Building Details

Building Size 31,106 SF

Year Built 1930

Buildings 2

Construction metal

Listing Agency: Creek Commercial Realty

Listed By: Troy Humphrey · License #174229

Source: Commercialcafe

Added: May 20 Changed: Oct 13 Last Checked: Oct 16 at 5:58AM

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Investment Insights

Based on property information with market context.

The property includes two adjoining parcels at 601 & 621 N Oklahoma Ave with vacant warehouse, metal, and storage buildings totaling 33,698 SF. Raw land is also included, providing an additional component for redevelopment. The buildings are positioned to share parking across the site.

The property is in central Oklahoma City near I-235, with access from NE 5th and NE 6th Street. Zoning is SPUD with a DHSA overlay and underlying DBD designation, creating a defined regulatory framework for the site’s existing improvements and land component.

Key Highlights

• 33,698 SF across vacant warehouse, metal, and storage buildings
• Two adjacent properties at 601 & 621 N Oklahoma Ave
• Raw land included for redevelopment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$266,726

Cap Rate

5.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,334,520 $5.3M

Cap Rate 7%

$3,810,371 $3.8M

Cap Rate 9%

$2,963,622 $3.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 33,698 SF

Gross rent

$323.5K $9.60/SF

− Vacancy

−$9.7K −$0.29/SF

EGI

$313.8K $9.31/SF

− OpEx

−$47.1K −$1.40/SF

NOI

$266.7K $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 Rate 5%

$5,334,520

Cap Rate 7%

$3,810,371

Cap Rate 9%

$2,963,622

Alternative Uses

Best Use

Warehouse

$3.81M

$3.33M – $4.45M (±1% cap)

NOI $266,726 @ 7.0% cap · market cap 5.50%

Second Best

Industrial

$2.93M

$2.56M – $3.41M (±1% cap)

NOI $204,867 @ 7.0% cap · market cap 4.22%

Theoretical Best

Specialty Retail

$11.52M

$10.08M – $13.45M (±1% cap)

NOI $806,730 @ 7.0% cap · market cap 16.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Manufacturing properties

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Veterinary Clinic Butcher Mobile Phone Store Supermarket

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

4,594

Businesses Nearby

Explore this area Business Placement

Demographics for 73102, OK

3,072

Population

1,460

Households

2.1

Avg Household Size

35

Median Age

27%

College-Educated

86%

High-School Grad

0.8 sq mi

ZIP Area

3,840

Density / Sq Mi

$67,542

Median Household Income

$37,067

Median Earnings

$1,253

Median Rent

$212,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Adjacent vacant buildings, raw redevelopment land, and SPUD zoning with DHSA overlay.

Where is this manufacturing property located?

The property is located at 601 N Oklahoma Ave Oklahoma City, OK.

What is the asking price?

The asking price for this property is $4,850,000.

What are key features of this property?

This property features: 33,698 SF across vacant warehouse, metal, and storage buildings; Two adjacent properties at 601 & 621 N Oklahoma Ave; Raw land included for redevelopment