Warehouse
28064 State Highway 33
28064 OK-33, Cashion, OK 73016
Listing Price: $2,995,000
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 46,800 square feet of industrial space and is situated on 15 acres of land. The multi-tenant asset features 10 medical
cannabis cultivation facilities, and 600 square feet of living space. Fully occupied at the time of listing, the tenants are structured on short-term staggered leases, allowing investors to increase value while generating consistent cash flow. Non-local investors can be assisted by the current on-site management team. With ample land, the property can easily accommodate additional development. Situated just off State Highway 33, the property has proximate access to State Highway 74 (South Portland Avenue) for easy 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 1.9 million square feet of industrial space, consisting mostly of logistics facilities. Following the nationwide trend, the vacancy rate in Logan County climbed to a 10-year high at 6.5 percent at the midway point of 2024 as new supply has outpaced positive net absorption year-to-date. With market rents peaking in Q1 at about $9.70 per square foot, annual rent growth slowed to 1.4 percent the following quarter, representing the slowest pace since late 2011. With 26,600 square feet of industrial space under construction at the start of Q3 (representing only 1.4 percent of inventory), demand will be the biggest factor impacting vacancies and rent growth going forward (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.
Investment Highlights
- 46,800 Square Feet of Fully Occupied Multi-Tenant Warehouses
- Comprised of Stand Alone Small-Bay Buildings
- Property Sits on 15 Acres for Avenues of Future Development
- Current On-Site Management for Non-Local Investors
- Property Sits in Close Proximity to Highway 33 and Highway 74 for Distribution
Exclusively Listed By
Broker of Record
Financing By
Listing Price: $2,995,000
Investment Highlights
- 46,800 Square Feet of Fully Occupied Multi-Tenant Warehouses
- Comprised of Stand Alone Small-Bay Buildings
- Property Sits on 15 Acres for Avenues of Future Development
- Current On-Site Management for Non-Local Investors
- Property Sits in Close Proximity to Highway 33 and Highway 74 for Distribution
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 46,800 square feet of industrial space and is situated on 15 acres of land. The multi-tenant asset features 10 medical cannabis cultivation facilities, and 600 square feet of living space. Fully occupied at the time of listing, the tenants are structured on short-term staggered leases, allowing investors to increase value while generating consistent cash flow. Non-local investors can be assisted by the current on-site management team. With ample land, the property can easily accommodate additional development. Situated just off State Highway 33, the property has proximate access to State Highway 74 (South Portland Avenue) for easy 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 1.9 million square feet of industrial space, consisting mostly of logistics facilities. Following the nationwide trend, the vacancy rate in Logan County climbed to a 10-year high at 6.5 percent at the midway point of 2024 as new supply has outpaced positive net absorption year-to-date. With market rents peaking in Q1 at about $9.70 per square foot, annual rent growth slowed to 1.4 percent the following quarter, representing the slowest pace since late 2011. With 26,600 square feet of industrial space under construction at the start of Q3 (representing only 1.4 percent of inventory), demand will be the biggest factor impacting vacancies and rent growth going forward (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.