Two-Building Flex
For Sale
$499,000
421 N 2nd St, Sapulpa, OK 74066
Metal construction, finished office space, and substantial electrical service support industrial and service-oriented operations.
Property Size3,500 SF
Price / SF$142.57
Days on Market32
Property Features for 421 N 2nd St
General Information
Standard status
Active
Size
3,500 SF
Additional Details
Heavy Power
Yes
Building Details
Year Built
2021
Buildings
2
Construction
metal
Listing Agency:
MORE Agency
(918) 606-7922
Listed By:
Gannon Brown
Source:
Thewolekgroup
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 3:38PM
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 MORE Agency
Investment Insights
Based on property information with market context.
This two-building flex facility combines metal construction, finished office space, work areas, and storage in a practical commercial configuration. The secondary structure includes heavier electrical service than a standard shell, supporting equipment-intensive operations such as fabrication or manufacturing. The property is currently used by a glass company and offers infrastructure suited to light industrial, service, distribution, fabrication, light office, and contractor uses.
Located at 421 N 2nd St in Sapulpa, the facility provides access to local thoroughfares and nearby state highways, with connectivity to the Tulsa metropolitan area. The site is also near Sapulpa’s historic downtown and its growing small-business presence. Built in 2021, the property pairs customer-facing office capability with functional operational space across two buildings.
Located at 421 N 2nd St in Sapulpa, the facility provides access to local thoroughfares and nearby state highways, with connectivity to the Tulsa metropolitan area. The site is also near Sapulpa’s historic downtown and its growing small-business presence. Built in 2021, the property pairs customer-facing office capability with functional operational space across two buildings.
Key Highlights
- Two‑building flex facility at 421 N 2nd St, Sapulpa, OK 74066
- Built in 2021
- Finished office space paired with work and storage areas
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
$20,431
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
4.09%
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%
$408,620
$408.6K
Cap Rate 7%
$291,871
$291.9K
Cap Rate 9%
$227,011
$227.0K
Market Conditions
NOI Build-Up for 3,500 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
$24.8K $7.08/SF
− Vacancy
−$743 −$0.21/SF
EGI
$24.0K $6.87/SF
− OpEx
−$3.6K −$1.03/SF
NOI
$20.4K $5.84/SF
Area
Creek County, OK
Vacancy
3.00%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
15.00%
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%
$408,620
Cap Rate 7%
$291,871
Cap Rate 9%
$227,011
Alternative Uses
Best Use
Warehouse
$291.9K
$255.4K – $340.5K
NOI $20,431 @ 7.0% cap · market cap 4.09%
Second Best
Flex RnD
$258.5K
$226.2K – $301.6K
NOI $18,097 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$860.7K
$753.1K – $1.00M
NOI $60,248 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74066, OK
31,255
Population
13,736
Households
2.3
Avg Household Size
41
Median Age
19%
College-Educated
91%
High-School Grad
123.6 sq mi
ZIP Area
253
Density / Sq Mi
$64,351
Median Household Income
$41,245
Median Earnings
$1,000
Median Rent
$168,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Metal construction, finished office space, and substantial electrical service support industrial and service-oriented operations.
Where is this flex space located?
The property is located at 421 N 2nd St Sapulpa, OK.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑building flex facility at 421 N 2nd St, Sapulpa, OK 74066; Built in 2021; Finished office space paired with work and storage areas
