Lender-Grade SBA and USDA Feasibility Studies, Calibrated to Oklahoma

3. Oklahoma City Metro: Industrial, Multifamily, Hospitality, and the Tinker Anchor

Oklahoma City is the operational heart of the state's aerospace, defense, energy, and corporate-headquarters cluster. Tinker Air Force Base contributes $4.5 billion in annual statewide economic impact, supports 26,000-plus military, civilian, and contractor jobs, and is the largest single-site employer in Oklahoma; Boeing's AM&S division headquarters at Tinker employs more than 3,000 and the KC-46 sustainment expansion is expected to add approximately 1,300 positions and roughly $1 billion in cumulative impact through 2028. Devon Energy (50-story Devon Energy Center anchoring the CBD), Continental Resources, OG&E / OGE Energy Corp, Hobby Lobby Stores (one of the largest privately held companies in the country), Love's Travel Stops & Country Stores (more than 600 travel centers nationally), Sonic Drive-In, Paycom, and Express Employment round out the headquarters cluster. Will Rogers World Airport is undergoing a $200-million-plus capital program. The voter-approved $1 billion downtown arena replacing Paycom Center for the Oklahoma City Thunder targets occupancy in 2028 or 2029, and the Boardwalk at Bricktown proposal includes Phase 1 Hyatt Dream and residential towers plus a proposed 1,907-foot Legends Tower. LA28 has confirmed Oklahoma City as the venue for the entire Olympic softball competition at Devon Park and for Olympic whitewater canoe slalom.

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The OKC industrial market totals approximately 152 million square feet of stabilized stock with vacancy near 5.3 percent and rent growth of approximately 0.4 percent year-over-year per the 2025 Greater Oklahoma City Outlook citing CoStar January 2025 data, with roughly 610,000 square feet under construction and a tenant-absorption rate that recovered 74 percent of first-half 2025 deliveries per CBRE H1 2025. Investment volume rose materially in 2024 and 2025, with 2025 pricing near $71 per square foot versus the ten-year average of $52. Submarket geography includes Southeast (the dominant new-supply submarket along I-40 toward Tinker), Southwest, Northeast, Northwest, and the Will Rogers Airport corridor. Major occupiers include Amazon, FedEx, UPS, Walmart's Pauls Valley regional distribution center, the Boeing Tinker complex, and the Hobby Lobby distribution footprint. The industrial flex and warehouse sub-asset classes are the most productive feasibility zones for SBA 504 owner-occupier deals targeting smaller bay sizes for makers, light manufacturing, and last-mile distribution.

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OKC office vacancy stood at 25.1 percent in Q3 2025, with average asking rent of $19.27 per square foot and year-to-date negative absorption of 490,000 square feet. CBRE H2 2024 OKC Office Figures recorded 22.6 percent total vacancy. Build-to-suit and medical office continue to underwrite at acceptable risk-adjusted returns; speculative multi-tenant CBD office does not. Cherry pads, single-tenant net lease, and adaptive-reuse plays in Bricktown, Midtown, and the Innovation District are the active feasibility zones. The OKC retail market totaled approximately 51 million square feet at year-end 2024 per Price Edwards with vacancy at 8.87 percent, modestly improved from 8.97 percent the prior year. Oklahoma City accounts for 45 percent of statewide taxable retail sales while housing 36 percent of state population.

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Oklahoma City multifamily closed 2024 with approximately 2,792 deliveries against 2,265 net absorption, occupancy of 90.0 percent, and rent growth of 2.1 percent (versus 1.0 percent national). Average market rent of approximately $1,000 per month sits 40 percent below the national benchmark, with Class A averaging $1,290, mid-tier $998, and lower-tier $790. The construction pipeline contracted to 1,500 to 1,600 units (1.4 percent of stock versus 3.4 percent national), well below the 2,500-unit ten-year average. Per CoStar and Apartments.com January 2026 data, OKC posted the steepest monthly rent decline among tracked metros at negative 0.17 percent month-over-month, reflecting cyclical absorption of the 2023-2024 supply wave. Canadian County and Edmond are primary new-supply submarkets; Northwest OKC and Downtown lead absorption. The Oklahoma Housing Finance Agency (OHFA) administers federal 9 percent and 4 percent LIHTC across the state. Affordable housing feasibility studies for OHFA-funded projects must explicitly model the QAP scoring matrix, the 4 percent versus 9 percent credit decision, and the post-McGirt jurisdictional analysis where applicable.

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Hospitality recorded year-to-date July 2025 occupancy of 55.6 percent (down marginally from 56.1 percent the prior year), ADR of $104.20 (up from $98.77), and RevPAR of $57.94 (up from $55.37) per STR and CoStar data via the Oklahoma Hotel and Lodging Association. OKC short-term rentals year-to-date 2025 ran 52 percent occupancy with $147 ADR and $73.80 RevPAR (up 6 percent). Demand benefits from confirmed LA28 Olympic events, Thunder NBA playoff runs, OU football game-weekend spillover (the OU-Tennessee game in September 2024 generated the largest single-weekend RevPAR gain in the country per STR), and a continued pipeline of Tinker-adjacent corporate transient demand from KC-46 sustainment ramp.

4. Other Asset Classes We Cover in Oklahoma

Beyond the Tier 1 asset classes above, MMCG produces SBA, USDA, and conventional-grade feasibility studies for the full range of commercial property types financed in Oklahoma. The Tinker, Tulsa industrial, tribal-gaming-adjacent, and Hochatown demand drivers, USDA-eligible rural geography across most of the state outside the OKC and Tulsa cores, the post-Marshall-Fire and Tornado Alley insurance reset, and the chronic affordability gap in both metros support deal flow in each of the categories below.

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Self-Storage and RV Storage. Oklahoma sits mid-pack on per-capita storage saturation at approximately 7 to 8 square feet per capita versus a national 7.5 benchmark. RV storage is overrepresented relative to national norms, supported by large RV-ownership demographics, lake-recreation culture, and Texas snowbird flows through Lake Texoma and Lake Eufaula. Self-storage feasibility analysis in suburban OKC (Edmond, Norman, Yukon, Mustang, Moore) and suburban Tulsa (Broken Arrow, Owasso, Bixby, Jenks, Sand Springs) is the most active sub-segment.

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RV Parks, Glamping, and Short-Term Rentals. Concentrated demand at Hochatown and Beavers Bend (top-twenty national STR market), Lake Texoma (cross-Red-River Texas demand), Lake Eufaula (the largest Oklahoma reservoir by surface area), Grand Lake o' the Cherokees (the dominant northeastern Oklahoma weekend market), Lake Tenkiller, Lake Murray, Skiatook Lake, Keystone Lake, and Lake of the Arbuckles. STR and RV park feasibility studies must explicitly address McCurtain County's post-2022 Hochatown municipal regulatory framework, occupancy-tax structures, FEMA flood and wildfire exposure, and tribal-jurisdictional overlay where applicable.

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Healthcare, Assisted Living, and Medical Office. INTEGRIS Health, Mercy Health, OU Health (with the OU Health Sciences Center in OKC and the Stephenson Cancer Center), Saint Francis Health System (the largest in northeastern Oklahoma), Hillcrest, and SSM Health/St. Anthony anchor the urban systems. Tribal health systems including Cherokee Nation Health Services and the Chickasaw Nation Medical Center operate at major-system scale across eastern and south-central Oklahoma. The Oklahoma 65-plus population is growing materially faster than the working-age population, supporting assisted living and memory-care feasibility, with USDA Community Facilities financing available for non-profit operators across rural-eligible counties.

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Gas Stations, C-Stores, Car Washes, and Restaurants. OnCue Express (headquartered in Stillwater) dominates the OKC metro retail-fuel and convenience market. Love's Travel Stops & Country Stores (headquartered in OKC, with more than 600 travel centers nationally) is primarily an interstate-corridor operator. QuikTrip (headquartered in Tulsa, more than 800 stores nationally and approximately 31,000 employees) historically operated almost exclusively in the Tulsa metro despite the local headquarters, before entering OKC in 2023 and fundamentally restructuring competitive dynamics. Casey's General Stores has expanded aggressively in secondary Oklahoma markets following the 2020 7-Eleven local-acquisition. Pilot/Flying J, Murphy USA, and Circle K round out interstate corridor coverage. OKC and Tulsa metro gas station and car wash feasibility requires very rigorous siting given competitive saturation; secondary markets (Lawton, Enid, Ardmore, Duncan, Ponca City, McAlester, Muskogee) and tribal-gaming-adjacent corridors are more attractive feasibility zones for new development.

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Marinas, Wedding Venues, and Childcare. Grand Lake o' the Cherokees, Lake Tenkiller, Lake Eufaula, Lake Texoma, Lake Murray, Skiatook Lake, and Keystone Lake support a marina and lakefront-resort feasibility pipeline structurally dependent on Oklahoma Department of Wildlife Conservation and U.S. Army Corps of Engineers concession dynamics. Wedding and event-venue feasibility must factor FORTIFIED Commercial standards and FEMA P-361 tornado safe-room requirements common in Oklahoma scopes since the 2013 Moore tornado. Childcare is one of the most active USDA Community Facilities feasibility categories in rural Oklahoma given the depth of the rural childcare-desert problem.

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Renewable Energy, Agribusiness, and Mining-Adjacent Service Businesses. Wind dominates rural REAP feasibility (the third-largest national wind generation state); solar is growing rapidly in southwestern Oklahoma and at the Tulsa Port of Inola. Cattle feedlot operations (Texas County and the broader Oklahoma Panhandle), wheat handling and storage (Garfield, Grant, and Major counties), poultry processing (eastern Oklahoma), and the Seaboard Foods Guymon pork complex anchor agribusiness employment. Active mining operations include helium production (Cimarron and Texas counties), sand and gravel statewide, cement and aggregates (Cement, Mill Creek, Davis), and the Tar Creek Superfund area legacy of lead and zinc mining at Picher, Cardin, and Quapaw, one of the largest Superfund sites in the country. Mining-adjacent service businesses remain SBA 7(a) and 504 eligible.

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Cannabis Real Estate Conversion. Oklahoma has the largest stranded inventory of cannabis-related commercial real estate in the United States. At the 2022 peak, OMMA had licensed approximately 13,000 dispensaries, growers, and processors. Following the March 2023 failure of State Question 820 recreational legalization, the state imposed a moratorium on new licenses (extended via HB 2095 to August 2026), commercial grower licenses contracted 44 percent in fiscal 2024 alone, and per OMMA's June 2023 market study cannabis supply outpaces demand by at least 32 times. Most of this stranded inventory is concentrated in eastern counties (Adair, Sequoyah, Cherokee, McCurtain, LeFlore, Ottawa). Cannabis-touching real estate is structurally ineligible for SBA 7(a), SBA 504, USDA B&I, USDA Community Facilities, and any FDIC-insured federal financing channel, including grow houses with prior cannabis use even where the current tenant is non-cannabis (federal underwriters require seasoning). MMCG produces conversion-to-non-cannabis-use feasibility studies for grow-house-to-light-industrial, dispensary-to-retail, and cultivation-warehouse-to-cold-storage projects across the eastern Oklahoma corridor.

5. What Makes a Oklahoma Feasibility Study Bankable

A bankable Oklahoma feasibility study addresses six state-specific underwriting realities that templated, out-of-state reports routinely miss.

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First, tribal sovereignty post-McGirt. McGirt v. Oklahoma (591 U.S. 894, July 2020) and follow-on Oklahoma Court of Criminal Appeals decisions confirmed that ten Oklahoma reservations were never disestablished, returning approximately the eastern half of the state to Indian Country status for federal purposes. The Oklahoma Attorney General's published guidance is unambiguous on the point most relevant to commercial real estate: McGirt has no effect on existing fee-simple property ownership, deeds, mortgages, or recorded leases, and the mere operation of a business in eastern Oklahoma does not subject that business to tribal civil jurisdiction. However, three CRE-specific implications now flow through every eastern Oklahoma engagement. Title insurance reviews routinely require tribal-jurisdiction endorsements within the Cherokee, Choctaw, Chickasaw, Muscogee (Creek), and Seminole reservations. Tribal civil regulatory authority over fee land within reservation boundaries (taxation, zoning, environmental, employment) remains an open litigation frontier and is the dominant unresolved question in Oklahoma CRE law. Tobacco, motor-fuel, and motor-vehicle-tax compacting between the state and the Five Civilized Tribes has been in continuous renegotiation since 2022, with material implications for any retail-fuel or convenience deal in eastern Oklahoma.

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Second, Tornado Alley insurance and construction. Oklahoma led the nation in 2024 with 151 tornadoes and ranked third for hailstorms with 767 events. Per Insurify analysis, Oklahoma is on track to finish 2026 as the second-most-expensive state in the country for homeowners insurance at approximately $5,858 in average annual premium versus a national average near $3,057, surpassing Louisiana, with statewide insurance costs up approximately 24 percent in 2025 alone. Oklahoma experienced 76 severe storm events causing $1 billion or more in inflation-adjusted damages between 1980 and 2024, with the annual frequency rising from 2.6 events per year (1980-2024 average) to 6.0 per year (2020-2024 average). Several national property-casualty carriers have non-renewed in select Oklahoma submarkets. Wind and hail deductibles of 1 to 5 percent of insured value are now standard, and some carriers require higher. FORTIFIED Commercial standards and Class 4 impact-resistant roofing produce 20 to 30 percent premium discounts under Oklahoma Statute Title 36 Section 962. FEMA P-361 tornado safe-room requirements are common in multifamily, hospitality, assisted-living, and childcare scopes. MMCG models 1.0 to 1.5 percent of insured value as a Year 1 wind and hail insurance line for Oklahoma CRE pro formas, versus 0.4 to 0.7 percent for non-Tornado-Alley projects, with 8 to 12 percent annual escalation in years 2 through 5.

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Third, water. Oklahoma water resources are governed by the Oklahoma Water Resources Board under the Arkansas-White-Red Basin Compact, with three active feasibility-relevant issues. The 2016 Choctaw-Chickasaw water rights settlement covers approximately 22 counties of south-central and southeastern Oklahoma and creates a tri-jurisdictional evaluation structure for significant water-allocation decisions; congressional approval remains pending into 2026 and large water-consumptive projects (data centers, food processing, large-scale livestock) face longer permitting timelines than the rest of the state. The Lugert-Altus reservoir crisis in Greer, Kiowa, and Jackson counties has produced zero-allocation years for the 50,000-acre Lugert-Altus Irrigation District (in 2012-2014 and again in 2022-2023), and the District is currently deploying $25 million in ARPA grant funds to begin lining or replacing 300 miles of dirt canals; for southwestern Oklahoma agribusiness feasibility (cotton, alfalfa, irrigated specialty crops), water availability is the single binding constraint and must be modeled with multi-year drought scenarios. The Cushing crude storage hub sits atop the Arbuckle Group, the dominant produced-water disposal injection formation, creating a recurring groundwater contamination liability and secondary-containment underwriting issue for any Cushing-area industrial deal.

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Fourth, induced seismicity. Oklahoma's induced-seismicity crisis tied to wastewater injection peaked in 2015 with 888 magnitude-3.0-or-greater earthquakes statewide. The Oklahoma Corporation Commission mandated Arbuckle Group well plug-backs starting in 2015, and per a Skoumal et al. study published in The Seismic Record (2024), current 2024 seismicity rates are approximately 4.4 times lower than they would be absent the plug-back mandate. Notable historical events include the 2011 Prague magnitude-5.6, the 2016 Pawnee magnitude-5.8 (the largest in Oklahoma history), and the 2011 Sparks magnitude-5.0. For older unreinforced masonry commercial structures in central and north-central Oklahoma (Cushing area, Pawnee, Prague, the broader STACK and SCOOP corridor), structural assessments and earthquake insurance riders are now common underwriting items even though they are not standard elsewhere in the state. Earthquake insurance deductibles of 5 to 10 percent of insured value with sub-limits are typical for any policy that can be obtained. The MMCG seismic risk map and wind risk map tools are structurally relevant to every Oklahoma engagement.

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Fifth, power grid and the Southwest Power Pool. Oklahoma is in the Southwest Power Pool, not ERCOT, and accordingly Oklahoma utilities (OG&E, PSO, OMPA, GRDA) experienced rolling blackouts during the February 2021 Winter Storm Uri rather than the catastrophic multi-day ERCOT-style outages. However, Oklahoma utilities passed through extraordinary natural-gas costs (approximately $3 to $4 billion in securitization-financed ratepayer charges), and OG&E remains in a multi-year prudency review at the OCC. The OG&E 2025 Integrated Resource Plan shifts toward natural gas and storage rather than additional wind. For data center, large-volume manufacturing, and any high-load industrial sponsor, Southwest Power Pool interconnection-queue position has become a binding constraint distinct from utility tariff economics, and feasibility analysis must address it explicitly.

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Sixth, the cannabis legal-but-unbankable flag. Oklahoma's regulated medical cannabis market is the largest by per-capita licensee count in the country and remains operational, generating approximately $65.7 million in fiscal 2024 sales tax. However, cannabis-touching commercial real estate is structurally ineligible for SBA 7(a), SBA 504, USDA B&I, USDA Community Facilities, USDA REAP, and any FDIC-insured federal financing channel. The OMMA market collapse since the March 2023 State Question 820 ballot defeat has produced the largest stranded inventory of cannabis-related real estate in the United States, concentrated in eastern Oklahoma counties (Adair, Sequoyah, Cherokee, McCurtain, LeFlore, Ottawa). MMCG flags this exposure in the engagement-scope memo before any work commences and produces conversion-to-non-cannabis-use feasibility studies for sponsors/borrowers seeking to redeploy stranded grow-house and dispensary buildings into bankable industrial, cold storage, or retail uses.

5. How MMCG Engages with Oklahoma Sponsors and Lenders

MMCG delivers Oklahoma feasibility studies in 9 to 16 business days from data receipt, with a complimentary preliminary market overview within one business day of submission. Pricing starts at $4,900 with a 50/50 fee schedule. Reports are formatted for SBA, CDC, USDA, and conventional lender file submission and incorporate the analytical layers Oklahoma credit committees expect, including post-McGirt tribal-jurisdictional analysis where applicable, Tornado Alley wind and hail insurance pricing exposure, Lugert-Altus or Choctaw-Chickasaw water-settlement-area documentation where applicable, induced-seismicity exposure for central and north-central Oklahoma assets, Southwest Power Pool interconnection-queue analysis for high-load industrial and data center deals, the OHFA QAP scoring matrix for affordable housing, the Oklahoma personal and corporate income tax phase-down assumptions in long-horizon DSCR projections, and the cannabis legal-but-unbankable flag for any project where the question arises. Sponsor inquiries that involve eastern Oklahoma tribal-jurisdictional title work, Lugert-Altus drought-scenario modeling, or any cannabis-touching CRE typically require the upper end of the 9-to-16-business-day range to accommodate counsel coordination, water-rights diligence, or private-capital underwriting alternatives.

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Engagements typically begin with the project address, asset class, capital stack, sponsor experience, and the specific lender or Certified Development Company carrying the deal. From there, MMCG calibrates scope to the program of record, whether SBA 7(a), SBA 504, USDA Business and Industry, REAP, Community Facilities, Value-Added Producer Grant, or conventional. MMCG's work has been cited in Forbes, The Washington Post, The Independent, Albany Business Review, and Commercial Observer.

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START YOUR OKLAHOMA ENGAGEMENT

Send the project address. Receive a free Oklahoma market overview within one business day.

Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days.

Email info@mmcginvest.com or call (628) 225-1110. Book a 30-minute meeting.

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Adjacent State Coverage

Kansas | Missouri | Arkansas | Texas | New Mexico | Colorado

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Oklahoma Cities and Counties Served

Oklahoma City Metro: Oklahoma City, Edmond, Norman, Moore, Midwest City, Del City, Yukon, Mustang, Bethany, The Village, Nichols Hills, Warr Acres, Choctaw, Harrah, Jones, Piedmont, El Reno, Newcastle, Blanchard, Tuttle, Mustang, Guthrie.

Tulsa Metro: Tulsa, Broken Arrow, Owasso, Bixby, Jenks, Sand Springs, Sapulpa, Glenpool, Coweta, Catoosa, Claremore, Skiatook, Collinsville, Pryor Creek.

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Lawton, Stillwater, Enid, Bartlesville: Lawton, Fort Sill, Cache, Elgin, Stillwater, Perkins, Cushing, Enid, Garber, Bartlesville, Dewey, Pawhuska.

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Eastern Oklahoma and Tribal Country: Muskogee, Tahlequah, Pryor, Vinita, Grove, Jay, Locust Grove, Wagoner, Sallisaw, Poteau, Spiro, Heavener, McAlester, Hartshorne, Wilburton, Henryetta, Okmulgee, Wewoka, Holdenville, Ada, Pauls Valley, Sulphur, Tishomingo, Marietta, Madill, Atoka, Antlers, Hugo, Idabel, Broken Bow, Hochatown.

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Southwestern and South Central Oklahoma: Ardmore, Healdton, Wilson, Walters, Frederick, Altus, Hobart, Mangum, Sayre, Cordell, Elk City, Clinton, Weatherford, Watonga, Duncan, Marlow, Comanche, Chickasha, Anadarko.

Northern, Central, and Panhandle: Ponca City, Tonkawa, Blackwell, Newkirk, Kingfisher, Hennessey, Watonga, Stroud, Chandler, Cushing, Drumright, Pawnee, Cleveland, Hominy, Boise City, Guymon, Hooker, Beaver.

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All 77 Oklahoma Counties: Adair, Alfalfa, Atoka, Beaver, Beckham, Blaine, Bryan, Caddo, Canadian, Carter, Cherokee, Choctaw, Cimarron, Cleveland, Coal, Comanche, Cotton, Craig, Creek, Custer, Delaware, Dewey, Ellis, Garfield, Garvin, Grady, Grant, Greer, Harmon, Harper, Haskell, Hughes, Jackson, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Latimer, Le Flore, Lincoln, Logan, Love, Major, Marshall, Mayes, McClain, McCurtain, McIntosh, Murray, Muskogee, Noble, Nowata, Okfuskee, Oklahoma, Okmulgee, Osage, Ottawa, Pawnee, Payne, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Roger Mills, Rogers, Seminole, Sequoyah, Stephens, Texas, Tillman, Tulsa, Wagoner, Washington, Washita, Woods, Woodward.