Renovated Flex Space with
For Sale
$332,000
601 S Cherokee Street, Catoosa, OK 74015
Commercial, Catoosa, OK
Property Size1,324 SF
Lot Size0.50 Acres
Price / SF$250.76
Days on Market340
Property Features for 601 S Cherokee Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM'L/IND
Security features
Security System
Interior features
Cable TV Wired, Mini-Kitchen, Security System-Leased, Smoke Detector
Exterior features
Sidewalk
Fencing
Privacy
Subdivision
FOSTER I
Elementary school district
Catoosa - Sch Dist (28)
Middle school district
Catoosa - Sch Dist (28)
High school district
Catoosa - Sch Dist (28)
Directions
Directions from Pine and HWY 66. Catoosa OK North old HWY 66 and East Pine Street Head North on HY 66 toward E Lacey St Turn Left on Antry Dr Turn Left onto Cherokee St Turn Right onto Muskogee St House on Corner of Cherokee St and Muskogee St Catoosa OK 74015
Standard status
Active
Size
1,324 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
E2 Lot 1 BLock 2 Foster
Tax Annual Amount
918
Legal Description
E2 Lot 1 BLock 2 Foster
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1960
Floors in Building
1
Flooring type
Laminate, Wood
Building materials
Frame
Roof type
Composition
Listing Agency:
OUROK Realty
(918) 770-1073
Listed By:
Christi Plett · License #206891
(918) 639-9923
Added: Oct 23, 2025
Changed: Sep 16
Last Checked: Sep 27 at 1:06PM
MLS# 2544442
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 1,324-square-foot flex property occupies a 0.5-acre corner parcel in Catoosa. The main building includes seven rooms, two full baths, and an open sitting area suited to retail, professional office, or service-oriented operations. Improvements include refinished wood flooring, added insulation, a newer roof, central HVAC, and accessible entry features.
A detached 30-by-40-foot insulated shop, constructed in 2019, expands the usable footprint with electricity and two overhead doors. Parking surrounds the property for convenient customer and employee access. The site is positioned just off Highway 66, within one mile of The Blue Whale and Hard Rock Hotel & Casino, and minutes from Tulsa city limits. Zoning is COM'L/IND.
A detached 30-by-40-foot insulated shop, constructed in 2019, expands the usable footprint with electricity and two overhead doors. Parking surrounds the property for convenient customer and employee access. The site is positioned just off Highway 66, within one mile of The Blue Whale and Hard Rock Hotel & Casino, and minutes from Tulsa city limits. Zoning is COM'L/IND.
Key Highlights
- 1,324 SF flex property on a 0.5‑acre corner parcel
- Seven rooms, two full baths, and an open sitting area
- 30' x 40' insulated shop built in 2019
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
5.60%
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 5.60%
Second Best
Industrial
$113.2K
$99.1K – $132.1K
NOI $7,924 @ 7.0% cap · market cap 2.39%
Theoretical Best
Specialty Retail
$331.6K
$290.2K – $386.9K
NOI $23,212 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Updated commercial space offers adaptable rooms, a separate insulated shop, and parking for customers and employees.
Where is this flex space located?
The property is located at 601 S Cherokee Street Catoosa, OK.
What is the asking price?
The asking price for this property is $332,000.
What are key features of this property?
This property features: 1,324 SF flex property on a 0.5‑acre corner parcel; Seven rooms, two full baths, and an open sitting area; 30' x 40' insulated shop built in 2019
