Two-Story Mixed-Use
For Sale
$299,000
617 Kihekah Ave, Pawhuska, OK 74056
Street-level storefront with large windows and upstairs private-entry loft with two bedrooms and screened porch.
Property Size2,463 SF
Price / SF$121.40
Days on Market131
Property Features for 617 Kihekah Ave
General Information
Standard status
Active
Size
2,463 SF
Additional Details
Furnished
Yes
Clear Height
14 ft
Taxes and HOA fees
Annual Taxes
$907
Building Details
Stories
2
Listing Agency:
Keller Williams Premier
(918) 760-1487
Listed By:
Ashley Dailey · License #173183
(918) 760-1487
Source:
Exprealty
Added: Apr 15
Changed: Aug 23
Last Checked: Jul 27 at 11:29AM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
This two-story mixed-use property includes a street-level commercial storefront and an upstairs residential/short-term rental space, sold as a complete package. The main level features a retail or gallery area with 14-ft ceilings, original 1920s tin tile, large storefront windows facing Kihekah Avenue, a half bath, and a dedicated work area. Upstairs, the private-entry loft operates as a short-term rental and includes two bedrooms, one bathroom with a clawfoot tub, a full kitchen, dining area, and a laundry room, along with original hardwood floors and tall ceilings. A screened-in porch leads to an outdoor gathering area, and furnishings are included except for art. Updates include new electrical, plumbing, fixtures, and structural improvements while preserving historic character.
The property is located in downtown Pawhuska near The Pioneer Woman Mercantile, with Osage Nation Museum and Osage Nation campus nearby.
Ideal for owners seeking a combined commercial and residential setup, the configuration provides separate street-level retail space and an upstairs, private-entry living unit that has functioned as a short-term rental.
The property is located in downtown Pawhuska near The Pioneer Woman Mercantile, with Osage Nation Museum and Osage Nation campus nearby.
Ideal for owners seeking a combined commercial and residential setup, the configuration provides separate street-level retail space and an upstairs, private-entry living unit that has functioned as a short-term rental.
Key Highlights
- 2,463 SF (CH) 2‑story commercial/residential property built in 1922 in downtown Pawhuska
- Street‑level storefront features 14‑ft ceilings, original 1920s tin tile, large windows on Kihekah Avenue, half bath, and work area
- Upstairs private‑entry loft operates as a short‑term rental with 2 bedrooms, 1 bathroom (clawfoot tub), full kitchen, dining, and laundry room
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
$12,892
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
4.31%
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%
$257,840
$257.8K
Cap Rate 7%
$184,171
$184.2K
Cap Rate 9%
$143,244
$143.2K
Market Conditions
NOI Build-Up for 2,463 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
$25.1K $10.20/SF
− Vacancy
−$1.7K −$0.68/SF
EGI
$23.4K $9.52/SF
− OpEx
−$10.5K −$4.28/SF
NOI
$12.9K $5.23/SF
Area
Osage County, OK
Vacancy
6.70%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
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%
$257,840
Cap Rate 7%
$184,171
Cap Rate 9%
$143,244
Alternative Uses
Best Use
Office B
$502.8K
$439.9K – $586.6K
NOI $35,194 @ 7.0% cap · market cap 11.77%
Second Best
Retail
$454.8K
$398.0K – $530.7K
NOI $31,839 @ 7.0% cap · market cap 10.65%
Theoretical Best
Office A
$605.7K
$530.0K – $706.6K
NOI $42,397 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 74056, OK
4,857
Population
2,613
Households
1.9
Avg Household Size
43
Median Age
18%
College-Educated
90%
High-School Grad
646.0 sq mi
ZIP Area
8
Density / Sq Mi
$49,455
Median Household Income
$29,653
Median Earnings
$571
Median Rent
$126,800
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?
Short term rental property - Street-level storefront with large windows and upstairs private-entry loft with two bedrooms and screened porch.
Where is this short term rental property located?
The property is located at 617 Kihekah Ave Pawhuska, OK.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,463 SF (CH) 2‑story commercial/residential property built in 1922 in downtown Pawhuska; Street‑level storefront features 14‑ft ceilings, original 1920s tin tile, large windows on Kihekah Avenue, half bath, and work area; Upstairs private‑entry loft operates as a short‑term rental with 2 bedrooms, 1 bathroom (clawfoot tub), full kitchen, dining, and laundry room
