Renovated Mixed-Use
New
For Sale
$484,900
407 W Will Rogers Boulevard, Claremore, OK 74017
Two-level configuration combines leased retail space with a separately accessed short-term rental.
Property Size3,760 SF
Price / SF$128.96
Days on Market2
Property Features for 407 W Will Rogers Boulevard
General Information
Standard status
Active
Size
3,760 SF
Amenities
large storefront display window
Building Details
Year Built
1929
Buildings
1
Stories
2
Listing Agency:
Keller Williams Premier
Listed By:
Kevin Abbott · License #175462
(918) 244-9706
Source:
Cheathamrealty
Added: Sep 1
Last Checked: Sep 1 at 8:39PM
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 1929 and fully renovated, this 3,760-square-foot mixed-use building combines commercial and short-term residential components. The ground floor provides approximately 2,400 square feet of retail area, including a large storefront display window and frontage along Will Rogers Boulevard. That space is currently leased.
The second floor has a separate private entrance from the street and is configured as an Airbnb short-term rental. The property is located in Claremore’s historic Lilac District, surrounded by shops, restaurants, and local attractions in downtown Claremore. Its existing retail and short-term rental uses create a two-part operating configuration within one building.
The second floor has a separate private entrance from the street and is configured as an Airbnb short-term rental. The property is located in Claremore’s historic Lilac District, surrounded by shops, restaurants, and local attractions in downtown Claremore. Its existing retail and short-term rental uses create a two-part operating configuration within one building.
Key Highlights
- 3,760‑square‑foot mixed‑use building built in 1929
- Approximately 2,400 square feet of ground‑floor retail space
- Large storefront display window along Will Rogers Boulevard
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
$27,918
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
5.76%
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%
$558,360
$558.4K
Cap Rate 7%
$398,829
$398.8K
Cap Rate 9%
$310,200
$310.2K
Market Conditions
NOI Build-Up for 3,760 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
$49.6K $13.20/SF
− Vacancy
−$5.0K −$1.32/SF
EGI
$44.7K $11.88/SF
− OpEx
−$16.8K −$4.46/SF
NOI
$27.9K $7.42/SF
Area
Rogers County, OK
Vacancy
10.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
37.50%
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%
$558,360
Cap Rate 7%
$398,829
Cap Rate 9%
$310,200
Alternative Uses
Best Use
Retail
$753.9K
$659.7K – $879.6K
NOI $52,773 @ 7.0% cap · market cap 10.88%
Second Best
Mixed Use
$398.8K
$349.0K – $465.3K
NOI $27,918 @ 7.0% cap · market cap 5.76%
Theoretical Best
Specialty Retail
$941.7K
$824.0K – $1.10M
NOI $65,920 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines leased retail space with a separately accessed short-term rental.
Where is this mixed-use property located?
The property is located at 407 W Will Rogers Boulevard Claremore, OK.
What is the asking price?
The asking price for this property is $484,900.
What are key features of this property?
This property features: 3,760‑square‑foot mixed‑use building built in 1929; Approximately 2,400 square feet of ground‑floor retail space; Large storefront display window along Will Rogers Boulevard
