Retail Building with
For Sale
$385,000
400 S Air Depot Boulevard, Midwest City, OK 73110
SINGLE_FAMILY - Midwest City, OK
Property Size1,978 SF
Lot Size0.57 Acres
Price / SF$194.64
Days on Market114
Property Features for 400 S Air Depot Boulevard
General Information
Property type
Residential
Property subtype
Retail
Zoning
Commercial
Directions
SE 15th and S. Air Depot Blvd, North to the property on the East side of the street.
Standard status
Active
APN
400SAirDepot73110
Size
1,978 SF
Lot size
0.57 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1968
Floors in Building
1
Building materials
Concrete, Metal Siding
Listing Agency:
Dean Lemons & Associates
(405) 682-9505
Listed By:
Craig Ahrens · License #146322
(405) 503-0492
Added: Apr 18
Changed: Aug 1
Last Checked: Aug 9 at 1:06PM
MLS# 1224053
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail building on a 0.569-acre lot was built in 1968 and features concrete construction with metal siding. The property includes a drive-thru and an existing pole sign. Current sales floor configuration is approximately 1,126 sq ft MOL, plus an additional 180 sq ft MOL separated by a faux wall that, if removed, could bring the showroom area to around 1,300 sq ft MOL. Two small office areas of around 179 sq ft each are in place, along with a refrigeration unit that is not currently operable.
Parking is available for over 30 vehicles, including 16 covered spaces. The property is zoned C-3 with a special use permit for liquor sales and is located on a major north-south arterial with data showing over 20,000 vehicles daily. The site is also near Tinker AFB.
A dry basement space of 888 sq ft MOL is included and is not shown on county records, offering potential as back-stock. Utilities include public water and public sewer, with electric heating and electric central air conditioning.
Parking is available for over 30 vehicles, including 16 covered spaces. The property is zoned C-3 with a special use permit for liquor sales and is located on a major north-south arterial with data showing over 20,000 vehicles daily. The site is also near Tinker AFB.
A dry basement space of 888 sq ft MOL is included and is not shown on county records, offering potential as back-stock. Utilities include public water and public sewer, with electric heating and electric central air conditioning.
Key Highlights
- 0.569‑acre retail site with drive‑thru and existing pole sign
- Zoned C‑3 with a special use permit for liquor sales
- Over 30 parking spaces with 16 covered spaces
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
5.42%
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 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.0K
$360.5K – $480.7K
NOI $28,839 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
430k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 31%
Home Improvements & Furnishings 10%
Electronics 8%
Lowe's
Home Improvements & Furnishings
42,036 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
36,501 visits/mo
0.0 miles
Five Below
Shops & Services
30,038 visits/mo
0.4 miles
Sam's Club Gas Station
Shops & Services
29,294 visits/mo
0.4 miles
Midwest City #3
Shops & Services
28,376 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 - C-3 retail site with a special use permit for liquor sales, parking for over 30 vehicles, and an existing drive-thru.
Where is this retail space 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 $385,000.
What are key features of this property?
This property features: 0.569‑acre retail site with drive‑thru and existing pole sign; Zoned C‑3 with a special use permit for liquor sales; Over 30 parking spaces with 16 covered spaces
