Renovated Mixed-Use Building in
For Sale
$484,900
407 W Will Rogers Boulevard, Claremore, OK 74017
Income-producing property in the heart of Claremore's historic Lilac District.
Property Size3,760 SF
Price / SF$128.96
Days on Market134
Property Features for 407 W Will Rogers Boulevard
General Information
Standard status
Active
Size
3,760 SF
Property subtype
Commercial
Zoning
UC
Taxes and HOA fees
Annual Taxes
$4,060
Building Details
Building Size
3,760 SF
Year Built
1929
Listing Agency:
Keller Williams Premier
(918) 244-9706
Listed By:
Kevin Abbott · License #175462
(918) 244-9706
Source:
Eufaulaproperties
Added: Apr 15
Changed: Aug 25
Last Checked: Aug 25 at 9:21AM
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.
This fully renovated mixed-use building is located in the heart of Claremore's historic Lilac District. The property offers a rare opportunity to own an income-producing building in a desirable downtown location. The ground floor features approximately 2,400 square feet of retail space, which includes a large storefront display window and visibility along Will Rogers Boulevard. The retail space is currently leased, providing immediate rental income. The second floor, accessible via a private street entrance, has been converted into a successful Airbnb short-term rental, offering additional income potential and flexibility for investors or owner-operators. The 3,760 square foot building combines historic charm with updated functionality, making it suitable for retail, office, restaurant, or mixed-use investment. Situated in downtown Claremore, the property is surrounded by shops, restaurants, and local attractions, creating a prime location for a long-term investment with multiple income streams already in place. Opportunities like this in the Lilac District are rare, especially with existing income from both commercial and residential use.
Key Highlights
- Prime location in Claremore's historic Lilac District, surrounded by shops and restaurants.
- Income‑producing property with existing leases on both retail and Airbnb units.
- Fully renovated mixed‑use building combining historic charm with updated functionality.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-producing property in the heart of Claremore's historic Lilac District.
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: Prime location in Claremore's historic Lilac District, surrounded by shops and restaurants.; Income‑producing property with existing leases on both retail and Airbnb units.; Fully renovated mixed‑use building combining historic charm with updated functionality.
