Flex Space With Living
For Sale
$387,200
500 N Wood Drive, Okmulgee, OK 74447
Commercial, Okmulgee, OK
Property Size5,000 SF
Lot Size0.32 Acres
Price / SF$77.44
Days on Market136
Property Features for 500 N Wood Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
com'l ind
Interior features
9' Ceiling Height, Floored Attic, Public Restrooms, Vaulted Ceiling
Exterior features
Pole Sign, Sidewalk, Storage
Subdivision
Okmulgee OT
Elementary school district
Okmulgee - Sch Dist (91)
Middle school district
Okmulgee - Sch Dist (91)
High school district
Okmulgee - Sch Dist (91)
Directions
on hwy 75 (wood drive) and 2nd street
Standard status
Active
Size
5,000 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OT OKMULGEE LT 8 LESS HWY BLK 8 CARPET STORE
Tax Annual Amount
3638
Legal Description
OT OKMULGEE LT 8 LESS HWY BLK 8 CARPET STORE
Utilities
Utilities
Cable Available
Building Details
Year built
2000
Flooring type
Carpet
Building materials
Steel
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Keller Williams Advantage · Keller Williams Realty
(918) 291-2425
Listed By:
Jamie Goodnight · License #159613
(918) 510-0887
Added: Apr 7
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 2610330
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 5,000-square-foot flex property combines a steel commercial building with an integrated three-bedroom, 2.5-bath residence. The warehouse includes two 14-foot overhead doors, full insulation, open interior space, public restrooms, a 9' ceiling height, vaulted ceiling areas, and a floored attic. A full kitchen, laundry area, and private balcony serve the residential portion. Additional features include a metal roof, pole sign, sidewalk, storage, carpet flooring, and cable availability. Constructed in 2000, the property is identified for com'l ind zoning and occupies 0.321 acres.
Located at 500 N Wood Drive in Okmulgee, the property fronts a highway with a reported daily traffic count of 20,000 vehicles. The configuration supports a combined commercial and residential use at one address, with warehouse space and living accommodations arranged within the same property.
Located at 500 N Wood Drive in Okmulgee, the property fronts a highway with a reported daily traffic count of 20,000 vehicles. The configuration supports a combined commercial and residential use at one address, with warehouse space and living accommodations arranged within the same property.
Key Highlights
- 5,000 SF steel flex building with integrated 3‑bedroom, 2.5‑bath residence
- Two 14‑foot overhead doors and full insulation
- Highway frontage with reported daily traffic of 20,000 vehicles
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
$29,187
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
7.54%
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%
$583,740
$583.7K
Cap Rate 7%
$416,957
$417.0K
Cap Rate 9%
$324,300
$324.3K
Market Conditions
NOI Build-Up for 5,000 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
$35.4K $7.08/SF
− Vacancy
−$1.1K −$0.21/SF
EGI
$34.3K $6.87/SF
− OpEx
−$5.2K −$1.03/SF
NOI
$29.2K $5.84/SF
Area
Okmulgee 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%
$583,740
Cap Rate 7%
$416,957
Cap Rate 9%
$324,300
Alternative Uses
Best Use
Office B
$896.1K
$784.1K – $1.05M
NOI $62,730 @ 7.0% cap · market cap 16.20%
Second Best
Mixed Use
$723.2K
$632.8K – $843.8K
NOI $50,625 @ 7.0% cap · market cap 13.07%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,560 @ 7.0% cap · market cap 21.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74447, OK
15,534
Population
7,295
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
89%
High-School Grad
231.8 sq mi
ZIP Area
67
Density / Sq Mi
$45,855
Median Household Income
$30,851
Median Earnings
$801
Median Rent
$101,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Steel construction, overhead loading doors, and an integrated residence support commercial operations with on-site living capability.
Where is this flex space located?
The property is located at 500 N Wood Drive Okmulgee, OK.
What is the asking price?
The asking price for this property is $387,200.
What are key features of this property?
This property features: 5,000 SF steel flex building with integrated 3‑bedroom, 2.5‑bath residence; Two 14‑foot overhead doors and full insulation; Highway frontage with reported daily traffic of 20,000 vehicles
