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

    508 28th St Oklahoma City, OK 73109

    • Warehouses
    • 8,840 SF
    • 0.80 lot acres
    OFF-MARKET
    Last Sale
    Feb 09, 2024
    $875,000
    Value Estimations
    $870,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0380261
    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

    • Warehouses

    Property Details for 508 28th St

    Year built
    1973
    Construction
    TILT-UP CONCRETE
    Lot size
    0.80 lot acres
    Property size
    8,840 SF
    Property type
    Warehouses
    APN
    10-050-8140
    APU
    100508140

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,165,000
      6.5%
      $1,075,000
      7%
      $1,000,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $657,000
      Market price range: $370k - $881k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $610,000
      Current use
      MEDICAL BUILDING
      $1,380,000
      Change: +126% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,315,000
      Change: +116% Conversion: Easy
      OFFICE BUILDING
      $1,135,000
      Change: +86% Conversion: Difficult
      RETAIL STORES
      $1,090,000
      Change: +79% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,000,000
      Change: +64% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $680,000
      Change: +11% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Oklahoma
    State
    Oklahoma
    Longitude
    -97.522
    Latitude
    35.4359
    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
    $3,778
    $7,412
    $24,516
    $31,928
    -
    $73,500
    $243,105
    $316,605

    Comparable in this City

    • Value Estimation
      $1,685,000
      22,500 SF

      2100 Western Ave

      WAREHOUSE, STORAGE • 22,500 SF
      2100 Western Ave, Oklahoma City, OK 73109-1727
      View Details
    • Value Estimation by Request
      5,600 SF

      2408 Western Ave

      WAREHOUSE, STORAGE • 5,600 SF
      2408 Western Ave, Oklahoma City, OK 73109-1733
      View Details
    • Value Estimation
      $720,000
      9,200 SF

      824 5th St

      WAREHOUSE, STORAGE • 9,200 SF
      824 5th St, Oklahoma City, OK 73109
      View Details
    • Value Estimation by Request
      5,435 SF

      920 5th St

      WAREHOUSE, STORAGE • 5,435 SF
      920 5th St, Oklahoma City, OK 73109
      View Details
    • Value Estimation
      $2,030,000
      28,013 SF

      900 4th St

      WAREHOUSE, STORAGE • 28,013 SF
      900 4th St, Oklahoma City, OK 73109-1012
      View Details
    • Value Estimation by Request
      5,000 SF

      2405 Walker Ave

      WAREHOUSE, STORAGE • 5,000 SF
      2405 Walker Ave, Oklahoma City, OK 73109-1907
      View Details

    Similar Nearby for Sale

    • $655,000
      6,200 SF

      Renovated Warehouse with Secure Yard

      Renovated warehouse featuring a secure gravel yard and new amenities.
      1919 S Santa Fe Ave, Oklahoma City, OK 73109
      View Details
    • $1,850,000
      12,500 SF

      Climate-Controlled Flex Space Available

      12,500 SF flex space with climate control and ample parking.
      3400 SE 59Th St, Oklahoma City, OK 73109
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    • $2,163,333
      20,000 SF

      20,000 SF Ace Hardware Investment For Sale - 800 S.W. 44th Street

      20,000 SF Ace Hardware Investment For Sale - 800 S.W. 44th Street
      800 S.W. 44th Street, Oklahoma City, OK 73109
      View Details
    • $299,500
      0.21 Acres

      Residential Land Near Scissortail Park

      Building lot near Scissortail Park with potential for luxurious homes.
      316 SW 14Th St, Oklahoma City, OK 73109
      View Details
    • $210,000
      3,500 SF

      Capitol Hill Restaurant/Bar Opportunity

      Oklahoma City eatery, 3,500 sq ft, $210,000
      2608 Harvey Ave, Oklahoma City, OK 73109
      View Details
    • $2,570,841

      Oklahoma City Development Land

      Prime 2.215-Acre Residential Tract
      31 14Th St, Oklahoma City, OK 73109
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,700 SF

      Oklahoma City Warehouse Space

      2,700 SF warehouse space available for lease.
      121 NE 40Th St, Oklahoma City, OK 73109
      View Details
    • $395,000
      2,015 SF

      Warehouse Near Capital Hill School

      Warehouse with easy access to major interstates and downtown.
      4012 S Walker Ave, Oklahoma City, OK 73109
      View Details
    • $5 SF/Yr
      6,780 SF

      Industrial Space Near Downtown OKC

      Sublease available with fenced yard and convenient highway access.
      927 SW 6Th St, Oklahoma City, OK 73109
      View Details
    • $6 SF/Yr
      4,769 SF

      Versatile Warehouse Space Available

      Warehouse with office, storage, and fenced lots for lease.
      824 SE 29Th St, Oklahoma City, OK 73109
      View Details
    • $4,250 /Mo
      6,000 SF

      Oklahoma City Warehouse Space Available

      6,000 SF warehouse space for lease in Oklahoma City.
      1546 SE 25Th St, Oklahoma City, OK 73109
      View Details
    • $9 SF/Yr
      28,555 SF

      Oklahoma City Flex/Industrial Space

      Flex/Industrial space available for lease in Oklahoma City.
      1637 SE 29Th St, Oklahoma City, OK 73109
      View Details
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    508 28th St
    Oklahoma City, OK 73109
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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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