Lakefront Wedding Venue
For Sale
$2,295,000
3500 N Coltrane Road, Oklahoma City, OK 73121
Renovated event estate with multiple gathering areas, private residence features, and landscaped waterfront spaces.
Property Size9,563 SF
Days on Market176
Property Features for 3500 N Coltrane Road
General Information
Standard status
Active
Size
9,563 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$13,925
Building Details
Building Size
9,563 SF
Year Built
1930
Stories
2
Units
1
Listing Agency:
Block One Real Estate
(405) 996-0846
Listed By:
Clayton Brewer
(405) 996-0846
Source:
Jarmanrealtyok
Added: Feb 26
Changed: Aug 20
Last Checked: Aug 20 at 1:22PM
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 Block One Real Estate
Investment Insights
Based on property information with market context.
The Venue at Forest Lake is a wedding and event property on 13.67 wooded acres with a private 3.5-acre lake, walking trails, mature trees, and several outdoor areas positioned along the water. The estate has undergone extensive interior and exterior work, including remodeled bar and catering areas, updated flooring and paint, lakefront decking, improved waterfront access, landscaping, lighting, plumbing, and roofing on most buildings.
The main structure is estimated at approximately 10,000 square feet and includes 7 bedrooms, 9 bathrooms, 4 kitchens, 3 living areas, a 6-car garage, a barn, and additional gathering spaces. A private residence is incorporated into the property, with a primary suite featuring a fireplace, walk-in closet, and stone-finished bath and shower. The venue is currently booking weddings and events, while other stated options include owner occupancy, leasing to an operator, or conversion to another use. Additional residential construction, including possible lake-view homes or cabins, is subject to buyer verification. The property is located at 3500 N Coltrane Road in Oklahoma City, Oklahoma.
The main structure is estimated at approximately 10,000 square feet and includes 7 bedrooms, 9 bathrooms, 4 kitchens, 3 living areas, a 6-car garage, a barn, and additional gathering spaces. A private residence is incorporated into the property, with a primary suite featuring a fireplace, walk-in closet, and stone-finished bath and shower. The venue is currently booking weddings and events, while other stated options include owner occupancy, leasing to an operator, or conversion to another use. Additional residential construction, including possible lake-view homes or cabins, is subject to buyer verification. The property is located at 3500 N Coltrane Road in Oklahoma City, Oklahoma.
Key Highlights
- 13.67 wooded acres with a private 3.5‑acre lake
- Estimated near 10,000 square feet across the estate
- Main structure includes 7 bedrooms, 9 bathrooms, 4 kitchens, and 3 living areas
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
$131,969
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
5.75%
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%
$2,639,380
$2.6M
Cap Rate 7%
$1,885,271
$1.9M
Cap Rate 9%
$1,466,322
$1.5M
Market Conditions
NOI Build-Up for 9,563 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
$229.5K $24.00/SF
− Vacancy
−$18.4K −$1.92/SF
EGI
$211.2K $22.08/SF
− OpEx
−$79.2K −$8.28/SF
NOI
$132.0K $13.80/SF
Area
Oklahoma City, OK
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,639,380
Cap Rate 7%
$1,885,271
Cap Rate 9%
$1,466,322
Alternative Uses
Best Use
Mixed Use
$1.89M
$1.65M – $2.20M
NOI $131,969 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.27M
$2.86M – $3.82M
NOI $228,938 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 73121, OK
3,218
Population
1,411
Households
2.3
Avg Household Size
49
Median Age
30%
College-Educated
93%
High-School Grad
9.7 sq mi
ZIP Area
332
Density / Sq Mi
$79,247
Median Household Income
$42,979
Median Earnings
$944
Median Rent
$274,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Renovated event estate with multiple gathering areas, private residence features, and landscaped waterfront spaces.
Where is this wedding venue located?
The property is located at 3500 N Coltrane Road Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 13.67 wooded acres with a private 3.5‑acre lake; Estimated near 10,000 square feet across the estate; Main structure includes 7 bedrooms, 9 bathrooms, 4 kitchens, and 3 living areas
