Versatile Jennings Land with
For Sale
$190,000
44753 W 51st Street, Jennings, OK 74038
Vacant Land, Jennings, OK
Property Size1,250 SF
Lot Size5.00 Acres
Price / SF$152
Days on Market134
Property Features for 44753 W 51st Street
General Information
Property type
Land
Property subtype
Other
Zoning
Res
Subdivision
Creek Co Unplatted
Lot features
Farm or Ranch, Greenbelt
Elementary school district
Olive - Sch Dist (47)
Middle school district
Olive - Sch Dist (47)
High school district
Olive - Sch Dist (47)
Directions
Directions from Tulsa to 44753 W 51st St S, Jennings, OK: From Tulsa, take US-169 North, Continue approximately 20 miles. Merge onto OK-16 West toward Jennings. Continue for about 10 miles into Jennings. Turn left (west) onto W 51st Street South (near Silver City/449th W Ave). Continue west on W 51st St S. Property will be on the left at 44753 W 51st St S.
Standard status
Active
APN
0000-029-019-008-021-02
Size
1,250 SF
Lot size
5.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
29-19-8 S E W SW SW LESS 2.5 AC BEG SE/C OF S/2E/2W/2SWSW TH W295 N342, E245, N165, E50, S507 to POB
Tax Annual Amount
1790
Legal Description
29-19-8 S E W SW SW LESS 2.5 AC BEG SE/C OF S/2E/2W/2SWSW TH W295 N342, E245, N165, E50, S507 to POB
Listing Agency:
Chinowth & Cohen
(918) 943-3009
Listed By:
Selah Ruffman · License #209829
(310) 924-4055
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 21 at 9:06PM
MLS# 2611805
Copyright © 2026 MLS Technology, 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 5-acre property in Jennings, Oklahoma, presents an opportunity to build a homestead, barndominium, or private retreat. The property includes infrastructure already in place. One 2.5-acre parcel features well water, 800-amp electric service, and an 8-ft perimeter fence. Multiple greenhouse structures, approximately 3,300 sq ft and 1,800 sq ft each, are equipped with ventilation systems, climate-control components, and irrigation infrastructure. A 1,250 sq ft warehouse includes water storage systems and additional climate-controlled interior rooms, offering flexibility for workshops, storage, hobby space, or future conversion. The other 2.5-acre parcel includes a 1,500 sq ft warehouse with multiple climate-controlled rooms, suitable for workspace, storage, or conversion to living or shop space. An additional 800 sq ft office building is complete with a kitchen, open workspace, and a large bonus room, perfect for a home office, guest quarters, or creative studio. Previously utilized for specialty agricultural operations, this property is ready for its next chapter. It offers extensive power, water access, and existing structures. It is located within a reasonable distance to nearby towns.
Key Highlights
- Substantial Infrastructure: Includes well water, 800‑amp electric service, perimeter fencing.
- Versatile Buildings: Features warehouses with climate‑controlled rooms suitable for workshops, storage, living space conversion, or shop space.
- Greenhouse Structures: Equipped with ventilation, climate control, and irrigation, ideal for agricultural operations.
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
$7,297
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
3.84%
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%
$145,940
$145.9K
Cap Rate 7%
$104,243
$104.2K
Cap Rate 9%
$81,078
$81.1K
Market Conditions
NOI Build-Up for 1,250 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
$8.9K $7.08/SF
− Vacancy
−$266 −$0.21/SF
EGI
$8.6K $6.87/SF
− OpEx
−$1.3K −$1.03/SF
NOI
$7.3K $5.84/SF
Area
Pawnee 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%
$145,940
Cap Rate 7%
$104,243
Cap Rate 9%
$81,078
Alternative Uses
Best Use
Warehouse
$104.2K
$91.2K – $121.6K
NOI $7,297 @ 7.0% cap · market cap 3.84%
Second Best
Industrial
$85.8K
$75.1K – $100.2K
NOI $6,009 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$294.9K
$258.0K – $344.0K
NOI $20,640 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 74038, OK
2,172
Population
973
Households
2.2
Avg Household Size
43
Median Age
11%
College-Educated
86%
High-School Grad
103.4 sq mi
ZIP Area
21
Density / Sq Mi
$59,375
Median Household Income
$44,535
Median Earnings
$950
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Agricultural property - 5 acres in Jennings, OK with existing infrastructure.
Where is this agricultural property located?
The property is located at 44753 W 51st Street Jennings, OK.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Substantial Infrastructure: Includes well water, 800‑amp electric service, perimeter fencing.; Versatile Buildings: Features warehouses with climate‑controlled rooms suitable for workshops, storage, living space conversion, or shop space.; Greenhouse Structures: Equipped with ventilation, climate control, and irrigation, ideal for agricultural operations.
