Fenced Flex Building with Yard
For Sale
$705,000
522 West 138th Street South, Glenpool, OK 74033
Flex property combines covered workspace with secured outdoor storage and direct US-75 connectivity.
Property Size5,000 SF
Lot Size1.06 Acres
Price / SF$141
Days on Market163
Property Features for 522 West 138th Street South
General Information
Standard status
Active
Size
5,000 SF
Lot size
1.06 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Building Size
5,000 SF
Year Built
1980
Buildings
1
Listing Agency:
Creek Commercial Realty, LLC
(405) 312-2512
Listed By:
Mitch Hammack · License #184349
(405) 312-2512
Source:
Thebrokerlist
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 3:22PM
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 Creek Commercial Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1980, this 5,000 SF flex building occupies 1.06 graveled acres and is configured for operations that require both enclosed workspace and outdoor storage. Five overhead doors support equipment and vehicle access, while two covered canopies provide additional sheltered space for materials or machinery. A recently installed perimeter fence and gated entry define the yard and add controlled access to the site.
The property is located at 522 West 138th Street South in Glenpool, within an industrial corridor with immediate access to US-75. The highway connection supports movement through the Tulsa metro and toward southern Oklahoma markets. The Creek Turnpike interchange in Jenks is minutes north, providing an additional east-west route for regional distribution and field operations.
The property is located at 522 West 138th Street South in Glenpool, within an industrial corridor with immediate access to US-75. The highway connection supports movement through the Tulsa metro and toward southern Oklahoma markets. The Creek Turnpike interchange in Jenks is minutes north, providing an additional east-west route for regional distribution and field operations.
Key Highlights
- 5,000 SF flex building on 1.06 graveled acres
- Five overhead doors for equipment and vehicle access
- Two covered canopies for material and equipment storage
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
$32,321
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
4.58%
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%
$646,420
$646.4K
Cap Rate 7%
$461,729
$461.7K
Cap Rate 9%
$359,122
$359.1K
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
$39.0K $7.80/SF
− Vacancy
−$975 −$0.20/SF
EGI
$38.0K $7.60/SF
− OpEx
−$5.7K −$1.14/SF
NOI
$32.3K $6.46/SF
Area
Tulsa County, OK
Vacancy
2.50%
Lease Rate
$7.80 /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%
$646,420
Cap Rate 7%
$461,729
Cap Rate 9%
$359,122
Alternative Uses
Best Use
Warehouse
$461.7K
$404.0K – $538.7K
NOI $32,321 @ 7.0% cap · market cap 4.58%
Second Best
Flex RnD
$450.9K
$394.5K – $526.0K
NOI $31,561 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.13M
$986.0K – $1.31M
NOI $78,880 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74033, OK
13,254
Population
4,868
Households
2.7
Avg Household Size
34
Median Age
25%
College-Educated
91%
High-School Grad
12.3 sq mi
ZIP Area
1,078
Density / Sq Mi
$77,306
Median Household Income
$43,382
Median Earnings
$1,292
Median Rent
$194,400
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 - Flex property combines covered workspace with secured outdoor storage and direct US-75 connectivity.
Where is this flex space located?
The property is located at 522 West 138th Street South Glenpool, OK.
What is the asking price?
The asking price for this property is $705,000.
What are key features of this property?
This property features: 5,000 SF flex building on 1.06 graveled acres; Five overhead doors for equipment and vehicle access; Two covered canopies for material and equipment storage
