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    6501 May Ave Oklahoma City, OK 73116-4811

    • Retail space
    • 4,896 SF
    • 0.35 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2021
    $625,000
    Value Estimations
    $570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0400956
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • American Business Forms / Tax Preparation Service
    • Elite Catering / Mobile Caterer / Caterer
    • Red Dragon Express / Restaurant

    Property Details for 6501 May Ave

    Year built
    1965
    Construction
    STEEL FRAME
    Lot size
    0.35 lot acres
    Property size
    4,896 SF
    Property type
    Retail space
    APN
    11-215-3850
    APU
    112153850

    Description

    This exceptional investment opportunity presents a 1,050 square foot, absolute NNN ground lease with Salad and Go, a rapidly expanding healthy fast-food chain. Located at 6501 N May Ave, Oklahoma City, OK 73116, this property boasts a prime location with excellent visibility at a signalized intersection experiencing combined daily traffic of 44,800 vehicles. The 20.1-year lease, commencing July 1, 2024, and expiring July 31, 2044, includes a corporate guarantee and features 10% rent bumps every five years, along with four and five-year renewal options. The property sits on a 0.35-acre lot and benefits from a strong surrounding tenant mix, including national brands such as Sprouts Farmers Market, Home Depot, Target, Sam's Club, Petco, Big Lots, and Walmart Supercenter. The property's current occupancy is 100%, generating a Net Operating Income (NOI) of $75,000 and a 6.00% cap rate. The densely populated trade area within a ten-mile radius encompasses 619,360 residents, and a strong daytime population of over 316,796 employees is located within five miles. The property offers immediate access to Lake Hefner Parkway (US-74), carrying over 93,000 vehicles daily. This is a rare opportunity to acquire a high-performing, low-maintenance investment with significant long-term growth potential in a thriving Oklahoma City market. The building was constructed in 2024.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $565,000
      ML approach
      $550,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $837,000
      Market price range: $313k - $955k
      AI Estimate
      $452,000
      Market price range: $192k - $528k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.5661
    Latitude
    35.5376
    CBSA code
    36420
    CBSA name
    OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,444
    $18,634
    $50,113
    $68,747
    -
    $169,400
    $455,574
    $624,974

    Comparable in this City

    • Value Estimation
      $320,000
      6,600 SF

      6400 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,600 SF
      6400 Western Ave, Oklahoma City, OK 73116-7322
      View Details
    • Value Estimation
      $345,000
      6,372 SF

      241 Wilshire Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,372 SF
      241 Wilshire Blvd, Oklahoma City, OK 73116-7742
      View Details
    • Value Estimation
      $285,000
      7,080 SF

      415 Wilshire Blvd

      RETAIL STORES (PERSONAL SERVICES) • 7,080 SF
      415 Wilshire Blvd, Oklahoma City, OK 73116-7702
      View Details
    • Value Estimation
      $345,000
      2,464 SF

      101 63rd St

      RETAIL STORES (PERSONAL SERVICES) • 2,464 SF
      101 63rd St, Oklahoma City, OK 73116-8233
      View Details
    • Value Estimation
      $305,000
      7,480 SF

      6415 Meridian Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,480 SF
      6415 Meridian Ave, Oklahoma City, OK 73116-1402
      View Details
    • Value Estimation
      $355,000
      1,404 SF

      7727 May Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,404 SF
      7727 May Ave, Oklahoma City, OK 73116-3113
      View Details

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    Similar Nearby for Lease

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      Retail Space Available For Lease

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      Retail Space Near Nichols Hills

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    • $13 SF/Yr
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      7,451 SF on 1.91 Acres Restaurant Building For Lease - 4243 N.W. Expressway

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      View Details
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    Oklahoma City, OK 73116-4811
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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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