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    1523 72Nd Ave NE Norman, OK 73026

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    Sponsored
    For Sale
    $1,950,000

    Farm / Farmhouse, Farm/Estate - Norman, OK

    Type:Farm
    Property size:
    3,528 SF
    Lot size:
    84.00 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 13 at 3:06 pm

    Property Features for 1523 72Nd Ave NE

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Standard status
    Active
    Zoning
    100
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Dining Room, Family Room, Living Room
    Bedrooms
    3
    Bathrooms
    3
    APN
    R0186387
    Parking features
    Carport, Garage, Garage - Detached
    Fireplace
    1
    Size
    3,528 SF
    Lot size
    84.00 Acres

    Utilities

    Heating system
    Fireplace(s), Heat Pump (Heating), Natural Gas
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1985
    Year renovated
    1985
    Floors in Building
    2
    Flooring type
    Carpet, Hardwood, Tile
    Building materials
    Stucco, Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Wally Kerr
    Wally Kerr

    Your Home Sold Guaranteed Realty - Kerr Team (405) 321-8326

    Listing agent Wally Kerr (405) 321-8326

    Listing date Mar 12, 2026

    MLS# 11567586 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Equestrian Estate with Development Potential

    This 84-acre equestrian estate presents opportunities for luxury living and diverse activities. Currently, the property hosts 4 shows and 3 clinics annually, making it suitable for horse enthusiasts. Its versatility extends to weddings, festivals, reining events, dog agility, and even cattle ranching. The farm includes two homes and a prime homesite suitable for constructing a luxury residence overlooking a pecan grove. The main home features 3 bedrooms and 3 bathrooms with an open-concept design, slate flooring, picture windows, and an oversized study with custom built-ins. Upstairs, there are 2 bedrooms and 2 full baths. The second home offers 2 bedrooms and 1 bath. Equestrian facilities include 3 barns with a total of 28 stalls. One barn includes a bathroom, and another is designed for equipment and hay storage, accommodating up to 600 bales. The main barn has 12 stalls, a large tack room, an equipment room, and a wash rack with hot and cold water. In 2024, a Morton indoor arena was constructed, featuring professional footing with a screenings base and river sand, along with oversized doors for natural ventilation. Outdoor amenities include a dressage sand area, one sand and one grass jumping ring, a cross-country course, and 10 paddocks, each equipped with freeze-proof faucets. All structures have had new roofs installed in the last 3 years. Trails wind through the acreage, located 8 miles from the University of Oklahoma and 10 miles from Lake Thunderbird equestrian trails.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Real Estate Agency Dental Office Auto Repair Shop Department Store Food Market Grocery & Convenience Store Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.331835
    Latitude
    35.238012

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    FAQs

    What type of property is this?
    Horse & equestrian property - 84-acre equestrian estate suitable for various events and luxury living.
    Where is this horse & equestrian property located?
    The property is located at 1523 72Nd Ave NE Norman, OK.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: - 84-acre equestrian estate with **extensive facilities**: 3 barns (28 stalls total), **indoor arena (built 2024)**, dressage area, jumping rings, cross-country course, and 10 paddocks.; - Two homes on the property: a 3-bedroom main home with open-concept design and a 2-bedroom second home for guests or staff.; - Versatile property suitable for various events: horse shows, weddings, festivals, reining events, dog agility, or cattle ranching.
    (405) 412-7360
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    1523 72Nd Ave NE Norman, OK 73026
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1523 72Nd Ave NE Norman, OK 73026
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    Listing Contact
    Wally Kerr
    Wally Kerr
    (405) 412-7360 (405) 330-3000 (405) 321-8326
    Learn more
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