Occupied Storefront
For Sale
Contact for pricing
601 NW 23rd St, Oklahoma City, OK 73103
Commercially zoned storefront asset with full occupancy and an established 1929 construction date.
Property Size14,000 SF
Price / SF$267.86
Days on Market208
Property Features for 601 NW 23rd St
General Information
Standard status
Active
Size
14,000 SF
Class
B
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Additional Details
Cap Rate
7.61%
Building Details
Year Built
1929
Buildings
1
Tenancy
Multi
Listing Agency:
NAI Red
(405) 840-0600
Listed By:
David Hartnack · License #OK 152924
Source:
Crexi
Added: Feb 3
Changed: Aug 30
Last Checked: Aug 30 at 2:35AM
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 NAI Red
Investment Insights
Based on property information with market context.
This 14,000-square-foot storefront property was constructed in 1929 and carries Commercial zoning. The asset is fully occupied, providing an operating retail investment profile rather than vacant space.
The property is located at 601 NW 23rd St in Oklahoma City, within the Uptown area and along 23rd Street. Its reported capitalization rate is 7.61%, and an offering memorandum is available upon request.
The property is located at 601 NW 23rd St in Oklahoma City, within the Uptown area and along 23rd Street. Its reported capitalization rate is 7.61%, and an offering memorandum is available upon request.
Key Highlights
- 14,000‑square‑foot storefront property
- 100% occupied
- 7.61% cap rate
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
$276,360
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
7.37%
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%
$5,527,200
$5.5M
Cap Rate 7%
$3,948,000
$3.9M
Cap Rate 9%
$3,070,667
$3.1M
Market Conditions
NOI Build-Up for 14,000 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
$420.0K $30.00/SF
− Vacancy
−$25.2K −$1.80/SF
EGI
$394.8K $28.20/SF
− OpEx
−$118.4K −$8.46/SF
NOI
$276.4K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,527,200
Cap Rate 7%
$3,948,000
Cap Rate 9%
$3,070,667
Alternative Uses
Best Use
Retail
$3.95M
$3.45M – $4.61M
NOI $276,360 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.79M
$4.19M – $5.59M
NOI $335,160 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
484k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 33%
Apparel 20%
Electronics 5%
Five Below
Shops & Services
54,542 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
42,221 visits/mo
0.2 miles
McDonald's
Dining
41,413 visits/mo
0.4 miles
Ross Dress for Less
Apparel
40,506 visits/mo
0.2 miles
JCPenney
Apparel
38,624 visits/mo
0.2 miles
Demographics for 73103, OK
5,046
Population
3,489
Households
1.4
Avg Household Size
34
Median Age
61%
College-Educated
99%
High-School Grad
1.2 sq mi
ZIP Area
4,205
Density / Sq Mi
$56,934
Median Household Income
$50,055
Median Earnings
$954
Median Rent
$400,400
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned storefront asset with full occupancy and an established 1929 construction date.
Where is this storefront property located?
The property is located at 601 NW 23rd St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 14,000‑square‑foot storefront property; 100% occupied; 7.61% cap rate
