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    Norman Retail/Office Building For Sale Title is generated by Realmo AI

    218 E Main Street, Norman, OK 73069

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    For Sale
    $899,000

    SINGLE_FAMILY - Norman, OK

    Type:Retail
    Property size:
    5,904 SF
    Price / SF:
    $152/SF
    Added:
    Aug 25, 2025
    Days on Market:
    283
    Last Refresh:
    Jun 3 at 6:06 am

    Property Features for 218 E Main Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    Commercial
    Standard status
    Active
    APN
    218EMain73069
    Size
    5,904 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    2
    Building materials
    Brick & Frame

    We can help!

    Listing Contact
    Mitra Senemar
    Mitra Senemar

    Listing agent Mitra Senemar License #143837

    Listing office Senemar & Associates 205 E. Memorial RD, Oklahoma City, OK

    Listing date Aug 25, 2025

    MLS# 1184833

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

    HighLights

    • Prime downtown Norman location in the Arts District offers high visibility and foot traffic.
    • Approx. 3,500 SF of street‑level retail space and 1,500 SF upstairs office with separate entrance.
    • Flexible open layout suitable for retail, gallery, office, or studio due to commercial zoning.
    • Historic charm with modern updates.
    • Walkable to downtown events, hotspots, and the Amtrak station.
    • Located in a fast‑growing cultural corridor.

    Overview

    Located in the heart of Norman's vibrant Arts District, this two-story commercial building at 218 E. Main Street offers approximately 3,500 square feet of street-level retail space and approximately 1,500 square feet of upstairs office space with a separate entrance. The property is situated steps from the Amtrak station and surrounded by art galleries, music venues, and restaurants, providing exceptional visibility and high foot traffic. The flexible open layout and commercial zoning make it ideal for various uses, including retail, gallery, office, or studio. The property is located in one of Norman's fastest-growing cultural corridors and is walkable to downtown events and hotspots. The building combines historic charm with modern updates. The total property size is 5,904 square feet. The office space is located on the top floor of the retail building.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $88.6k $15.00
    − Vacancy −$4.4k −$0.75
    EGI $84.1k $14.25
    − OpEx −$25.2k −$4.27
    NOI $58.9k $9.98
    5,904 SF · lease $15.00/SF/yr · vacancy 5.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $841.3K
    $736.2K – $981.5K (±1% cap)
    NOI $58,892 @ 7.0% cap · market cap 6.55%
    Second Best
    Office B
    $715.3K
    $625.9K – $834.5K (±1% cap)
    NOI $50,072 @ 7.0% cap · market cap 5.57%
    Theoretical Best
    Specialty Retail
    $1.02M
    $892.7K – $1.19M (±1% cap)
    NOI $71,415 @ 7.0% cap · market cap 7.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Computer Specialist Tech Support Center Adam & Eve Stores (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.440996
    Latitude
    35.221562

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    FAQs

    What type of property is this?
    Retail space - Two-story commercial building in Norman's vibrant Arts District.
    Where is this retail space located?
    The property is located at 218 E Main Street Norman, OK.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: Prime downtown Norman location in the Arts District offers high visibility and foot traffic.; Approx. 3,500 SF of street‑level retail space and 1,500 SF upstairs office with separate entrance.; Flexible open layout suitable for retail, gallery, office, or studio due to commercial zoning.
    (405) 834-2158
    We can help!
    Listing Contact
    Mitra Senemar
    Mitra Senemar
    Real Estate License ID: 143837
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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
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