Three-Story Canalfront
For Sale
$2,750,000
15 E California Avenue, Oklahoma City, OK 73104
MULTI_FAMILY - Oklahoma City, OK
Property Size18,372 SF
Lot Size0.22 Acres
Price / SF$149.68
Days on Market47
Property Features for 15 E California Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Directions
The old Chelinos, right on the Bricktown Canal.
Standard status
Active
APN
15ECalifornia73104
Size
18,372 SF
Lot size
0.22 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1906
Floors in Building
3
Building materials
Brick & Frame
Listing Agency:
Flotilla Real Estate Partners
(405) 977-0207
Listed By:
Brandon Hart
(405) 990-4569
Added: Jun 26
Changed: Jun 29
Last Checked: Aug 11 at 10:06PM
MLS# 1236679
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering is a vacant, three-story building shell designed for redevelopment and adaptive reuse. The property is described as an “empty shell” and has historically supported multiple business and industrial functions. The structure includes canal frontage and provides access elements referenced in the remarks, including a pedestrian bridge/elevator at the corner of E. California and Oklahoma Ave. An expansive second-floor balcony overlooks the canal.
The building sits on the Bricktown Canal and is positioned for pedestrian connectivity in Oklahoma City’s Bricktown district, which the remarks describe as the highest foot-traffic commercial area in the city. The property’s canal frontage is a focal feature, and the remarks also reference planned activity in the immediate vicinity, including construction of a “Grand Ole Opry” venue beginning Jan. 1 and a Drury Hotel with a parking garage located directly north.
For buyers and developers, the current condition provides flexibility to reimagine the space for multiple uses. The submitted concept referenced in the remarks includes potential retail or dining on the first floor, a speakeasy-style use in the basement, and residential units on the third floor with a rooftop pool and lounge area. Existing parking to the west is stated to remain indefinitely, with additional parking accommodations noted as potentially tied to future construction in the immediate area. Renderings are available upon request.
The building sits on the Bricktown Canal and is positioned for pedestrian connectivity in Oklahoma City’s Bricktown district, which the remarks describe as the highest foot-traffic commercial area in the city. The property’s canal frontage is a focal feature, and the remarks also reference planned activity in the immediate vicinity, including construction of a “Grand Ole Opry” venue beginning Jan. 1 and a Drury Hotel with a parking garage located directly north.
For buyers and developers, the current condition provides flexibility to reimagine the space for multiple uses. The submitted concept referenced in the remarks includes potential retail or dining on the first floor, a speakeasy-style use in the basement, and residential units on the third floor with a rooftop pool and lounge area. Existing parking to the west is stated to remain indefinitely, with additional parking accommodations noted as potentially tied to future construction in the immediate area. Renderings are available upon request.
Key Highlights
- Historic 3‑story building built in 1906 with brick & frame construction.
- Public water and public sewer service available.
- Bricktown Canal frontage with accessibility to a pedestrian bridge and elevator at the corner of E California and Oklahoma Ave.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$155,182
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,103,640
$3.1M
Cap Rate 7%
$2,216,886
$2.2M
Cap Rate 9%
$1,724,244
$1.7M
Market Conditions
NOI Build-Up for 18,372 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$297.6K $16.20/SF
− Vacancy
−$15.5K −$0.84/SF
EGI
$282.1K $15.36/SF
− OpEx
−$127.0K −$6.91/SF
NOI
$155.2K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,103,640
Cap Rate 7%
$2,216,886
Cap Rate 9%
$1,724,244
Alternative Uses
Best Use
Specialty Retail
$6.28M
$5.50M – $7.33M
NOI $439,826 @ 7.0% cap · market cap 15.99%
Second Best
Retail
$5.18M
$4.53M – $6.04M
NOI $362,663 @ 7.0% cap · market cap 13.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73104, OK
3,545
Population
2,405
Households
1.5
Avg Household Size
29
Median Age
75%
College-Educated
97%
High-School Grad
1.6 sq mi
ZIP Area
2,216
Density / Sq Mi
$69,886
Median Household Income
$59,023
Median Earnings
$1,536
Median Rent
$341,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Vacant, multi-level warehouse shell with canal frontage and pedestrian access potential for retail, dining, office, or residential concepts.
Where is this warehouse located?
The property is located at 15 E California Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Historic 3‑story building built in 1906 with brick & frame construction.; Public water and public sewer service available.; Bricktown Canal frontage with accessibility to a pedestrian bridge and elevator at the corner of E California and Oklahoma Ave.
