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    Versatile Commercial Space with Upgrades Title is generated by Realmo AI

    807 NW 72nd St, Oklahoma City, OK 73116

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    1,820 SF commercial space with HVAC, restroom, and kitchen.

    Type:Special Purpose
    Property size:
    1,820 SF
    Price / SF:
    $271/SF
    Added:
    Jul 11, 2024
    Days on Market:
    689
    Last Refresh:
    May 12 at 11:35 pm

    Property Features for 807 NW 72nd St

    General Information

    Standard status
    Active
    Size
    1,820 SF
    Property subtype
    Special Purpose

    Building Details

    Year Built
    2019

    We can help!

    Listing Contact
    David Bohanon

    Listing agent David Bohanon License #138167

    Listing office Blackstone Commercial

    Listing date Jul 11, 2024

    Source Crexi

    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

    HighLights

    • 1,400 SF ground floor space accommodating 4‑6 vehicles.
    • Mezzanine with restroom and shower (420 SF).
    • HVAC system installed.
    • Kitchen with stainless steel appliances and quartz island.
    • Alarm package including alarm and locking mailbox.
    • Automated rafter mounted winches.

    Overview

    This commercial property offers a versatile space of 1,820 square feet, including a 1,400-square-foot ground floor and a 420-square-foot mezzanine. The ground floor, measuring 28 feet by 50 feet, can accommodate 4 to 6 standard-sized automobiles. Access is facilitated by a 12-foot by 12-foot automatic overhead door and a standard entry door. The space benefits from two upper east-facing windows and a sealed concrete floor. Upgraded options include HVAC, a mezzanine restroom, a mezzanine shower, and a kitchen equipped with stainless steel appliances and a quartz kitchen island. An alarm package, complete with an alarm and locking mailbox, is also included. Automated rafter-mounted winches are installed. Optional owner upgrades are available, such as furniture (couches, chairs, coffee table, dining table/chairs), three large LED TVs, and Sonos speakers with a subwoofer. The property is located at 807 NW 72nd St, Oklahoma City, OK 73116.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $54.6k $30.00
    − Vacancy −$3.3k −$1.80
    EGI $51.3k $28.20
    − OpEx −$15.4k −$8.46
    NOI $35.9k $19.74
    1,820 SF · lease $30.00/SF/yr · vacancy 6.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $513.2K
    $449.1K – $598.8K (±1% cap)
    NOI $35,927 @ 7.0% cap · market cap 7.26%
    Second Best
    Flex RnD
    $350.4K
    $306.6K – $408.9K (±1% cap)
    NOI $24,531 @ 7.0% cap · market cap 4.96%
    Theoretical Best
    Specialty Retail
    $622.4K
    $544.6K – $726.2K (±1% cap)
    NOI $43,571 @ 7.0% cap · market cap 8.80%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Kyle L. Griffith, ... Alternative Medicine Practice

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.5246445
    Latitude
    35.5453328

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    FAQs

    What type of property is this?
    Parking lot & garage - 1,820 SF commercial space with HVAC, restroom, and kitchen.
    Where is this parking lot & garage located?
    The property is located at 807 NW 72nd St Oklahoma City, 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: 1,400 SF ground floor space accommodating 4‑6 vehicles.; Mezzanine with restroom and shower (420 SF).; HVAC system installed.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Bohanon
    Real Estate License ID: 138167
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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