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    7523 Us Highway 277 Elgin, OK 73538

    Sponsored
    For Lease
    Contact for pricing

    Prime Elgin retail space, high visibility.

    Lot size:
    2,718 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    413
    This exceptional commercial property, located at 7523 US-277 in Elgin, Oklahoma, presents a unique investment opportunity. The 2,718-square-foot building sits on a highly visible 0.27-acre hard corner lot, boasting three curb cuts for optimal access and exposure. Constructed in 2006 and extensively renovated in 2024, this Class B property features a two-story design with a total of 30 parking spaces. The interior includes two offices, two ADA-compliant restrooms, a secure safe room, high ceilings, and the added benefit of two drive-thru windows. Digital signage is already in place. The building's brick and mortar construction ensures durability and a professional aesthetic. The upstairs space offers additional bonus area, perfect for storage or expansion. The property is zoned commercial and has a Comanche County APN of 160041762. Its location in the Elgin, Lawton submarket of Southwest Oklahoma provides easy access to a thriving community. Currently vacant, this property is ideal for a variety of retail or restaurant uses. The property's prime location and modern amenities make it an attractive option for businesses seeking high visibility and convenient access in a bustling commercial area. This is a single-tenant property.

    Property Features for 7523 Us Highway 277

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,718 SF
    Class
    B

    Building Details

    Year Built/Renovated
    2006/2024
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    2,718 SF

    We can help!

    Listing Contact
    Shannon Wells
    Shannon Wells

    Learn more

    Property Insight Report

    HighLights

    • 13,800 vehicles per day (VPD)
    • I‑44 freeway access
    • Drive‑thru available
    • High‑visibility hard corner lot
    Property Profile Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Comanche
    State
    Oklahoma
    Longitude
    -98.2992002
    Latitude
    34.7820561

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    Nearby Similar for Lease

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    FAQs

    What type of property is this?
    Restaurant - Prime Elgin retail space, high visibility.
    Where is this restaurant located?
    The property is located at 7523 Us Highway 277 Elgin, OK.
    What are key features of this property?
    This property features: 13,800 vehicles per day (VPD); I-44 freeway access; Drive-thru available
    Request Owner's contact information
    7523 Us Highway 277 Elgin, OK 73538
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    Elgin, OK 73538
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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
    7523 Us Highway 277 Elgin, OK 73538
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    We can help!
    Listing Contact
    Shannon Wells
    Shannon Wells
    Real Estate License ID: OK 175767
    Learn more
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