Retail Building with Warehouse
For Sale
Contact for pricing
Pending
5615 S Western Ave, Oklahoma City, OK 73109
Freestanding retail building with warehouse and high visibility.
Property Size4,200 SF
Days on Market670
Property Features for 5615 S Western Ave
General Information
Standard status
Pending
Size
4,200 SF
Property subtype
Special Purpose
Listing Agency:
CENTURY 21 Judge Fite Company
Listed By:
Donica Bow · License #OK
Source:
Crexi
Added: Oct 29, 2024
Changed: Aug 8
Last Checked: Jul 24 at 4:17PM
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 CENTURY 21 Judge Fite Company
Investment Insights
Based on property information with market context.
This freestanding retail building features 2400 square feet of store space and a 40x45 square foot warehouse with an overhead door. The property is located on Western Avenue, benefiting from high visibility and traffic count. Zoned C3, the property allows for many options. Approximately 12 parking spaces are available. The roof was resealed in 2024. The building includes an office room and two bathrooms. All shelving and TVs can stay with the property. The total property size is 4200 square feet.
Key Highlights
- High visibility and traffic count on Western.
- Zoned C3 allows for many options.
- 2400 sq.ft. store space & 40x45 warehouse with overhead door.
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
$33,244
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
7.23%
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%
$664,880
$664.9K
Cap Rate 7%
$474,914
$474.9K
Cap Rate 9%
$369,378
$369.4K
Market Conditions
NOI Build-Up for 4,200 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
$40.3K $9.60/SF
− Vacancy
−$1.2K −$0.29/SF
EGI
$39.1K $9.31/SF
− OpEx
−$5.9K −$1.40/SF
NOI
$33.2K $7.92/SF
Area
Oklahoma City, OK
Vacancy
3.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$664,880
Cap Rate 7%
$474,914
Cap Rate 9%
$369,378
Alternative Uses
Best Use
Retail
$1.18M
$1.04M – $1.38M
NOI $82,908 @ 7.0% cap · market cap 18.02%
Second Best
Warehouse
$474.9K
$415.6K – $554.1K
NOI $33,244 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,548 @ 7.0% cap · market cap 21.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
764
Businesses Nearby
Explore this area
Business Placement
Demographics for 73109, OK
20,148
Population
8,344
Households
2.4
Avg Household Size
33
Median Age
7%
College-Educated
65%
High-School Grad
5.4 sq mi
ZIP Area
3,731
Density / Sq Mi
$40,944
Median Household Income
$28,370
Median Earnings
$851
Median Rent
$89,300
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?
Retail space - Freestanding retail building with warehouse and high visibility.
Where is this retail space located?
The property is located at 5615 S Western Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: High visibility and traffic count on Western.; Zoned C3 allows for many options.; 2400 sq.ft. store space & 40x45 warehouse with overhead door.
