Garage Condos For
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805 NW 72nd St, Oklahoma City, OK 73116
Garage condos suitable for storage, small business, or creative space.
Property Size1,820 SF
Price / SF$230.77
Days on Market684
Property Features for 805 NW 72nd St
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Special Purpose
Building Details
Units
1
Listing Agency:
Blackstone Commercial
(405) 850-0987
Listed By:
David Bohanon · License #138167
Source:
Crexi
Added: Oct 18, 2024
Changed: Aug 21
Last Checked: Aug 31 at 12:49AM
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 Blackstone Commercial
Investment Insights
Based on property information with market context.
The Wilshire Point Garage Condos offer flexible space suitable for storage, small businesses, or creative endeavors. The property, classified as flex space, industrial, warehouse, creative space, office space, and general commercial real estate, comprises 1820 square feet. These garage condos are available for purchase.
Key Highlights
- Versatile Space: Suitable for storage, small business, or creative endeavors.
- Garage Condo: Offers a unique property type.
- Wilshire Point Location: Benefit from the location.
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
$24,531
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
5.84%
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%
$490,620
$490.6K
Cap Rate 7%
$350,443
$350.4K
Cap Rate 9%
$272,567
$272.6K
Market Conditions
NOI Build-Up for 1,820 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
$39.3K $21.60/SF
− Vacancy
−$1.6K −$0.86/SF
EGI
$37.7K $20.74/SF
− OpEx
−$13.2K −$7.26/SF
NOI
$24.5K $13.48/SF
Area
Oklahoma City, OK
Vacancy
4.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$490,620
Cap Rate 7%
$350,443
Cap Rate 9%
$272,567
Alternative Uses
Best Use
Flex RnD
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 5.84%
Second Best
Industrial
$158.1K
$138.3K – $184.4K
NOI $11,065 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$622.4K
$544.6K – $726.2K
NOI $43,571 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
999
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73116, OK
9,531
Population
4,966
Households
1.9
Avg Household Size
43
Median Age
54%
College-Educated
95%
High-School Grad
5.5 sq mi
ZIP Area
1,733
Density / Sq Mi
$81,563
Median Household Income
$53,528
Median Earnings
$1,136
Median Rent
$285,200
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?
Flex space - Garage condos suitable for storage, small business, or creative space.
Where is this flex space located?
The property is located at 805 NW 72nd St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Versatile Space: Suitable for storage, small business, or creative endeavors.; Garage Condo: Offers a unique property type.; Wilshire Point Location: Benefit from the location.
