Historic Remodeled Building in
For Sale
Contact for pricing
623 - 627 W Sheridan, Oklahoma City, OK 73102
Located in Film Row, surrounded by residential and commercial growth.
Property Size8,243 SF
Price / SF$217.76
Days on Market1216
Property Features for 623 - 627 W Sheridan
General Information
Standard status
Active
Size
8,243 SF
Property subtype
Retail
Zoning
CBD
Occupancy
11%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1930
Year Renovated
2019
Listing Agency:
Plains Commercial Real Estate
Listed By:
Paul Stuke · License #OK 184412
(405) 473-9721
Source:
Crexi
Added: May 6, 2023
Changed: Aug 31
Last Checked: Sep 1 at 2:34AM
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 Plains Commercial Real Estate
Investment Insights
Based on property information with market context.
This historic remodeled building is situated in the heart of Film Row, an area experiencing rapid growth in both residential and commercial sectors. The location is near the C21 Hotel, West Village Apartments, and the Jones Assembly. The property's location makes it suitable for entertainment or business purposes. The building is located within a Federal Opportunity Zone, which may allow for special tax treatment. The property has a size of 8243 square feet.
Key Highlights
- Prime location in the heart of Film Row, one of OKC's fastest‑growing and most distinct areas
- Surrounded by significant residential and commercial developments like C21 Hotel and West Village Apartments
- Located in a Federal Opportunity Zone, offering potential special tax treatment
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
$162,717
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
9.07%
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%
$3,254,340
$3.3M
Cap Rate 7%
$2,324,529
$2.3M
Cap Rate 9%
$1,807,967
$1.8M
Market Conditions
NOI Build-Up for 8,243 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
$247.3K $30.00/SF
− Vacancy
−$14.8K −$1.80/SF
EGI
$232.5K $28.20/SF
− OpEx
−$69.7K −$8.46/SF
NOI
$162.7K $19.74/SF
Area
Oklahoma City, OK
Vacancy
6.00%
Lease Rate
$30.00 /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%
$3,254,340
Cap Rate 7%
$2,324,529
Cap Rate 9%
$1,807,967
Alternative Uses
Best Use
Retail
$2.32M
$2.03M – $2.71M
NOI $162,717 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,337 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,898
Businesses Nearby
98k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 32%
Hotels & Casinos 10%
McDonald's
Dining
28,352 visits/mo
0.4 miles
7-Eleven
Shops & Services
24,096 visits/mo
0.5 miles
SONIC Drive In
Dining
14,731 visits/mo
0.3 miles
Taco Bell
Dining
13,296 visits/mo
0.4 miles
Sheraton Hotels & Resorts
Hotels & Casinos
9,981 visits/mo
0.5 miles
Demographics for 73102, OK
3,072
Population
1,460
Households
2.1
Avg Household Size
35
Median Age
27%
College-Educated
86%
High-School Grad
0.8 sq mi
ZIP Area
3,840
Density / Sq Mi
$67,542
Median Household Income
$37,067
Median Earnings
$1,253
Median Rent
$212,500
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- HIGH HOUSE DISPENSARY SUPERSTORE MIDTOWN OKLAHOMA CITY — 900 NW 10th St, Oklahoma City, OK 73106
Frequently Asked Questions
What type of property is this?
Storefront property - Located in Film Row, surrounded by residential and commercial growth.
Where is this storefront property located?
The property is located at 623 - 627 W Sheridan Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Prime location in the heart of Film Row, one of OKC's fastest‑growing and most distinct areas; Surrounded by significant residential and commercial developments like C21 Hotel and West Village Apartments; Located in a Federal Opportunity Zone, offering potential special tax treatment
