4 S Kelly Ave - Kelly & Main Portfolio - 5-Lot Downtown Edmon 0.4 Acres of Residential Land Offered at $862,330 CAD in Edmond, OK 73003

THE OPPORTUNITY
Access Real Estate is offering, on behalf of a long-time owner, a five-lot infill development site in the heart of downtown Edmond, Oklahoma. The Property comprises three contiguous parcels totaling 0.4017 acres at the corner of S Kelly Ave and W Main St — directly across from Barnett Field Splash Pad, the City of Edmond's signature downtown family amenity. Three 1940s ranch rentals currently produce $3,350/mo ($40,200/yr) of carry income. The Property is being offered as a single portfolio at $635,000 ($127,000 per lot, $36.29/SF land).
THE INVESTMENT THESIS
Downtown Edmond is the most active redevelopment submarket in the Oklahoma City metro. The Main Street TIF district has attracted $158M+ in private investment since 2020 with 500K+ SF currently under construction. Adjacent finished single-family product (727 and 731 W Main, both within one block) has traded at $379,500 and $500,000 in the last 24 months. The strongest direct land comp — 612 W 2nd St, a six-lot vacant assemblage in the same Main Street Addition subdivision — sold at $510,000 / $30.36/SF in April 2024. The Subject's existing rental income offsets entitlement and design carry — a structural advantage rare on infill sites this size.
ZONING & DENSITY
The Property is zoned Class A (Single-Family Dwelling) under City of Edmond code. Five homes are buildable by right, with no rezoning required. A sixth home is achievable through a Planned Unit Development (PUD) or replat — a common pattern in the surrounding subdivision and a documented density upside in our yield study (available on request).
EXISTING IMPROVEMENTS
Three single-family ranch rentals (1940 build, 860 SF / 1,098 SF / 1,064 SF) are tenant-occupied month-to-month. The structures provide $40,200 in scheduled annual rent. They are not material to the redevelopment thesis but contribute meaningful carry income during entitlement and design.
BUYER PROFILE
The Property fits five buyer profiles: (1) local residential infill builders (Castle Custom Homes, Rasmussen, South 80, Switchgrass Capital); (2) regional development capital seeking TIF-district infill; (3) build-to-rent operators; (4) owner-users desiring downtown Edmond development control; and (5) as-is rental portfolio investors. The Seller will entertain offers from all profiles.
PROCESS & TERMS
Cash, conventional, hard-money, and 1031-exchange offers welcome. Seller is open to a flexible closing aligned with the buyer's entitlement timeline. Familial relationship between the Seller and the Listing Broker is disclosed; no impact on price or terms.