mo
0.4 miles
Aldi
Groceries
18,299 visits/mo
0.1 miles
Taco Casa
Dining
17,491 visits/mo
0.0 miles
SONIC Drive In
Dining
16,440 visits/mo
0.1 miles
Demographics for 73110, OK
33,156
Population
15,826
Households
2.1
Avg Household Size
35
Median Age
20%
College-Educated
91%
High-School Grad
15.5 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,436
Median Household Income
$35,043
Median Earnings
$1,007
Median Rent
$119,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail building on a major arterial with a drive-through, parking for 30+ vehicles, and both covered spaces and pole signage.
Where is this retail space located?
The property is located at 400 S Air Depot Blvd Midwest City, OK.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Zoned C‑3 with special use permit for liquor sales.; Drive‑thru retail building with an existing sales floor configuration of approx. 1,126 SF MOL.; Potential to increase showroom area to about 1,300 SF MOL by removing a faux wall separating approx. 180 SF MOL.
