Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5605 Windstone Drive Norman, OK 73072

    View on Map
    Pending
    $127,500

    LAND - Norman, OK

    Lot size:
    0.30 Acres
    Added:
    Sep 13, 2024
    Days on Market:
    569
    Last Refresh:
    Apr 4 at 10:06 am

    Property Features for 5605 Windstone Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Pending
    APN
    5605NONEWindstone73072
    Lot size
    0.30 Acres

    We can help!

    Listing Contact
    Amiee Stephenson
    Amiee Stephenson

    Listing agent Amiee Stephenson License #156214

    Listing office Brix Realty 706 W Sheridan AVE, Oklahoma City, OK

    Listing date Sep 13, 2024

    MLS# 1135132

    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.

    Overview

    Lakefront Lot in Established Community

    This residential lot, situated in an established community in Norman, OK, offers the opportunity to build a home with lake views. The property has utilities in place, including electricity, water, and sewer services. The lot size is approximately 0.3042 acres. It is located at 5605 Windstone Drive, Norman, OK 73072.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.506832
    Latitude
    35.286061

    Nearby Similar for Sale

    • $710,000
      7,400 SF

      Norman Flex Space For Sale

      7,400 SF flex space near I-35 in Norman, OK.
      1831 Industrial Boulevard, Norman, OK 73069
      View Details
    • $1,250,000
      5,031 SF

      Norman Office Building with Income

      Two-suite commercial office building with income and occupancy potential.
      901 Wall Street unit: 909, Norman, OK 73069
      View Details
    • $600,000

      Fly-In Hangar Home Near Lake

      Private 5-acre hangar home with direct runway access near Lake
      9105 Charmee Sandee, Norman, OK 73026
      View Details
    • $899,000
      5,904 SF

      Norman Retail/Office Building For Sale

      Two-story commercial building in Norman's vibrant Arts District.
      218 E Main Street, Norman, OK 73069
      View Details
    • $240,000

      Norman Land Near Turnpike Project

      5 acre vacant lot near planned ACCESS Oklahoma Turnpike.
      8202 120th Avenue NE, Norman, OK 73026
      View Details
    • $499,900

      Prime Commercial Vacant Lot

      2.13 acre commercial lot ideal for business development.
      SE 24th Avenue, Norman, OK 73071
      View Details
    • $694,900

      Versatile Land on Flood Avenue

      Half acre land with frontage on Flood Avenue in Norman.
      128 S Flood Avenue, Norman, OK 73069
      View Details
    • $575,000
      4,918 SF

      Well-Maintained Four-Unit Multifamily Property

      Four units near OU, ideal for investors or owner-occupants.
      602 Welston Circle unit: 604, Norman, OK 73071
      View Details
    • $450,000
      4,988 SF

      Fully Occupied Investment Opportunity

      8-unit multifamily property near OU, offering immediate income.
      521 W Symmes Street, Norman, OK 73069
      View Details
    • $575,000
      4,918 SF

      Four-Unit Multifamily Property in Norman

      Well-maintained duplexes near OU, restaurants, and shopping.
      603 Welston Circle unit: 605, Norman, OK 73071
      View Details
    • $865,900

      Norman, OK Cleared Land

      Cleared, level lot in Norman's City Center for redevelopment.
      230 W Symmes Street, Norman, OK 73069
      View Details
    • $1,100,000

      Norman OK Industrial Park Land

      6.19 acres in industrial park with interstate access.
      5451 Huettner Drive, Norman, OK 73069
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot with lake views and utilities in Norman, OK.
    Where is this residential land & home lot located?
    The property is located at 5605 Windstone Drive Norman, OK.
    What is the asking price?
    The asking price for this property is $127,500.
    What are key features of this property?
    This property features: Breathtaking lake views from this lakefront property.; Lakefront property.; Utilities (electricity, water, sewer) already in place.
    (405) 361-0121
    We can help!
    Listing Contact
    Amiee Stephenson
    Amiee Stephenson
    Real Estate License ID: 156214
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!