Attractive Office Building in
For Sale
$444,000
9251 N Pennsylvania Place, Oklahoma City, OK 73120
Office building in a commercial area, ideal for various users.
Property Size2,368 SF
Price / SF$187.50
Days on Market335
Property Features for 9251 N Pennsylvania Place
General Information
Standard status
Active
Size
2,368 SF
Class
B
Property subtype
Office
Building Details
Building Size
2,368 SF
Year Built
1983
Listing Agency:
(405) 826-6416
Listed By:
Cordell C. Brown, CCIM, CIPS
(405) 826-6416
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 21
Last Checked: Aug 25 at 5:41AM
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 Cordell C. Brown, CCIM, CIPS
Investment Insights
Based on property information with market context.
This attractive office building is located in a commercialized area. The 2,368 square foot building contains a reception area, a large conference room, one very large office, another large office, and three smaller offices. It also features a designated file room (which could also serve as an office), and a storage and electrical/server room. The layout lends itself well to being a two-suite office building with a common reception area and large conference room. The air conditioning and heating system have been totally replaced this year. Attractive landscaping and ample parking facilitate easy access to the property. The building is situated within the southwest section of Casady Square Shopping Center at Britton Road and North Pennsylvania but is privately owned and is not subject to any restrictions by the shopping center management or ownership. Numerous restaurants, retailers, and service providers are within walking distance. Access to I-44 is five minutes to the west on Britton Road, and it is located five minutes from Hefner Parkway. The building is suitable for general office use, accountant offices, law offices, private banking, real estate offices, title company offices, and many other office, retail, or non-profit uses. It is ideally located for office users from Nichols Hills and the surrounding areas.
Key Highlights
- Prime location in a commercial area near Nichols Hills, with easy access to restaurants, retailers, and services.
- Independent ownership within Casady Square Shopping Center, free from shopping center restrictions.
- Versatile layout suitable for single or dual‑tenant occupancy with a reception area and large conference room.
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
$33,690
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
7.59%
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%
$673,800
$673.8K
Cap Rate 7%
$481,286
$481.3K
Cap Rate 9%
$374,333
$374.3K
Market Conditions
NOI Build-Up for 2,368 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
$59.1K $24.96/SF
− Vacancy
−$14.2K −$5.99/SF
EGI
$44.9K $18.97/SF
− OpEx
−$11.2K −$4.74/SF
NOI
$33.7K $14.23/SF
Area
ZIP 73120
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%
$673,800
Cap Rate 7%
$481,286
Cap Rate 9%
$374,333
Alternative Uses
Best Use
Office B
$481.3K
$421.1K – $561.5K
NOI $33,690 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$569.9K
$498.7K – $664.9K
NOI $39,896 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 73120, OK
36,530
Population
20,356
Households
1.8
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
3,321
Density / Sq Mi
$62,942
Median Household Income
$45,333
Median Earnings
$1,045
Median Rent
$227,600
Median Home Value
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building in a commercial area, ideal for various users.
Where is this office building located?
The property is located at 9251 N Pennsylvania Place Oklahoma City, OK.
What is the asking price?
The asking price for this property is $444,000.
What are key features of this property?
This property features: Prime location in a commercial area near Nichols Hills, with easy access to restaurants, retailers, and services.; Independent ownership within Casady Square Shopping Center, free from shopping center restrictions.; Versatile layout suitable for single or dual‑tenant occupancy with a reception area and large conference room.
