Corner Auto Shop with
For Sale
$400,000
8004 NE 23 St, Oklahoma City, OK 73141
Front lobby and sales office connect to rear garage, maintenance, and warehouse areas.
Property Size3,270 SF
Price / SF$122.32
Days on Market43
Property Features for 8004 NE 23 St
General Information
Standard status
Active
Size
3,270 SF
Additional Details
Road Access
Yes
Building Details
Year Built
1969
Buildings
1
Listing Agency:
Prestige Real Estate Services
(405) 737-0202
Listed By:
Randy Heintzelman · License #73508
Source:
Vibrantok
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:48PM
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 Prestige Real Estate Services
Investment Insights
Based on property information with market context.
This 3,270-square-foot auto shop occupies a corner location at NE 23rd Street and Midwest Boulevard. Built in 1969, the property combines customer-facing space with functional automotive work areas. The front portion includes a lobby, sales office, storage room, and bathroom, while the rear provides garage and maintenance areas along with warehouse space.
The property is located at 8004 NE 23 St in Oklahoma City, across from Advantage Bank. Its blend of office, service, storage, and warehouse areas accommodates automotive operations within a single building.
The property is located at 8004 NE 23 St in Oklahoma City, across from Advantage Bank. Its blend of office, service, storage, and warehouse areas accommodates automotive operations within a single building.
Key Highlights
- 3,270‑square‑foot auto shop building
- Corner position at NE 23rd Street and Midwest Boulevard
- Front lobby and sales office configuration
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
$19,880
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
4.97%
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%
$397,600
$397.6K
Cap Rate 7%
$284,000
$284.0K
Cap Rate 9%
$220,889
$220.9K
Market Conditions
NOI Build-Up for 3,270 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
$29.4K $9.00/SF
− Vacancy
−$1.0K −$0.32/SF
EGI
$28.4K $8.69/SF
− OpEx
−$8.5K −$2.61/SF
NOI
$19.9K $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%
$397,600
Cap Rate 7%
$284,000
Cap Rate 9%
$220,889
Alternative Uses
Best Use
Retail
$922.1K
$806.9K – $1.08M
NOI $64,550 @ 7.0% cap · market cap 16.14%
Second Best
Flex RnD
$629.6K
$550.9K – $734.6K
NOI $44,074 @ 7.0% cap · market cap 11.02%
Theoretical Best
Specialty Retail
$1.12M
$978.6K – $1.30M
NOI $78,284 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Front lobby and sales office connect to rear garage, maintenance, and warehouse areas.
Where is this auto shop located?
The property is located at 8004 NE 23 St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3,270‑square‑foot auto shop building; Corner position at NE 23rd Street and Midwest Boulevard; Front lobby and sales office configuration
