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6994 NE 23rd St, Oklahoma City, OK 73141
Existing occupancy provides an established commercial setup along Oklahoma City’s NE 23rd Street corridor.
Property Size2,640 SF
Price / SF$208.33
Days on Market148
Property Features for 6994 NE 23rd St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Retail
Additional Details
Road Access
Yes
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Keller Williams Realty
Listed By:
Denzel Cromwell · License #181680
Source:
Crexi
Added: Apr 6
Changed: Aug 29
Last Checked: Aug 31 at 6:13AM
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 Realty
Investment Insights
Based on property information with market context.
This automotive property includes an existing small building occupied by a single tenant. The current business is expected to vacate when the property changes ownership, allowing the next owner to occupy the space, adapt it for another purpose, or lease it to a new operator. The source information also identifies automotive, service, and retail applications as potential directions for the property.
The property is located at 6994 NE 23rd St in Oklahoma City, on the NE 23rd Street corridor. Its existing occupancy creates an operating starting point, while the anticipated vacancy at closing offers flexibility for a new business concept or tenant arrangement.
The property is located at 6994 NE 23rd St in Oklahoma City, on the NE 23rd Street corridor. Its existing occupancy creates an operating starting point, while the anticipated vacancy at closing offers flexibility for a new business concept or tenant arrangement.
Key Highlights
- Existing single‑tenant occupancy
- Current business expected to vacate upon sale
- Located along Oklahoma City’s NE 23rd Street corridor
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
$16,050
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
2.92%
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%
$321,000
$321.0K
Cap Rate 7%
$229,286
$229.3K
Cap Rate 9%
$178,333
$178.3K
Market Conditions
NOI Build-Up for 2,640 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
$23.8K $9.00/SF
− Vacancy
−$832 −$0.32/SF
EGI
$22.9K $8.69/SF
− OpEx
−$6.9K −$2.61/SF
NOI
$16.0K $6.08/SF
Area
Oklahoma City, OK
Vacancy
3.50%
Lease Rate
$9.00 /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%
$321,000
Cap Rate 7%
$229,286
Cap Rate 9%
$178,333
Alternative Uses
Best Use
Retail
$744.5K
$651.4K – $868.6K
NOI $52,114 @ 7.0% cap · market cap 9.48%
Second Best
Industrial
$229.3K
$200.6K – $267.5K
NOI $16,050 @ 7.0% cap · market cap 2.92%
Theoretical Best
Specialty Retail
$902.9K
$790.0K – $1.05M
NOI $63,202 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73141, OK
2,671
Population
1,260
Households
2.1
Avg Household Size
42
Median Age
14%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
247
Density / Sq Mi
$64,130
Median Household Income
$34,838
Median Earnings
$859
Median Rent
$129,100
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Existing occupancy provides an established commercial setup along Oklahoma City’s NE 23rd Street corridor.
Where is this auto shop located?
The property is located at 6994 NE 23rd St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Existing single‑tenant occupancy; Current business expected to vacate upon sale; Located along Oklahoma City’s NE 23rd Street corridor
