Renovated Flex Space with
For Sale
$336,000
601 S Cherokee St, Catoosa, OK 74015
Corner commercial property with adaptable rooms, customer parking, and a separate insulated shop for storage or business operations.
Property Size1,324 SF
Price / SF$253.78
Days on Market47
Property Features for 601 S Cherokee St
General Information
Standard status
Active
Size
1,324 SF
Site & Location
Corner Location
Yes
Highway Access
Yes
Amenities
handicap accessible
Building Details
Year Built
1960
Listing Agency:
OUROK Realty
(918) 639-9923
Listed By:
Christi Plett · License #206891
Source:
Thewolekgroup
Added: Jul 17
Changed: Aug 31
Last Checked: Aug 31 at 7:30PM
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 OUROK Realty
Investment Insights
Based on property information with market context.
This renovated flex space at 601 S Cherokee St includes seven rooms, two full baths, and an open sitting area. Improvements include refinished wood flooring, insulation, updated finishes, a newer roof, and an HVAC system. The property is handicap accessible and includes surrounding parking for customers and employees.
A separate 30' x 40' insulated shop was constructed in 2019 and has electricity plus two overhead doors. The corner-lot property is positioned just off Highway 66, with drive-by exposure and access minutes from Tulsa city limits. The Blue Whale and Hard Rock Hotel & Casino are located within a mile.
A separate 30' x 40' insulated shop was constructed in 2019 and has electricity plus two overhead doors. The corner-lot property is positioned just off Highway 66, with drive-by exposure and access minutes from Tulsa city limits. The Blue Whale and Hard Rock Hotel & Casino are located within a mile.
Key Highlights
- 30' x 40' insulated shop constructed in 2019
- Two full working overhead doors and electricity in the shop
- Seven rooms, two full baths, and an open sitting area
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
$18,583
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
5.53%
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%
$371,660
$371.7K
Cap Rate 7%
$265,471
$265.5K
Cap Rate 9%
$206,478
$206.5K
Market Conditions
NOI Build-Up for 1,324 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
$28.1K $21.24/SF
− Vacancy
−$1.6K −$1.19/SF
EGI
$26.5K $20.05/SF
− OpEx
−$8.0K −$6.02/SF
NOI
$18.6K $14.04/SF
Area
Rogers County, OK
Vacancy
5.60%
Lease Rate
$21.24 /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%
$371,660
Cap Rate 7%
$265,471
Cap Rate 9%
$206,478
Alternative Uses
Best Use
Retail
$265.5K
$232.3K – $309.7K
NOI $18,583 @ 7.0% cap · market cap 5.53%
Second Best
Office B
$249.4K
$218.3K – $291.0K
NOI $17,461 @ 7.0% cap · market cap 5.20%
Theoretical Best
Specialty Retail
$331.6K
$290.2K – $386.9K
NOI $23,212 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74015, OK
8,270
Population
3,578
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
60.3 sq mi
ZIP Area
137
Density / Sq Mi
$72,688
Median Household Income
$44,256
Median Earnings
$1,052
Median Rent
$211,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Corner commercial property with adaptable rooms, customer parking, and a separate insulated shop for storage or business operations.
Where is this flex space located?
The property is located at 601 S Cherokee St Catoosa, OK.
What is the asking price?
The asking price for this property is $336,000.
What are key features of this property?
This property features: 30' x 40' insulated shop constructed in 2019; Two full working overhead doors and electricity in the shop; Seven rooms, two full baths, and an open sitting area
