Renovated Office
New
For Sale
$499,000
828 SW 66th Street, Oklahoma City, OK 73139
Gated access, dedicated parking, and additional land support flexible office use.
Property Size2,997 SF
Lot Size0.55 Acres
Price / SF$166.50
Days on Market7
Property Features for 828 SW 66th Street
General Information
Standard status
Active
Size
2,997 SF
Class
B
Lot size
0.55 Acres
Property subtype
Office - General Office
Additional Details
Highway Access
Yes
Amenities
gated access
Building Details
Building Size
2,997 SF
Buildings
1
Listing Agency:
Fleske Commercial Group
Listed By:
Shonda Mobley · License #153109
(405) 625-7065
Source:
Commercialcafe
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 26 at 3:42AM
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 recently renovated office building contains 2,997 SF on approximately 0.55 acres. The property offers a functional interior layout, dedicated parking, gated access, and additional land that may accommodate future parking or development.
The site is positioned at the intersection of SW 66th Street and S Western Avenue, approximately 0.5 miles from I-240. Its location provides convenient access to the interstate and places the office near a prominent cross-street intersection.
The site is positioned at the intersection of SW 66th Street and S Western Avenue, approximately 0.5 miles from I-240. Its location provides convenient access to the interstate and places the office near a prominent cross-street intersection.
Key Highlights
- Recently renovated 2,997 SF office building
- Approximately 0.55 acres
- Located at SW 66th Street and S Western Avenue
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
$42,639
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
8.54%
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%
$852,780
$852.8K
Cap Rate 7%
$609,129
$609.1K
Cap Rate 9%
$473,767
$473.8K
Market Conditions
NOI Build-Up for 2,997 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
$74.8K $24.96/SF
− Vacancy
−$18.0K −$5.99/SF
EGI
$56.9K $18.97/SF
− OpEx
−$14.2K −$4.74/SF
NOI
$42.6K $14.23/SF
Area
Oklahoma City, OK
Vacancy
24.00%
Lease Rate
$24.96 /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%
$852,780
Cap Rate 7%
$609,129
Cap Rate 9%
$473,767
Alternative Uses
Best Use
Office B
$609.1K
$533.0K – $710.7K
NOI $42,639 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.02M
$896.9K – $1.20M
NOI $71,748 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
Explore this area
Business Placement
Demographics for 73139, OK
18,781
Population
8,790
Households
2.1
Avg Household Size
35
Median Age
15%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
4,268
Density / Sq Mi
$47,424
Median Household Income
$34,557
Median Earnings
$946
Median Rent
$164,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Gated access, dedicated parking, and additional land support flexible office use.
Where is this office building located?
The property is located at 828 SW 66th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Recently renovated 2,997 SF office building; Approximately 0.55 acres; Located at SW 66th Street and S Western Avenue
