Drug Store Property with
For Sale
$495,000
700 E Broadway St, Lexington, OK 73051
Corner commercial building with paved parking, support areas, and additional land for expansion or redevelopment.
Property Size2,726 SF
Lot Size2.19 Acres
Price / SF$181.58
Days on Market44
Property Features for 700 E Broadway St
General Information
Standard status
Active
Size
2,726 SF
Class
C
Lot size
2.19 Acres
Property subtype
Retail - Street Retail
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Highway Access
Yes
Building Details
Building Size
2,726 SF
Year Built
1993
Units
1
Listing Agency:
Fleske Commercial Group
(405) 701-3505
Listed By:
Kendra Streeter · License ##182589
Source:
Commercialcafe
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 1:34PM
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 Fleske Commercial Group
Investment Insights
Based on property information with market context.
This 1993 commercial building contains 2,726 SF on a 2.19-acre corner site in Lexington. The interior includes an open retail area, office, storage, kitchenette, and paved parking, while an existing drive-through adds another operational feature. Excess land remains available for future expansion or redevelopment.
The property fronts E. Broadway at State Highway 39 and is positioned near I-35. Its configuration supports a range of retail, restaurant, medical, and service-oriented uses, with the building and site providing both existing improvements and additional land area.
The property fronts E. Broadway at State Highway 39 and is positioned near I-35. Its configuration supports a range of retail, restaurant, medical, and service-oriented uses, with the building and site providing both existing improvements and additional land area.
Key Highlights
- 2,726 SF commercial building constructed in 1993
- 2.19‑acre corner site with excess land for expansion or redevelopment
- Existing drive‑through and paved parking
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
$39,172
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
7.91%
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%
$783,440
$783.4K
Cap Rate 7%
$559,600
$559.6K
Cap Rate 9%
$435,244
$435.2K
Market Conditions
NOI Build-Up for 2,726 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
$58.2K $21.36/SF
− Vacancy
−$6.0K −$2.20/SF
EGI
$52.2K $19.16/SF
− OpEx
−$13.1K −$4.79/SF
NOI
$39.2K $14.37/SF
Area
Cleveland County, OK
Vacancy
10.30%
Lease Rate
$21.36 /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%
$783,440
Cap Rate 7%
$559,600
Cap Rate 9%
$435,244
Alternative Uses
Best Use
Specialty Retail
$559.6K
$489.7K – $652.9K
NOI $39,172 @ 7.0% cap · market cap 7.91%
Second Best
Retail
$388.5K
$339.9K – $453.2K
NOI $27,192 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$670.4K
$586.6K – $782.1K
NOI $46,925 @ 7.0% cap · market cap 9.48%
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
110
Businesses Nearby
18k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 42%
SONIC Drive In
Dining
7,473 visits/mo
0.2 miles
Dollar General
Shops & Services
6,568 visits/mo
0.1 miles
Valero Energy
Shops & Services
3,715 visits/mo
0.0 miles
Demographics for 73051, OK
9,541
Population
3,210
Households
3
Avg Household Size
42
Median Age
12%
College-Educated
83%
High-School Grad
126.7 sq mi
ZIP Area
75
Density / Sq Mi
$65,074
Median Household Income
$37,857
Median Earnings
$934
Median Rent
$152,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Corner commercial building with paved parking, support areas, and additional land for expansion or redevelopment.
Where is this drug store located?
The property is located at 700 E Broadway St Lexington, OK.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,726 SF commercial building constructed in 1993; 2.19‑acre corner site with excess land for expansion or redevelopment; Existing drive‑through and paved parking
