Versatile Commercial Building For
For Sale
$3,500,000
2701 West California Avenue, Oklahoma City, OK 73107
23,810 SF building with showroom, office, and warehouse space.
Property Size23,810 SF
Lot Size1.40 Acres
Price / SF$146
Days on Market162
Property Features for 2701 West California Avenue
General Information
Standard status
Active
Size
23,810 SF
Lot size
1.40 Acres
Property subtype
Industrial
Listing Agency:
CBRE - Oklahoma City
(405) 607-6062
Listed By:
Randy Lacey · License #067465
(405) 607-6062
Source:
Cbre
Added: Mar 25
Changed: Aug 24
Last Checked: Sep 1 at 4:42PM
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 CBRE - Oklahoma City
Investment Insights
Based on property information with market context.
This commercial property, suitable for flex space, industrial, warehouse, showroom, and retail use, offers a total building size of approximately 23,810 square feet on a 1.4-acre lot. The property features a 120-month NNN lease structure with annual increases and a cap rate of 8.3%. The building includes approximately 9,310 square feet of warehouse space and approximately 14,500 square feet of fully climate-controlled showroom and office space, including two large storage areas with grade-level loading. The warehouse has a clear span with gas space heating and radiant heating. Constructed of concrete with an aggregate finish, the property has two 8’x12’ grade doors and two 12’x14’ grade doors, with a clear height of 16’-17’. It is equipped with a security system that includes cameras and external security lighting. The property has (2) 200 amp panels with 3-phase power and is zoned I-1 and I-2. The location is half a mile north of I-40, 1.5 miles east of I-44, and 4 miles west of the I-35 / I-235 interchange.
Key Highlights
- Favorable 120‑Month Lease with NNN structure and annual increases.
- Excellent 8.3% Cap Rate.
- Strategic Location: Half mile from I‑40, easy access to other major interstates.
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
$320,921
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
9.17%
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%
$6,418,420
$6.4M
Cap Rate 7%
$4,584,586
$4.6M
Cap Rate 9%
$3,565,789
$3.6M
Market Conditions
NOI Build-Up for 23,810 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
$514.3K $21.60/SF
− Vacancy
−$20.6K −$0.86/SF
EGI
$493.7K $20.74/SF
− OpEx
−$172.8K −$7.26/SF
NOI
$320.9K $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%
$6,418,420
Cap Rate 7%
$4,584,586
Cap Rate 9%
$3,565,789
Alternative Uses
Best Use
Flex RnD
$4.58M
$4.01M – $5.35M
NOI $320,921 @ 7.0% cap · market cap 9.17%
Second Best
Warehouse
$2.69M
$2.36M – $3.14M
NOI $188,461 @ 7.0% cap · market cap 5.38%
Theoretical Best
Specialty Retail
$8.14M
$7.13M – $9.50M
NOI $570,011 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73107, OK
26,318
Population
12,621
Households
2.1
Avg Household Size
34
Median Age
31%
College-Educated
80%
High-School Grad
7.6 sq mi
ZIP Area
3,463
Density / Sq Mi
$58,428
Median Household Income
$38,753
Median Earnings
$1,014
Median Rent
$143,000
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?
Flex space - 23,810 SF building with showroom, office, and warehouse space.
Where is this flex space located?
The property is located at 2701 West California Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Favorable 120‑Month Lease with NNN structure and annual increases.; Excellent 8.3% Cap Rate.; Strategic Location: Half mile from I‑40, easy access to other major interstates.
