Downtown Edmond 5-Lot Infill Site - $40K Carry Income
5-lot downtown Edmond infill · corner site · splash-pad frontage · $40K/yr carry
Marketing description
Access Real Estate is pleased to offer for sale a five-lot infill development opportunity in the heart of downtown Edmond, Oklahoma. The Property comprises three contiguous parcels (Lots 11–15, Block 015, Main Street Addition) totaling 0.4017 acres at the corner of S Kelly Ave and W Main St — directly across from Barnett Field Splash Pad. Zoning Class A allows five single-family homes by right; a sixth home is achievable via PUD or replat. Three existing 1940s ranch rentals provide $3,350/mo ($40,200/yr) of carry income through the entitlement period. The Property is offered as a single portfolio at $635,000 ($127,000 per lot, $36.29/SF land).
LOCATION
Downtown Edmond is the established core of one of Oklahoma's fastest-growing suburban cities (population ~96,000, +18% since 2010). The Main Street District is anchored by the University of Central Oklahoma (~16,000 students, ¼ mile north), Mitch Park, and the City's signature TIF redevelopment district. Within a ¾-mile radius the buyer will find Edmond Public Library, the Performing Arts Center, the splash pad and downtown park, and a continuous build-out of restaurants, coffee, and boutique retail. The subject site sits on the residential side of the TIF — a deliberate buffer between commercial activity to the north and stable single-family neighborhoods to the south.
DEVELOPMENT SCENARIOS
- 5 By-Right SFR (Base Case) — five 1,400–1,800 SF detached homes on platted lots; no entitlement risk.
- 6 PUD / Replat (Upside) — six homes with shared drive or detached ADUs; ~20% additional yield.
- 3 Build / Hold + 2 Sell — selectively redevelop while preserving 1–2 income streams.
- As-Is Hold — maintain rental portfolio at $40K/yr for income-focused buyers.
DIRECT COMPARABLES
- 612 W 2nd St — vacant assemblage, same Main Street Addition subdivision; six lots; sold $510,000 / $30.36/SF in April 2024.
- 727 W Main St — finished single-family home (Castle Custom Homes); sold $500,000 in October 2024.
- 731 W Main St — finished single-family home (Rasmussen); sold $379,500 in 2024.
- 101 S Fretz — active vacant assemblage; listed at $287,000 / $16.43/SF.
A full Offering Memorandum, Yield Study, Feasibility One-Pager, and parcel maps are attached. The Listing Agent has a familial relationship with the Seller, disclosed in writing under OREC requirements; this disclosure has no impact on price or terms.
Investment highlights
- Five buildable lots, by right. Zone A allows immediate SFR development without rezoning. PUD / replat path open for six homes.
- Splash-pad frontage. Across from Barnett Field Splash Pad — irreplaceable park-adjacent location.
- $40,200 annual carry income. Three occupied month-to-month rentals offset entitlement, design, and demolition carry. ~6.3% gross yield at list.
- Strongest direct comp in same subdivision. 612 W 2nd St (six lots, Main Street Addition) sold $510,000 / $30.36/SF in April 2024.
- Proven finished-product demand. 727 W Main (Castle Custom) sold at $500,000; 731 W Main (Rasmussen) sold at $379,500 — both within one block.
- Downtown Edmond TIF District. $158M+ private investment since 2020, 500K+ SF currently under construction.
- Single owner, single closing. All five lots, three structures, two parcels — one transaction.
- Flexible buyer profiles. Local infill builders (Castle, Rasmussen, South 80), out-of-area development capital, and as-is rental portfolio buyers.
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