Edmond Small Bay Warehouse Complex
Industrial | 7.10% CAP | 94,638 SqFt
Marketing description
This Small Bay Warehouse Complex is a 94,638 SF multi-tenant small-bay industrial asset located in the Deer Creek / Edmond growth corridor of Oklahoma City. The Property includes 4 buildings and 23 units, with typical suite sizes from 2,450 to 4,900 SF and larger suites up to 8,400 SF. Built in phases between 2009 and 2019, the park offers functional office/warehouse layouts, ADA-compliant restrooms, grade-level loading, and flexible configurations for a wide range of users.
The Property is positioned along NW 164th Street near Rockwell Avenue, with convenient access to the Kilpatrick Turnpike and major Oklahoma City metro corridors. The surrounding area is supported by continued residential and commercial growth, strong household incomes, and nearby national retailers, employers, and service providers.
The complex is offered at $11,500,000, representing approximately $122/SF, a 7.1% in-place cap rate based on current NOI at 96% occupancy, with the remaining vacancy being a recently renovated unit. Substantial upside is achieveable through contractual rent growth and lease rollover opportunities. The offering provides investors the opportunity to acquire a diversified small-bay industrial park at a competitive basis relative to replacement cost and comparable industrial product.
This Edmond Small Bay Warehouse Complex benefits from strong demographics, including a 3-mile population of 27,634, median household income of $112,062, and average household income of $152,419. This growing residential base supports demand from contractors, service businesses, storage users, ecommerce operators, gyms, showrooms, and light industrial tenants.
All leases except one are NNN, with tenants responsible for property taxes, CAM, utilities, electric, and gas, while water and trash are included. Lease terms generally range from 1 to 3 years, allowing investors to capture rental growth as leases expire.
Overall, this complex offers investors a stabilized, income-producing small-bay industrial asset with diversified tenancy, functional suite sizes, favorable lease structure, and a location positioned to benefit from continued growth across the north Oklahoma City / Edmond market.
Investment highlights
- In place cap rate of 7.1% & 96% occupied. Strong current occupancy provides stable cash flow and reduces lease-up risk compared to new development or heavily vacant assets.
- Value Add Opportunity: Average in-place rents of $8.97 PSF versus $11-$13 PSF market rents, creates upside through rent growth, lease-up, short lease terms, and expense recovery.
- Small Bay Multi Tenant Industrial: Small-bay industrial remains a highly attractive asset class, with flexible units, tight vacancy, and strong tenant demand. OKC was ranked #1 nationally by CoStar for small-bay warehouse demand.
- Park size - 94,638 Sq ft across 4 buildings: Considerably larger than other parks with similar bay sizes, this complex is well positioned to be an anchor in any portfolio in the OKC area.
- Unit Sizing & Minimal Office: 2,450-4,900 SF units, combinable up to ±8,000 SF. With office space ranging around ~10% of the unit, they are perfect for a wide range of tenants.
- Below Replacement Cost Opportunity: Given today's land, construction, financing, and development costs, the property offers quality stabilized existing industrial product well below replacement cost.
- Quality & Newer Construction: Newer construction, durable CMU walls, metal roofing, concrete parking, and quality buildouts, reduces maintenance risk versus competing parks.
- Diverse Tenant Base: With 23 units across diverse industries this park provides stable income with no dominant tenant type and no cannabis grow users.
- In the Deer Creek / Edmond Growth Corridor: With the NW corridor growth & affluence, this park is well positioned to benefit from the (stats of incoming growth)
- Professional In Place Management: Recent leasing and management improvements support continued stabilization, stronger tenant service, and future upside for a new owner.
- Above-Average Parking Ratio: Above average parking ratio (for asset type) of ~ 1 spot per 500 sq ft allows wide variety of tenant types and for additional upside to attract high $/ft users
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