Retail Storefront with
For Sale
$350,000
400 S Air Depot Boulevard, Midwest City, OK 73110
C-3 zoned retail storefront with an existing drive-thru, parking for 30+ vehicles, and a pole sign.
Property Size1,978 SF
Days on Market157
Property Features for 400 S Air Depot Boulevard
General Information
Standard status
Active
Size
1,978 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$4,819
Building Details
Building Size
1,978 SF
Year Built
1968
Listing Agency:
Dean Lemons & Associates
Listed By:
Craig Ahrens · License #146322
(405) 503-0492
Source:
Stetsonbentley
Added: Apr 18
Changed: Sep 8
Last Checked: Sep 21 at 7:29AM
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 retail storefront features an existing drive-thru and a sales-floor configuration totaling approximately 1,126 SF MOL, plus an additional 180 SF MOL separated by a faux wall that could be opened to bring the showroom area to around 1,300 SF MOL. Two small office areas (approximately 179 SF) are in place, along with a refrigeration unit that is not currently operable. An existing pole sign and shelving/racking are included, and the building offers a dry basement space of approximately 888 SF MOL that is not shown on county records and could support back-stock use. The property was built in 1968.
The property is zoned C-3 and has a special use permit for liquor sales. It is located on a major north-south arterial in the heart of Midwest City, with very high traffic counts reported as over 20,000 vehicles daily, and it has parking for over 30 vehicles including 16 covered spaces. The location is also stated as offering great proximity to Tinker AFB.
For tenants or buyers looking for a neighborhood retail format with drive-thru access, dedicated sales space, and on-site parking, the current layout provides both customer-facing area and small back-of-house offices, with additional basement storage potential.
The property is zoned C-3 and has a special use permit for liquor sales. It is located on a major north-south arterial in the heart of Midwest City, with very high traffic counts reported as over 20,000 vehicles daily, and it has parking for over 30 vehicles including 16 covered spaces. The location is also stated as offering great proximity to Tinker AFB.
For tenants or buyers looking for a neighborhood retail format with drive-thru access, dedicated sales space, and on-site parking, the current layout provides both customer-facing area and small back-of-house offices, with additional basement storage potential.
Key Highlights
- Existing drive‑thru configuration with approximately 1,126 SF MOL sales floor
- Additional 180 SF MOL separated by faux wall could be opened to reach around 1,300 SF MOL showroom
- Zoned C‑3 with a special use permit for liquor sales
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
5.97%
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%
$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 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.0K
$360.5K – $480.7K
NOI $28,839 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
177k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - C-3 zoned retail storefront with an existing drive-thru, parking for 30+ vehicles, and a pole sign.
Where is this storefront property located?
The property is located at 400 S Air Depot Boulevard Midwest City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Existing drive‑thru configuration with approximately 1,126 SF MOL sales floor; Additional 180 SF MOL separated by faux wall could be opened to reach around 1,300 SF MOL showroom; Zoned C‑3 with a special use permit for liquor sales
