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    116 E Randolph Ave Enid, OK 73701

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    For Lease
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    1927 building with residential and commercial spaces for rent.

    Type:Retail, Office, Restaurant
    Added:
    Aug 13, 2024
    Days on Market:
    610
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 116 E Randolph Ave

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 116 E Randolph Ave Contact us

    Available Space 2 $12 /Mo

    Size
    1,200 SF
    Type
    Retail, Office, Restaurant
    Contact us

    Available Space 3 $12 /Mo

    Size
    1,200 SF
    Type
    Retail, Office, Restaurant
    Contact us

    Available Space 1 $12 /Mo

    Size
    5,000 SF
    Type
    Retail, Office, Restaurant
    Contact us

    Available Space 4 $12 /Mo

    Size
    Type
    Retail, Office, Restaurant
    Contact us

    We can help!

    Listing Contact
    Gary Dezarn

    Listing agent Gary Dezarn License #3257563

    Listing office The Real Estate Captain

    Listing date Aug 13, 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 The Real Estate Captain

    Overview

    Historic Building with Retail Spaces

    This historic building, originally constructed in 1927, is undergoing transformation into a mixed-use property featuring both residential and commercial spaces in downtown Enid, Oklahoma. The building's conversion includes 19 apartments that blend historic character with modern amenities. The residential units are thoughtfully designed with high-end finishes and appliances, spacious layouts, and ample natural light. Six retail spaces are available for lease, offering prime storefront visibility. These spaces can be customized to suit various business needs, making them suitable for boutiques, cafes, galleries, and other concepts. The building offers secure entry, on-site parking, and common areas for residents. The property is located in the vibrant downtown district of Enid, providing easy access to local shops, restaurants, and cultural attractions. Residential units and retail spaces are available for customization.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Erin Cook Realtor® ... Real Estate Agency Christina Robinson REALTOR® Real Estate Agency Scott Coffey Real Estate Agency TRT Therapy Clinic Corporate Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Enid
    County
    Garfield
    State
    Oklahoma
    Longitude
    -97.877191
    Latitude
    36.398267

    Nearby Similar for Lease

    • $6/mo

      215 E Randolph Ave, Enid, OK

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      Enid Office Space For Rent

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      Downtown Restaurant Space Available

      Historic downtown Enid restaurant space for lease.
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      Retail Space For Lease

      Retail space available, anchored by national retailers, high traffic location.
      4406 W Owen K Garriott Rd, Enid, OK
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      3,328 SF on 0.92 Acres Restaurant Building For Lease - 606 S. Garland Road

      3,328 SF restaurant building on 0.92 acres available for lease.
      606 S. Garland Road, Enid, OK 73703
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      Enid Office Space For Rent

      Office space available in Enid, multiple size options.
      1420 W Owen K Garriott Rd, Enid, OK
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      Retail Space in High Traffic Area

      Retail spaces available in a high-traffic shopping center.
      2311-2333 W Willow Rd, Enid, OK
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      Restaurant Space For Rent

      2nd Gen restaurant space available for rent.
      5610 W Owen K Garriott Rd, Enid, OK
      View Details
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      Enid, OK Neighborhood Shopping Center

      Neighborhood shopping center with diverse tenant mix in Enid, OK.
      2311 W Willow Rd, Enid, OK 73703
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 1927 building with residential and commercial spaces for rent.
    Where is this mixed-use property located?
    The property is located at 116 E Randolph Ave Enid, OK.
    What are key features of this property?
    This property features: Prime downtown Enid location offering easy access to shops, restaurants, and cultural attractions.; Historic 1927 building with architectural charm and intricate detailing.; 19 exquisite apartments blending historic character with modern amenities.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Gary Dezarn
    Real Estate License ID: 3257563
    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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