Historic Three-Story Mixed-Use
For Sale
$2,750,000
15 E California Ave, Oklahoma City, OK 73104
Canal frontage and an expansive upper-level balcony create a distinctive Bricktown setting for adaptive commercial use.
Property Size18,372 SF
Price / SF$149.68
Days on Market46
Property Features for 15 E California Ave
General Information
Standard status
Active
Size
18,372 SF
Building Details
Year Built
1906
Listing Agency:
Flotilla Real Estate Partners
(405) 948-7500
Listed By:
Brandon Hart
Source:
Vibrantok
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 31 at 7:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Flotilla Real Estate Partners
Investment Insights
Based on property information with market context.
This historic mixed-use building contains 18,372 square feet across three stories and dates to 1906. The interior is currently configured as an empty shell, offering a blank canvas for redevelopment within an established commercial district. An expansive second-floor balcony overlooks the Bricktown Canal and the surrounding boardwalk area.
The property fronts the canal and is positioned near a pedestrian bridge and elevator at the corner of E. California and Oklahoma Ave. The site is within walking distance of Scissortail Park and Paycom Center, with more than a dozen hotels located throughout the district. The west-side parking lot is expected to remain in place indefinitely, while additional parking accommodations may be provided through future construction at the location.
The property fronts the canal and is positioned near a pedestrian bridge and elevator at the corner of E. California and Oklahoma Ave. The site is within walking distance of Scissortail Park and Paycom Center, with more than a dozen hotels located throughout the district. The west-side parking lot is expected to remain in place indefinitely, while additional parking accommodations may be provided through future construction at the location.
Key Highlights
- 18,372‑square‑foot historic building constructed in 1906
- Three‑story mixed‑use structure with an empty‑shell interior
- Frontage along the Bricktown Canal
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
$247,625
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
9.00%
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%
$4,952,500
$5.0M
Cap Rate 7%
$3,537,500
$3.5M
Cap Rate 9%
$2,751,389
$2.8M
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
$396.8K $21.60/SF
− Vacancy
−$15.9K −$0.86/SF
EGI
$381.0K $20.74/SF
− OpEx
−$133.3K −$7.26/SF
NOI
$247.6K $13.48/SF
Area
Oklahoma City, OK
Vacancy
4.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$4,952,500
Cap Rate 7%
$3,537,500
Cap Rate 9%
$2,751,389
Alternative Uses
Best Use
Retail
$5.18M
$4.53M – $6.04M
NOI $362,663 @ 7.0% cap · market cap 13.19%
Second Best
Mixed Use
$3.62M
$3.17M – $4.23M
NOI $253,534 @ 7.0% cap · market cap 9.22%
Theoretical Best
Specialty Retail
$6.28M
$5.50M – $7.33M
NOI $439,826 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,267
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Canal frontage and an expansive upper-level balcony create a distinctive Bricktown setting for adaptive commercial use.
Where is this mixed-use property located?
The property is located at 15 E California Ave 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: 18,372‑square‑foot historic building constructed in 1906; Three‑story mixed‑use structure with an empty‑shell interior; Frontage along the Bricktown Canal
