Updated Flex Space with
For Sale
$525,000
505 E Patti Page Boulevard, Claremore, OK 74017
Highway frontage connects office accommodations with functional warehouse operations.
Property Size3,912 SF
Price / SF$134.20
Days on Market44
Property Features for 505 E Patti Page Boulevard
General Information
Standard status
Active
Size
3,912 SF
Total Parking Spaces
7
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Warehouse Space
1,500 SF
Office Build-Out
2,400 SF
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Solid Rock, REALTORS
(918) 341-7625
Listed By:
Emily Dean · License #182451
Source:
Thewolekgroup
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 31 at 7:01PM
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 Solid Rock, REALTORS
Investment Insights
Based on property information with market context.
This flex property combines approximately 2,400 square feet of office space with approximately 1,500 square feet of shop and warehouse area. The office portion includes a lobby, conference room, kitchen, three private offices, storage, one industrial bathroom, and two additional office bathrooms. A tankless hot water system serves the building.
Recent improvements include a TPO roof, a 2024 HVAC system, industrial garage doors and openers installed in 2024, a warehouse breaker box, new drywall, fresh paint, and spray foam insulation in the hallway and warehouse. The shop has added walls and electrical outlets. The exterior includes a new front window, two glass entry doors, a striped parking lot, and seven designated spaces.
The property is located at 505 E Patti Page Boulevard in Claremore, Oklahoma, along Highway 20 with approximately 145 feet of highway frontage and less than 1 mile from the Will Rogers Turnpike.
Recent improvements include a TPO roof, a 2024 HVAC system, industrial garage doors and openers installed in 2024, a warehouse breaker box, new drywall, fresh paint, and spray foam insulation in the hallway and warehouse. The shop has added walls and electrical outlets. The exterior includes a new front window, two glass entry doors, a striped parking lot, and seven designated spaces.
The property is located at 505 E Patti Page Boulevard in Claremore, Oklahoma, along Highway 20 with approximately 145 feet of highway frontage and less than 1 mile from the Will Rogers Turnpike.
Key Highlights
- Approximately 2,400 SF of office space and 1,500 SF of shop/warehouse space
- Approximately 145 feet of frontage along Highway 20
- Less than 1 mile from the Will Rogers Turnpike
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
$26,675
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
5.08%
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%
$533,500
$533.5K
Cap Rate 7%
$381,071
$381.1K
Cap Rate 9%
$296,389
$296.4K
Market Conditions
NOI Build-Up for 3,912 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
$32.9K $8.40/SF
− Vacancy
−$1.5K −$0.38/SF
EGI
$31.4K $8.02/SF
− OpEx
−$4.7K −$1.20/SF
NOI
$26.7K $6.82/SF
Area
Rogers County, OK
Vacancy
4.50%
Lease Rate
$8.40 /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%
$533,500
Cap Rate 7%
$381,071
Cap Rate 9%
$296,389
Alternative Uses
Best Use
Office B
$737.0K
$644.9K – $859.9K
NOI $51,593 @ 7.0% cap · market cap 9.83%
Second Best
Warehouse
$381.1K
$333.4K – $444.6K
NOI $26,675 @ 7.0% cap · market cap 5.08%
Theoretical Best
Specialty Retail
$979.8K
$857.3K – $1.14M
NOI $68,585 @ 7.0% cap · market cap 13.06%
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
652
Businesses Nearby
Under-served
Demand for This Use
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 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 - Highway frontage connects office accommodations with functional warehouse operations.
Where is this flex space located?
The property is located at 505 E Patti Page Boulevard Claremore, OK.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 2,400 SF of office space and 1,500 SF of shop/warehouse space; Approximately 145 feet of frontage along Highway 20; Less than 1 mile from the Will Rogers Turnpike
