Historic Three-Story Mixed-Use
For Sale
$2,750,000
15 E California Avenue, Oklahoma City, OK 73104
Commercially zoned shell with canal frontage and a second-floor balcony overlooking the waterfront.
Property Size18,372 SF
Days on Market60
Property Features for 15 E California Avenue
General Information
Standard status
Active
Size
18,372 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$23,226
Building Details
Building Size
18,372 SF
Year Built
1906
Stories
3
Listing Agency:
Flotilla Real Estate Partners
(405) 990-4569
Listed By:
Brandon Hart
(405) 990-4569
Source:
Jarmanrealtyok
Added: Jun 26
Changed: Aug 21
Last Checked: Aug 23 at 11:40AM
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.
Built in 1906, this three-story mixed-use property is an empty shell suited to redevelopment planning. The building includes canal frontage, a basement, and an expansive second-floor balcony with views across the waterfront. Its prior history includes multiple business and industrial functions, while current concepts contemplate retail, office, dining, and residential components.
The property is located at 15 E California Avenue in Oklahoma City’s Bricktown district, adjacent to a pedestrian bridge and elevator at the corner of E. California and Oklahoma Avenue. The site is within walking distance of Scissortail Park and Paycom Center, with access to the district’s canal-side environment and surrounding hospitality and entertainment uses. Commercial zoning applies to the property.
The property is located at 15 E California Avenue in Oklahoma City’s Bricktown district, adjacent to a pedestrian bridge and elevator at the corner of E. California and Oklahoma Avenue. The site is within walking distance of Scissortail Park and Paycom Center, with access to the district’s canal-side environment and surrounding hospitality and entertainment uses. Commercial zoning applies to the property.
Key Highlights
- Historic three‑story building constructed in 1906
- Commercial zoning with an empty‑shell interior
- Canal frontage in Oklahoma City’s Bricktown district
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
Mixed Use
$3.62M
$3.17M – $4.23M
NOI $253,534 @ 7.0% cap · market cap 9.22%
Second Best
Flex RnD
$3.54M
$3.10M – $4.13M
NOI $247,625 @ 7.0% cap · market cap 9.00%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned shell with canal frontage and a second-floor balcony overlooking the waterfront.
Where is this mixed-use property 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 three‑story building constructed in 1906; Commercial zoning with an empty‑shell interior; Canal frontage in Oklahoma City’s Bricktown district
