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    Norman Equestrian Facility with Indoor Arena Title is generated by Realmo AI

    1523 72nd Avenue NE, Norman, OK 73026

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    For Sale
    $1,950,000

    Farm / Farmhouse, Farm/Estate - Norman, OK

    Type:Farm
    Property size:
    3,528 SF
    Lot size:
    84.00 Acres
    Price / SF:
    $552/SF
    Added:
    Aug 28, 2025
    Days on Market:
    262
    Last Refresh:
    May 16 at 1:06 am

    Property Features for 1523 72nd Avenue NE

    General Information

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

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3408

    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

    Listing agent Wally Kerr

    Listing office Your Home Sold Guaranteed Realty - Kerr Team 2500 McGee Dr Ste 147, Norman, OK

    Listing date Aug 28, 2025

    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.

    HighLights

    • Professional equestrian facility on 84 acres.
    • Modern 3,500 sq ft owner's home with 3 beds, 3 baths, plus a separate 2 bed, 1 bath assistant trainer's bunkhouse.
    • Morton indoor arena (built in 2024) with oversized doors, screenings base, and river sand footing.
    • Conveniently located minutes from downtown Norman and the University of Oklahoma.
    • Three barns plus hay storage, hot/cold wash‑rack, tack rooms, equipment rooms, and bathroom.
    • All structures feature new roofing material installed within the last 3 years.

    Overview

    This 84-acre equestrian facility is designed for professional training in reining, cow horse, cutting, or barrel racing. It features 28 stalls with mats, accommodating a main trainer and offering potential leasing opportunities. The property includes two outdoor pads measuring over 300 feet in length, along with an indoor arena suited for fence work in all weather conditions. Built in 2024, the Morton indoor arena has oversized doors for ventilation and a screenings base with river sand footing. There are three barns, plus hay storage capable of holding up to 600 bales. Additional amenities include a hot/cold wash-rack, tack rooms, equipment rooms, and a bathroom. The property also features 10 paddocks, each equipped with freeze-proof faucets. All structures have had new roofing material installed within the last three years. The modern 3,528 square foot owner's/trainer's home includes three bedrooms and three bathrooms, slate floors, and large windows. An assistant trainer's bunkhouse provides two bedrooms and one bathroom. Located on paved roads, the facility is minutes from downtown Norman and the University of Oklahoma, with convenient access to Interstate 35 and a 40-minute drive to Will Rogers World Airport in Oklahoma City. It is also situated 30 minutes from the OKC Fair Grounds, between Fort Worth and Oklahoma City.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    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 facility with indoor arena near Norman, OK.
    Where is this horse & equestrian property located?
    The property is located at 1523 72nd Avenue 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: Professional equestrian facility on 84 acres.; Modern 3,500 sq ft owner's home with 3 beds, 3 baths, plus a separate 2 bed, 1 bath assistant trainer's bunkhouse.; **Morton indoor arena (built in 2024) with oversized doors, screenings base, and river sand footing.**
    (405) 330-4000
    We can help!
    Listing Contact
    Wally Kerr
    Wally Kerr
    Learn More
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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.

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    1523 72nd Avenue NE, Norman, OK 73026
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