Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1400 Covell Rd Edmond, OK 73003-3504

    • Medical Office Space
    • 4,259 SF
    • 0.74 lot acres
    OFF-MARKET
    Last Sale
    Feb 08, 2022
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0553092
    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.

    Current Use by Public Records

    • Yes ApplianceRepair / Home Appliance Store
    • Damon R. Johnson DDS Dental Excellence / Dental Office

    Property Details for 1400 Covell Rd

    Year built
    2008
    Construction
    WOOD FRAME
    Lot size
    0.74 lot acres
    Property size
    4,259 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    21-465-1000
    APU
    214651000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $735,000
      6.5%
      $680,000
      7%
      $630,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $587,000
      Market price range: $218k - $730k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $815,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,045,000
      Change: +28% Conversion: Difficult
      RETAIL STORES
      $855,000
      Change: +5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $705,000
      Change: -13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $670,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Edmond
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.5027
    Latitude
    35.6815
    CBSA code
    36420
    CBSA name
    OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $10,882
    $42,721
    $61,673
    $104,394
    -
    $388,380
    $560,660
    $949,040

    Comparable in this City

    • Value Estimation
      $1,040,000
      6,641 SF

      523 Santa Fe Ave

      MEDICAL BUILDING • 6,641 SF
      523 Santa Fe Ave, Edmond, OK 73003-6226
      View Details
    • Value Estimation
      $570,000
      5,088 SF

      519 Santa Fe Ave

      MEDICAL BUILDING • 5,088 SF
      519 Santa Fe Ave, Edmond, OK 73003-6281
      View Details
    • Value Estimation
      $1,800,000
      12,071 SF

      2916 Kelly Ave

      MEDICAL BUILDING • 12,071 SF
      2916 Kelly Ave, Edmond, OK 73003-3233
      View Details
    • Value Estimation
      $925,000
      8,207 SF

      2820 Kelly Ave

      MEDICAL BUILDING • 8,207 SF
      2820 Kelly Ave, Edmond, OK 73003-3007
      View Details
    • Value Estimation by Request
      2,794 SF

      2880 Kelly Ave

      MEDICAL BUILDING • 2,794 SF
      2880 Kelly Ave, Edmond, OK 73003-3083
      View Details
    • Value Estimation
      $1,765,000
      11,824 SF

      1575 Santa Fe Ave

      MEDICAL BUILDING • 11,824 SF
      1575 Santa Fe Ave, Edmond, OK 73003-3638
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Medical Office in Covell Village

      High-traffic location suitable for chiropractic or medical practice.
      2616 Covell Village Dr, Edmond, OK 73003
      View Details
    • $600,000
      2,976 SF

      732 Santa Fe Ave, Edmond, OK 73003

      Office properties & Spaces • 2,976 SF
      732 Santa Fe Ave, Edmond, OK 73003
      View Details
    • Contact for pricing
      3,827 SF

      New Construction Office Space

      New office space with ample parking and convenient location.
      833 Kelly Lakes Pass, Edmond, OK 73003
      View Details
    • $1,150,000
      9,353 SF

      Edmond Office Building For Sale

      9,353 SF office building with high visibility and flexible layout.
      1220 S Santa Fe Ave, Edmond, OK 73003
      View Details
    • $525,000
      2,498 SF

      Well-Designed Office Space For Sale

      Office space featuring reception, six offices, kitchen, and open workspace.
      609 4 Ave, Edmond, OK 73003
      View Details
    • $699,000

      Move-in Ready Garden Style Office

      Garden style office space, ready for immediate occupancy.
      708 N Santa Fe Ave, Edmond, OK 73003
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      25,583 SF

      Edmond Office Park Investment

      Prime Edmond Office Space Available
      401-441 Fretz Ave, Edmond, OK 73003
      View Details
    • Contact for pricing
      1,721 SF

      Edmond Office Space For Rent

      1,721 SF office space available now in Edmond, OK.
      2411 S Kelly Ave, Edmond, OK 73003
      View Details
    • Contact for pricing
      250 SF

      Office Space Available For Rent

      Office space available for rent in Edmond, Oklahoma.
      136 E 5Th St, Edmond, OK 73003
      View Details
    • Contact for pricing
      2,635 SF

      Versatile Flex Space Available

      Well-maintained flex space with high ceilings and ample parking.
      1401-1419 Fretz Dr, Edmond, OK 73003
      View Details
    • $12 SF/Yr
      14,252 SF

      Edmond Flex Space: Prime Location

      Modern Flex Space, Edmond, OK
      224 Garage Dr, Edmond, OK 73003
      View Details
    • Contact for pricing
      1,498 SF

      Unique Mixed-Use Redevelopment Project

      Retail, restaurant, and creative office space in Edmond, OK.
      140 E 5Th St, Edmond, OK 73003
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1400 Covell Rd
    Edmond, OK 73003-3504
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!