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Cashion, OK

28064 State Highway 33

Address:
28064 State Highway 33, Cashion, OK 73016
Property Type:
Cannabis
Price:
$6,500,000
Cap Rate:
10.54% cap
NOI:
$684,963
Square Feet:
50,160 sqft
Lot Size:
15 acres
Price Per Square Foot:
$129.59
Year Built:
2020
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • 50,160 Square Feet of Fully Occupied Multi-Tenant Warehouses
  • Property Sits in Close Proximity to Highway 33 and Highway 74 for Distribution
  • Medical Cannabis Tenants with Staggered Leases for Staggered Terms
  • Current On-Site Management for Non-Local Investors
  • Property Sits on 15 Acres for Avenues of Future Development
  • As Medical Cannabis Continues to Grow in Strength Within Oklahoma, Demand for Space is Expected to Increase

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 28064 State Highway 33 in Cashion, Oklahoma. The subject property consists of approximately 50,160 square feet of industrial space and is situated on 15 acres of land. The fully occupied asset features 11 medical cannabis cultivation facilities, 1,600 square feet of living space, and current on site building management. As the medical cannabis industry continues to grow in Oklahoma, demand for cultivation space is expected to rise. Staggered short-term leases allow investors to increase value, while generating consistent cash flow. With ample land, the subject property can easily sustain additional development in the future. Non-local investors can be assisted by the current on-site management team. Situated just off State Highway 33, the property has proximate access to State Highway 74 (South Portland Avenue) for distribution.

Located 38 miles north of Oklahoma City, the subject property sits adjacent to the Logan County submarket. Logan County is a small submarket, containing about 1.4 million square feet of industrial space. Logistics facilities make up half the local supply, followed by specialized space and flex space. For more than five years, Logan County’s vacancy rate has remained below 5 percent and currently sits at just 0.6 percent. With availability largely nonexistent, market rents are rising faster than the three-year annual trend at 5.3 percent during Q2 2022. Market rents now average $9.14-per-square-foot, offering landlords about a 23 percent premium over the Oklahoma City market average. There are only 12,000 square feet of industrial space currently under construction, representing less than 1 percent of inventory. Thanks to a limited amount of new supply in the pipeline, rent growth and vacancies will largely go unimpeded at current demand levels (CoStar).

With the population growing nearly 18 percent over the last decade to 681,054 residents, Oklahoma City is the largest city in the state of Oklahoma. The metro area houses 1.4 million people and is currently growing at 4.8 percent each year (U.S. Census Bureau). Commonly known as “OKC”, the local economy is anchored by the energy, government, and healthcare industries. Major employers include Chesapeake Energy, Devon Energy, Integris Health, and Mercy Hospital. The presence of the state capital and the Tinker Air Force Base makes the government a major employer and contributor to the local economy. At nearly 15 percent below the national average, residents enjoy a low cost of living given its size (Best Places). The NBA’s Thunder often serves as the centerpiece of entertainment as the sole professional team in Oklahoma City.

BROKER OF RECORD
Mark McCoy
Oklahoma Broker of Record
7633 East 63rd Place, Suite 300
Tulsa, OK 74133
Tel: (817) 932-6100
Mark.McCoy@MarcusMillichap.com
License #: 181981
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060459)