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    277 Elgin Elgin, OK 73538

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    277 Elgin Elgin, OK 73538

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    • Land
    • 4.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 277 Elgin

    Lot size
    4.50 lot acres
    Property type
    Land
    Property subtype
    Farms

    Description

    This exceptional 4.5-acre parcel of agricultural land is strategically located just off I-44 on US Highway 277 in the rapidly expanding town of Elgin, Oklahoma. The property is zoned AG, but rezoning is possible upon request. A significant advantage is the pre-installed water meter, saving time and expense for future development. The convenient location provides easy access to the interstate, making it highly attractive for various uses. The area boasts a thriving commercial environment, with nearby businesses including GNG Storage, Arvest Bank, Subway, and Sonic Drive-in, indicating a strong and growing local economy. The asking price is $225,000, translating to a land value of $1.15 per square foot. This presents a compelling opportunity for investors seeking land with high growth potential in a desirable location. The property's proximity to I-44 and established businesses makes it an ideal site for a variety of commercial or agricultural ventures. Serious inquiries are encouraged. The property is situated in Elgin, Oklahoma, zip code 73538.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Elgin
    State
    Oklahoma
    Longitude
    -98.2923
    Latitude
    34.7803

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      1.49 Acres

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      4.50 Acres

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      218.00 Acres

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      Land • 218.00 Acres
      0 75Th St, Elgin, OK 73538
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    Similar Nearby for Sale

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      Land Available For Sale

      Land available for sale in Elgin, Oklahoma.
      8352 Us Highway 277, Elgin, OK 73538
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      Land For Sale or Lease

      Land available for sale or lease in Elgin, Oklahoma.
      NE 75Th St, Elgin, OK 73538
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      Land For Sale in Elgin

      4.5 acres of land near I-44 in Elgin, Oklahoma.
      5627 Us Highway 277, Elgin, OK 73538
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    • $38,000
      Pending

      Residential Lot in Elgin, OK

      Large lot in Elgin school district, close to Lawton-Ft Sill.
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    • New
      $74,900
      6.00 Acres

      Elgin, OK - 6 Acreage

      6 acre lot in Elgin School District.
      10211 NE 120Th St, Elgin, OK 73538
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    • Contact for pricing

      Land For Sale Elgin, OK

      4.5 acres of land near I-44 in Elgin, Oklahoma.
      Us Highway 277, Elgin, OK 73538
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    Similar Nearby for Lease

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      Elgin Land for Ground Lease

      Approximately 1.06 acres available for ground lease in Elgin, OK.
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      3,600 SF

      3,600 SF Steel Structure

      3,600 SF steel structure for lease on 2 acres.
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    • $16 SF/Yr
      24,999 SF

      Elgin Square Retail Space Available

      New retail space in prime Lawton location.
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      1,250 SF

      New Retail Space Available

      Brand new retail space with tenant improvement available for lease.
      7374 Us Highway 277, Elgin, OK 73538
      View Details
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    277 Elgin
    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
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