Medical Office Building For
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601 W Owen K Garriott Rd, Enid, OK 73701
Former clinic with flexible configuration, ample parking, established location.
Property Size3,556 SF
Price / SF$309.34
Days on Market209
Property Features for 601 W Owen K Garriott Rd
General Information
Standard status
Active
Size
3,556 SF
Property subtype
Office
Building Details
Year Built
1974
Listing Agency:
Nicholas Commercial
(580) 234-7000
Listed By:
Cole J Ream · License #OK124769
Source:
Crexi
Added: Jan 27
Changed: Jul 6
Last Checked: Aug 20 at 4:46PM
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 Nicholas Commercial
Investment Insights
Based on property information with market context.
The property at 601 W. Owen K. Garriott Rd. is a 3,556 square foot building that formerly housed the Integris Health OB/GYN clinic. The existing layout features 7 to 8 exam rooms, along with offices. However, there are 11 serviceable rooms that can be configured to suit specific needs. The floor plan promotes easy flow, and the property includes a waiting room, three washrooms, a lab, and nursing/administration stations. Storage space and dedicated parking are available. The location is established and easily accessible. The property is intended for use as a medical office.
Key Highlights
- Established medical location with dedicated parking.
- Flexible floor plan with 11 serviceable rooms adaptable for various medical configurations.
- Previously used as an OB/GYN clinic, ready for immediate medical use.
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
$46,898
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
4.26%
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%
$937,960
$938.0K
Cap Rate 7%
$669,971
$670.0K
Cap Rate 9%
$521,089
$521.1K
Market Conditions
NOI Build-Up for 3,556 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
$69.6K $19.56/SF
− Vacancy
−$7.0K −$1.98/SF
EGI
$62.5K $17.58/SF
− OpEx
−$15.6K −$4.40/SF
NOI
$46.9K $13.19/SF
Area
Garfield County, OK
Vacancy
10.10%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
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%
$937,960
Cap Rate 7%
$669,971
Cap Rate 9%
$521,089
Alternative Uses
Best Use
Office B
$670.0K
$586.2K – $781.6K
NOI $46,898 @ 7.0% cap · market cap 4.26%
Second Best
Healthcare Medical
$602.4K
$527.1K – $702.8K
NOI $42,168 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$979.3K
$856.9K – $1.14M
NOI $68,552 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,344
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73701, OK
24,744
Population
10,924
Households
2.3
Avg Household Size
34
Median Age
13%
College-Educated
80%
High-School Grad
145.2 sq mi
ZIP Area
170
Density / Sq Mi
$51,497
Median Household Income
$31,495
Median Earnings
$788
Median Rent
$99,500
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?
Medical Office Space - Former clinic with flexible configuration, ample parking, established location.
Where is this medical office space located?
The property is located at 601 W Owen K Garriott Rd Enid, OK.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Established medical location with dedicated parking.; Flexible floor plan with 11 serviceable rooms adaptable for various medical configurations.; Previously used as an OB/GYN clinic, ready for immediate medical use.
