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    12512 NE 23Rd St Nicoma Park, OK 73020

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    12512 NE 23Rd St Nicoma Park, OK 73020

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    • Commercial real estate
    • 3.95 lot acres
    For Sale
    $449,513
    View Listing →
    Land in Nicoma Park, OK For Sale
    $449,513
    5.94 Acres

    Land in Nicoma Park, OK

    5.94 acres near Highway 62, prime for development.

    12512 NE 23rd Street, Nicoma Park, OK 73020
    View Listing
    Property ID
    US69-0229291
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 12512 NE 23Rd St

    Lot size
    3.95 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 3.95-acre commercial land parcel presents a remarkable investment opportunity in the thriving Nicoma Park area of Choctaw, Oklahoma. Located on NE 23rd Street (Highway 62), this property boasts 160 feet of frontage, offering excellent visibility and accessibility. The C-2 zoning allows for a wide range of commercial uses, including but not limited to storage facilities, office complexes, restaurants, hotels, and event centers. The property's partially wooded rear area provides a tranquil backdrop. The land encompasses 172,062 square feet. This rapidly developing area shows significant growth, with numerous new businesses, recent land transactions, and a new housing addition adding over 240 homes. The property's strategic location offers convenient access to the Kickapoo Turnpike (within 5 miles). All essential utilities are readily available, including OG&E, ONG, city water, city sewer, AT&T, and Cox Cable. This is a rare opportunity to acquire a substantial commercial property in a high-growth area with excellent infrastructure and diverse development potential. The asking price is $540,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Choctaw
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.3082673
    Latitude
    35.4927368

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    Similar Nearby for Sale

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      4-acre land parcel available in Choctaw, Oklahoma.
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      Choctaw Land with Hunting Potential

      Approximately 12 acres suitable for industrial or recreational use.
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    • $449,513
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      Land in Nicoma Park, OK

      5.94 acres near Highway 62, prime for development.
      12512 NE 23Rd St, Nicoma Park, OK 73020
      View Details
    • $1,250,000
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      Choctaw Land For Sale

      52.93 acres of land suitable for development in Choctaw, OK.
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      Commercial Land in Choctaw, OK

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    Similar Nearby for Lease

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      1,000 SF

      Retail Space in Choctaw

      Retail spaces available for lease in Choctaw, Oklahoma.
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      1,750 SF

      Retail Space in Choctaw

      Retail property with bay sizes from 1,000 to 5,386 SF.
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      4,784 SF

      Former Sports Bar For Lease

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    • $2,250 /Mo
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      Choctaw Office Space For Rent

      Well-positioned office space with high exposure and accessibility.
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      5,386 SF

      Retail Space in Choctaw, OK

      Retail spaces available for lease in Choctaw, Oklahoma.
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    • $3,500 /Mo
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      Former Bank with Drive-Thru

      Commercial space suitable for bank, office, or retail use.
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      View Details
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    Nicoma Park, OK 73020
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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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    12512 NE 23Rd St, Nicoma Park, OK, 73020

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