State of Oklahoma Office
For Sale
Contact for pricing
4345 North Lincoln Boulevard, Oklahoma City, OK 73105
A fully renovated, 100% leased office campus serving multiple state agencies under long-term governmental tenancy.
Property Size154,085 SF
Price / SF$153.97
Days on Market64
Property Features for 4345 North Lincoln Boulevard
General Information
Standard status
Active
Size
154,085 SF
Property subtype
Office
Occupancy
100%
Building Details
Year Built
2014
Year Renovated
2014
Tenancy
Multi
Listing Agency:
Colliers - Dallas, Texas
(847) 987-1265
Listed By:
Geoff Ficke · License #TX 0593051
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 6 at 1:44PM
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 Colliers - Dallas, Texas
Investment Insights
Based on property information with market context.
The State of Oklahoma Campus at 4345 N. Lincoln Boulevard is a fully renovated and redeveloped office property originally serving as a Hotel & Conference center. The campus was renovated in 2014 and redeveloped to meet specific requirements for the State of Oklahoma, including significant tenant improvements funded through a direct state investment exceeding $8,000,000. The offering totals 154,085 square feet of office space.
The campus is geographically selected for state tenancy requirements, with Oklahoma legislature requiring the tenant to be located within a 5-mile radius of the State Capitol Building. The State Capitol Building is positioned approximately 2 miles south from the campus.
For investors, the campus is 100% leased to multiple Oklahoma state agencies, including the Oklahoma Healthcare Authority (OHCA), Oklahoma Department of Corrections (DOC or ODOC), Oklahoma Pardon and Parole Board, and the Oklahoma Department of Mental Health and Substance Abuse Services (ODMHSAS). The property is presented as a premium credit investment vehicle supported by the referenced S&P & Fitch AA+ credit standing, anchored by governmental occupancy and ongoing public-sector presence through OHCA.
The campus is geographically selected for state tenancy requirements, with Oklahoma legislature requiring the tenant to be located within a 5-mile radius of the State Capitol Building. The State Capitol Building is positioned approximately 2 miles south from the campus.
For investors, the campus is 100% leased to multiple Oklahoma state agencies, including the Oklahoma Healthcare Authority (OHCA), Oklahoma Department of Corrections (DOC or ODOC), Oklahoma Pardon and Parole Board, and the Oklahoma Department of Mental Health and Substance Abuse Services (ODMHSAS). The property is presented as a premium credit investment vehicle supported by the referenced S&P & Fitch AA+ credit standing, anchored by governmental occupancy and ongoing public-sector presence through OHCA.
Key Highlights
- 154,085+ SF office campus fully leased to multiple Oklahoma state agencies
- 100% leased to OHCA, Oklahoma Department of Corrections/ODOC, Oklahoma Pardon and Parole Board, and ODMHSAS
- Year built: 2014; fully renovated and redeveloped in 2014 from a former hotel & conference center
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
$2,178,330
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
9.18%
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%
$43,566,600
$43.6M
Cap Rate 7%
$31,119,000
$31.1M
Cap Rate 9%
$24,203,667
$24.2M
Market Conditions
NOI Build-Up for 154,085 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
$3.88M $25.20/SF
− Vacancy
−$252.4K −$1.64/SF
EGI
$3.63M $23.56/SF
− OpEx
−$1.45M −$9.42/SF
NOI
$2.18M $14.14/SF
Area
Oklahoma City, OK
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$43,566,600
Cap Rate 7%
$31,119,000
Cap Rate 9%
$24,203,667
Alternative Uses
Best Use
Office B
$31.32M
$27.40M – $36.54M
NOI $2,192,198 @ 7.0% cap · market cap 9.24%
Second Best
Healthcare Medical
$31.12M
$27.23M – $36.31M
NOI $2,178,330 @ 7.0% cap · market cap 9.18%
Theoretical Best
Specialty Retail
$52.70M
$46.11M – $61.48M
NOI $3,688,795 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 73105, OK
5,835
Population
3,416
Households
1.7
Avg Household Size
35
Median Age
39%
College-Educated
94%
High-School Grad
4.5 sq mi
ZIP Area
1,297
Density / Sq Mi
$48,314
Median Household Income
$32,614
Median Earnings
$1,091
Median Rent
$162,800
Median Home Value
Market
Vacancy Rate% for Office in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - A fully renovated, 100% leased office campus serving multiple state agencies under long-term governmental tenancy.
Where is this office building located?
The property is located at 4345 North Lincoln Boulevard Oklahoma City, OK.
What is the asking price?
The asking price for this property is $23,725,000.
What are key features of this property?
This property features: 154,085+ SF office campus fully leased to multiple Oklahoma state agencies; 100% leased to OHCA, Oklahoma Department of Corrections/ODOC, Oklahoma Pardon and Parole Board, and ODMHSAS; Year built: 2014; fully renovated and redeveloped in 2014 from a former hotel & conference center
