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

    1726 23rd St Oklahoma City, OK 73111-3339

    • Retail space
    • 2,400 SF
    • 0.96 lot acres
    OFF-MARKET
    Value Estimations
    $385,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0731898
    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

    • The Essential Green Cannabis Co. LLC / Cannabis Store
    • Kindred Spirits / Bar

    Property Details for 1726 23rd St

    Year built
    1934
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.96 lot acres
    Property size
    2,400 SF
    Property type
    Retail space
    APN
    03-259-2495
    APU
    32592495

    Description

    This exceptional, award-winning retail strip center in Oklahoma City offers a prime opportunity for businesses seeking high-visibility locations. Located at 1726 NE 23rd St, near NE 23rd Street and Rhode Island Ave, this single-story, 41,716 square foot building boasts 13 remodeled suites, each featuring inviting glass storefronts and private suite options. The property underwent renovations in 2020, resulting in a modern and attractive design. Available space ranges from a minimum of 983 square feet to a maximum contiguous space of 1,219 square feet, making it suitable for a variety of businesses. The center sits on a 38,831 square foot lot and benefits from its convenient location, just minutes from the State Capitol, OU Medical District, and Okana Resort, with easy access to major highways and downtown Oklahoma City. The property's high-traffic location is further enhanced by its proximity to established businesses such as Scraml'd, Eastside Pizza House, Kindred Spirits, the Looke Eye Care, and Essential Green, creating a vibrant and thriving retail environment. The commercial zoning allows for diverse business uses. This is an ideal location for both startups and established businesses seeking competitive lease terms in a highly desirable area. No elevators are present.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $468,000
      Market price range: $154k - $468k
      AI Estimate
      $304,000
      Market price range: $118k - $305k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $295,000
      Current use
      MEDICAL BUILDING
      $375,000
      Change: +26% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $355,000
      Change: +20% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $340,000
      Change: +15% Conversion: Easy
      OFFICE BUILDING
      $310,000
      Change: +4% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $270,000
      Change: -8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.4806
    Latitude
    35.4928
    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
    $11,508
    $11,920
    $81,779
    $93,699
    -
    $129,737
    $890,069
    $1,019,806

    Comparable in this City

    • Value Estimation
      $295,000
      1,400 SF

      1521 23rd St

      RETAIL STORES (PERSONAL SERVICES) • 1,400 SF
      1521 23rd St, Oklahoma City, OK 73111-3210
      View Details
    • Value Estimation
      $270,000
      900 SF

      6711 Kelley Ave

      RETAIL STORES (PERSONAL SERVICES) • 900 SF
      6711 Kelley Ave, Oklahoma City, OK 73111-7850
      View Details
    • Value Estimation
      $470,000
      5,040 SF

      1931 23rd St

      RETAIL STORES (PERSONAL SERVICES) • 5,040 SF
      1931 23rd St, Oklahoma City, OK 73111-3327
      View Details
    • Value Estimation
      $385,000
      3,570 SF

      2920 36th St

      RETAIL STORES (PERSONAL SERVICES) • 3,570 SF
      2920 36th St, Oklahoma City, OK 73111-5423
      View Details
    • Value Estimation
      $830,000
      2,400 SF

      6316 Kelley Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      6316 Kelley Ave, Oklahoma City, OK 73111-7405
      View Details
    • Value Estimation
      $355,000
      3,242 SF

      1800 Martin Luther King Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,242 SF
      1800 Martin Luther King Ave, Oklahoma City, OK 73111-1404
      View Details

    Similar Nearby for Sale

    • $295,000
      2,342 SF

      Flexible Commercial Building with Drive-Thru

      Adaptable commercial space with drive-thru, ideal for various businesses.
      4701 N Martin Luther King Ave, Oklahoma City, OK 73111
      View Details
    • Contact for pricing
      20.00 Acres

      Oklahoma City Commercial Land Opportunity

      20 Acres, High-Visibility Retail/Hospitality Land
      0 Grand Blvd & Mlk Blvd, Oklahoma City, OK 73111
      View Details
    • Contact for pricing
      11.00 Acres

      Adventure District Development Land

      11 Acres, Prime OKC Location
      63rd St And Eastern Ave, Oklahoma City, OK 73111
      View Details
    • $870,000
      7.55 Acres

      7.55 Acres Oklahoma City Land

      Prime Residential Land, I-35 & I-44 Access
      7101 Miramar Blvd, Oklahoma City, OK 73111
      View Details
    • $854,647
      1.09 Acres

      Oklahoma City Land Acquisition

      Prime 1.09-acre commercial lot in dense trade area.
      15000 N. Pennsylvania Avenue, Oklahoma City, OK 73111
      View Details
    • Contact for pricing
      9 SF

      9.55 Acres Commercial Land Available

      9.55 Acres +/- for sale at N Martin Luther King Ave.
      6001 N Martin Luther King Ave, Oklahoma City, OK 73111
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      96,000 SF

      Retail Space with High Traffic

      Retail property with high foot traffic, anchored by major tenants.
      1104 Northeast 36Th St, Oklahoma City, OK 73111
      View Details
    • Contact for pricing
      130,680 SF

      Adventure District Commercial Land

      Oklahoma City prime commercial site
      0 Oklahoma City Ok, Oklahoma City, OK 73111
      View Details
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    Oklahoma City, OK 73111-3339
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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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