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    15 E California Ave Oklahoma City, OK 73104

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    Historic building in prime location with endless possibilities.

    Property size:
    18,372 SF

    Property Features for 15 E California Ave

    General Information

    Standard status
    Active
    Size
    18,372 SF

    Building Details

    Year built
    1906

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    Listing Contact
    Brandon Hart
    Source: Exitrealty

    Listing Agency: Flotilla Real Estate Partners Listing Agent: Brandon Hart

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Iconic Bricktown Canal Frontage Building

    This iconic, historic building is located in a prime location on the Bricktown Canal. The building has housed multiple businesses and industrial functions throughout its history. It features canal frontage with accessibility to a pedestrian bridge and elevator at the corner of E. California and Oklahoma Ave. Bricktown is Oklahoma City's highest foot traffic commercial district, home to over a dozen hotels and frequented by travelers and locals. The building is a three-story space with 18,372 square feet. The warehouse is currently an empty shell ready for innovative plans for retail, shopping, office, dining, and living. There are current plans for a speakeasy off of the canal in the basement, a restaurant on the first floor, and residential units on the 3rd floor with rooftop pool and lounge area. An expansive second-floor balcony overlooks the canal and will have unobstructed views of OKC's Boardwalk Development with approved plans to build the nation's tallest building. The property is located near Scissortail Park, Paycom Center, and the new Thunder arena in 2028. A Drury Hotel with a parking garage will be located directly north of the building, with Mojo’s Blues Club to the west. Construction will begin on the Grand Ole Opry House next door to the east of the building in January 1. It is understood that to the West the existing parking lot will remain indefinitely. Additional parking accommodations would be provided via any construction in this location.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Dental Office Hair Salon Big Box & Wholesale Store Auto Repair Shop Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Extra Space Storage, U-Haul Moving & Storage of Bricktown, Self Storage, Extra Space Storage, Relex Self Storage Units

    Location Insight

    • Map
    • Local Demand
    City
    Oklahoma City
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.5113742
    Latitude
    35.4656079

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    FAQs

    What type of property is this?
    Warehouse - Historic building in prime location with endless possibilities.
    Where is this warehouse located?
    The property is located at 15 E California Ave Oklahoma City, OK.
    What are key features of this property?
    This property features: - Prime location on the Bricktown Canal with canal frontage and accessibility to pedestrian bridge and elevator.; - Located in Bricktown, Oklahoma City's highest foot traffic commercial district, near hotels, Scissortail Park, and Paycom Center.; - Expansive 2nd-floor balcony overlooking the canal with unobstructed views of OKC's Boardwalk Development and the future site of the nation's tallest building.
    (405) 977-0207
    Request Owner's contact information
    15 E California Ave Oklahoma City, OK 73104
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    Oklahoma City, OK 73104
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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
    15 E California Ave Oklahoma City, OK 73104
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    We can help!
    Listing Contact
    Brandon Hart
    Real Estate License ID: 147110
    (405) 977-0207
    Learn more
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