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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1624 22nd St Oklahoma City, OK 73108

    • Flex space
    • 7,500 SF
    • 1.04 lot acres
    OFF-MARKET
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0424878
    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

    • Flex space

    Property Details for 1624 22nd St

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.04 lot acres
    Property size
    7,500 SF
    Property type
    Flex space
    APN
    14-294-3033
    APU
    142943033

    Description

    This exceptional 7,500-square-foot industrial flex space, located at 1624 SE 22nd St in Oklahoma City, Oklahoma, presents a compelling investment opportunity. Built in 1967 and extensively renovated in 2010, this single-story building sits on a one-acre lot and offers a blend of functionality and modern amenities. The property features 1,440 square feet of office space, complemented by a substantial 6,060 square feet of warehouse or flex space. The building boasts 32,000 square feet of excellent blacktop/concrete parking, providing ample space for vehicles and equipment. Three bathrooms are conveniently located throughout the building. Significant improvements include insulated walls and ceilings, a newer HVAC system servicing 5,000 square feet, and updated lighting throughout. Access is facilitated by one 14-foot high by 12-foot wide exterior drive-in door and one interior door. The property is zoned for industrial use and is priced at $937,500, representing a price per square foot of $125. This well-maintained property offers a solid foundation for a variety of businesses seeking a versatile and updated industrial space in a convenient Oklahoma City location. The property's combination of office and warehouse space, along with its ample parking, makes it an ideal choice for a range of commercial uses. The asking price reflects the property's excellent condition and prime location within Oklahoma County, zip code 73129.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $397,000
      Market price range: $251k - $620k

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

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.4817
    Latitude
    35.4422
    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
    $4,785
    $8,666
    $29,171
    $37,837
    -
    $79,504
    $267,639
    $347,143

    Comparable in this City

    • Value Estimation
      $280,000
      3,990 SF

      940 21st St

      LIGHT INDUSTRIAL • 3,990 SF
      940 21st St, Oklahoma City, OK 73108
      View Details
    • Value Estimation
      $255,000
      1,500 SF

      2741 2nd St

      LIGHT INDUSTRIAL • 1,500 SF
      2741 2nd St, Oklahoma City, OK 73108-1201
      View Details
    • Value Estimation
      $230,000
      2,100 SF

      1401 May Ave

      LIGHT INDUSTRIAL • 2,100 SF
      1401 May Ave, Oklahoma City, OK 73108-2245
      View Details
    • Value Estimation
      $395,000
      5,000 SF

      2405 13th St

      LIGHT INDUSTRIAL • 5,000 SF
      2405 13th St, Oklahoma City, OK 73108
      View Details
    • Value Estimation
      $290,000
      4,500 SF

      2416 14th St

      LIGHT INDUSTRIAL • 4,500 SF
      2416 14th St, Oklahoma City, OK 73108-2410
      View Details
    • Value Estimation
      $240,000
      2,728 SF

      1238 17th St

      LIGHT INDUSTRIAL • 2,728 SF
      1238 17th St, Oklahoma City, OK 73108-7214
      View Details

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    Similar Nearby for Lease

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    1624 22nd St
    Oklahoma City, OK 73108
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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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