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

    2117 23rd St Oklahoma City, OK 73107-2401

    • Strip malls
    • 105,286 SF
    • 7.88 lot acres
    OFF-MARKET
    Last Sale
    Jan 25, 2024
    $10,060,500
    Value Estimations
    $10,060,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0304282
    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

    • Citi Trends / Fashion Accessories Store / Men'S Clothing Store
    • Oklahoma City Demolition / Demolition Contractor
    • Simply furniture / Fitted Furniture Supplier

    Property Details for 2117 23rd St

    Year built
    1994
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    7.88 lot acres
    Property size
    105,286 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    13-328-0200
    APU
    133280200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,060,000
      ML approach
      $10,060,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $11,935,000
      Current use
      MEDICAL BUILDING
      $16,435,000
      Change: +38% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $15,655,000
      Change: +31% Conversion: Difficult
      OFFICE BUILDING
      $13,510,000
      Change: +13% Conversion: Moderate
      RETAIL STORES
      $9,600,000
      Change: -20% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.549
    Latitude
    35.4943
    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
    $113,426
    $122,762
    $800,756
    $923,518
    -
    $1,116,021
    $7,279,601
    $8,395,622

    Comparable in this City

    • Value Estimation
      $2,430,000
      16,310 SF

      3525 23rd St

      SHOPPING CENTER, STRIP CENTER • 16,310 SF
      3525 23rd St, Oklahoma City, OK 73107-2800
      View Details
    • Value Estimation
      $2,350,000
      16,775 SF

      2210 23rd St

      SHOPPING CENTER, STRIP CENTER • 16,775 SF
      2210 23rd St, Oklahoma City, OK 73107-2404
      View Details
    • Value Estimation
      $1,280,000
      36,447 SF

      3088 Portland Ave

      SHOPPING CENTER, STRIP CENTER • 36,447 SF
      3088 Portland Ave, Oklahoma City, OK 73107
      View Details
    • Value Estimation by Request
      5,775 SF

      3409 23rd St

      SHOPPING CENTER, STRIP CENTER • 5,775 SF
      3409 23rd St, Oklahoma City, OK 73107-1803
      View Details
    • Value Estimation
      $770,000
      23,953 SF

      2844 10th St

      SHOPPING CENTER, STRIP CENTER • 23,953 SF
      2844 10th St, Oklahoma City, OK 73107-5314
      View Details
    • Value Estimation by Request
      5,746 SF

      2901 16th St

      SHOPPING CENTER, STRIP CENTER • 5,746 SF
      2901 16th St, Oklahoma City, OK 73107-4718
      View Details

    Similar Nearby for Sale

    • $493,000
      6,250 SF

      Retail Property with Pylon Signage

      Retail property featuring pylon signage and ample parking.
      3200 E Reno Ave, Oklahoma City, OK 73107
      View Details
    • $1,485,000
      8,080 SF

      New Construction Retail/Warehouse Building

      New construction 8,080 SF building with Reno Avenue frontage.
      4415 W Reno Ave, Oklahoma City, OK 73107
      View Details
    • $11,229,766

      Retail Property For Sale

      Retail property available for purchase in Oklahoma City.
      2500 N Pennsylvania Ave, Oklahoma City, OK 73107
      View Details
    • $395,000
      4,372 SF

      N Penn Ave Retail Building

      Oklahoma City storefront, ideal owner/user.
      1008 Pennsylvania Ave, Oklahoma City, OK 73107
      View Details
    • $3,450,000
      19,534 SF

      Versatile Building with Entertainment Features

      19,554 SF building with stage, seating, bars, and kitchen.
      201 N Meridian Ave, Oklahoma City, OK 73107
      View Details
    • $3,800,000
      23,810 SF

      Climate-Controlled Warehouse/Showroom in Oklahoma City

      23,810 SF climate-controlled warehouse/showroom on 1.4 acres.
      2701 W California Ave, Oklahoma City, OK 73107
      View Details

    Similar Nearby for Lease

    • $3,100,000
      38,615 SF

      Prime Retail Space Near Fairgrounds

      High-visibility retail space near I-40 and I-44 intersection.
      101 N Portland Ave, Oklahoma City, OK 73107
      View Details
    • $192 SF/Yr
      16,775 SF

      NW 23rd St Retail Center

      Oklahoma City retail space, high visibility.
      2212 23Rd St, Oklahoma City, OK 73107
      View Details
    • $15 SF/Yr
      7,972 SF

      Restaurant Space Near Airport

      Restaurant space with vent hood, coolers, and ample parking.
      2035 S Meridian Ave, Oklahoma City, OK 73107
      View Details
    • Contact for pricing
      13,905 SF

      Freestanding Retail Building For Lease

      Freestanding retail building with ample parking and high visibility.
      6000 S Pennsylvania Ave, Oklahoma City, OK 73107
      View Details
    • $14 SF/Yr
      8,800 SF

      Reno & Meridian Flex Space

      New Construction Flex/Warehouse Space in OKC
      4401 Reno Ave, Oklahoma City, OK 73107
      View Details
    • $6 SF/Yr
      5,000 SF

      Adaptable Commercial Building Near I-40

      Versatile building suitable for retail, office, or showroom purposes.
      2 N Pennsylvania Ave, Oklahoma City, OK 73107
      View Details
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    Oklahoma City, OK 73107-2401
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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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