Medical Office Building with Three
For Sale
Contact for pricing
937 SW 89th St, Oklahoma City, OK 73139
Three-suit medical office property with C-3 flexibility, ample parking, and high-visibility frontage for owner users or investors.
Property Size8,530 SF
Price / SF$168.82
Days on Market77
Property Features for 937 SW 89th St
General Information
Standard status
Active
Size
8,530 SF
Class
B
Property subtype
Office
Zoning
C-3
Lease Type
Modified Gross
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1984
Units
3
Tenancy
Multi
Listed By:
Corry Mazza · License #176987
Source:
Crexi
Added: May 28
Changed: Aug 8
Last Checked: Jun 6 at 2:20AM
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 Corry Mazza
Investment Insights
Based on property information with market context.
This medical office building totals 8,530 SF and is arranged as three separate suites that are almost all equal in size. Two of the suites are currently vacant and built out for medical use, while the third suite is occupied by a medical tenant on a long-term lease.
Located at 937 SW 89th St in South Oklahoma City, the property offers strong frontage and high traffic counts for visibility. It is minutes from I-44 and I-240, with surrounding retail, shopping, and dining supported by dense rooftops. The building also includes ample parking and great signage.
With C-3 zoning, the property can accommodate a range of uses, making it a practical fit for healthcare professionals, owner users, or buyers looking for a multi-suite setup. The current mix of medical-ready vacant space alongside an in-place medical tenant provides straightforward options for an operator seeking to occupy, expand, or maintain an existing lease while planning for future suite use.
Located at 937 SW 89th St in South Oklahoma City, the property offers strong frontage and high traffic counts for visibility. It is minutes from I-44 and I-240, with surrounding retail, shopping, and dining supported by dense rooftops. The building also includes ample parking and great signage.
With C-3 zoning, the property can accommodate a range of uses, making it a practical fit for healthcare professionals, owner users, or buyers looking for a multi-suite setup. The current mix of medical-ready vacant space alongside an in-place medical tenant provides straightforward options for an operator seeking to occupy, expand, or maintain an existing lease while planning for future suite use.
Key Highlights
- 3‑suite medical office property totaling 8,530 SF, with two vacant suites and one suite leased long term to a medical user
- Two suites are currently built out as medical, and the remaining suite is occupied by a medical tenant on a long term lease
- Year built 1984 with C‑3 zoning, offering flexibility for a number of uses
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
$121,358
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
8.43%
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%
$2,427,160
$2.4M
Cap Rate 7%
$1,733,686
$1.7M
Cap Rate 9%
$1,348,422
$1.3M
Market Conditions
NOI Build-Up for 8,530 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
$212.9K $24.96/SF
− Vacancy
−$51.1K −$5.99/SF
EGI
$161.8K $18.97/SF
− OpEx
−$40.5K −$4.74/SF
NOI
$121.4K $14.23/SF
Area
Oklahoma City, OK
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%
$2,427,160
Cap Rate 7%
$1,733,686
Cap Rate 9%
$1,348,422
Alternative Uses
Best Use
Office B
$1.73M
$1.52M – $2.02M
NOI $121,358 @ 7.0% cap · market cap 8.43%
Second Best
Healthcare Medical
$1.72M
$1.51M – $2.01M
NOI $120,590 @ 7.0% cap · market cap 8.37%
Theoretical Best
Specialty Retail
$2.92M
$2.55M – $3.40M
NOI $204,208 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 73139, OK
18,781
Population
8,790
Households
2.1
Avg Household Size
35
Median Age
15%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
4,268
Density / Sq Mi
$47,424
Median Household Income
$34,557
Median Earnings
$946
Median Rent
$164,100
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 units - Three-suit medical office property with C-3 flexibility, ample parking, and high-visibility frontage for owner users or investors.
Where is this office units located?
The property is located at 937 SW 89th St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,440,000.
What are key features of this property?
This property features: 3‑suite medical office property totaling 8,530 SF, with two vacant suites and one suite leased long term to a medical user; Two suites are currently built out as medical, and the remaining suite is occupied by a medical tenant on a long term lease; Year built 1984 with C‑3 zoning, offering flexibility for a number of uses
