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    The Largest CRE Database in the US with Over 1 Million Listings

    6601 May Ave Oklahoma City, OK 73116

    Sponsored
    For Lease
    $8 SF/Yr ($4,448 /Mo)

    Oklahoma City Flex Space, 6,280 SF

    Lot size:
    6,280 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    416
    This exceptional 6,280-square-foot commercial property, located at 6601 N May Ave in Oklahoma City, OK 73116, presents a unique blend of retail showroom and warehouse space. Situated on a 0.2-acre lot at the intersection of NW 66th St & May Avenue, this single-tenant building boasts a recently renovated approximately 2,800-square-foot showroom, perfect for showcasing products or services. The remaining approximately 3,480-square-foot area is dedicated to warehouse space, featuring three overhead doors for efficient loading and unloading. Built in 1957 and extensively renovated in 2024, the property is classified as Class B and zoned C-3. The building is a single-story structure offering ample parking with 15 spaces. Two convenient restrooms are included. Property taxes are $0.66 per square foot. This prime location offers excellent visibility and accessibility, making it an ideal choice for businesses seeking a versatile and well-maintained space to establish or expand their operations. The property's features, combined with its strategic location, represent a valuable asset in the Oklahoma City market. APN: R112152000. Oklahoma County.

    Property Features for 6601 May Ave

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,280 SF
    Class
    B
    Total Rate
    4448.33

    Building Details

    Year Built/Renovated
    1957/2024
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    6,280 SF
    Rate per SF
    $8

    We can help!

    Listing Contact
    Mitch Hammack
    Mitch Hammack

    Learn more

    Property Insight Report

    HighLights

    • 2024 Renovation
    • 2,800 SF Retail Showroom
    • 3,480 SF Warehouse
    • Three (3) Overhead Doors
    • Two (2) Restrooms in Retail Space
    • May Avenue Frontage
    Property Profile Location Intelligence

    Current Use by Public Records

    Bed Man Mattress Store The Clive SR22 Insurance Commercial Agent

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.565766052516
    Latitude
    35.538526165204

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    FAQs

    What type of property is this?
    Individual retail property - Oklahoma City Flex Space, 6,280 SF
    Where is this individual retail property located?
    The property is located at 6601 May Ave Oklahoma City, OK.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: 2024 Renovation; 2,800 SF Retail Showroom; 3,480 SF Warehouse
    (405) 948-7500
    Request Owner's contact information
    6601 May Ave Oklahoma City, OK 73116
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    Oklahoma City, OK 73116
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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
    6601 May Ave Oklahoma City, OK 73116
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    We can help!
    Listing Contact
    Mitch Hammack
    Mitch Hammack
    Real Estate License ID: 184349
    (405) 948-7500
    Learn more
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