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    Norman Land Near Turnpike Project Title is generated by Realmo AI

    8202 120th Avenue NE, Norman, OK 73026

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    Claim this Listing
    For Sale
    $240,000

    LAND - Norman, OK

    Lot size:
    5.00 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    52
    Last Refresh:
    May 24 at 4:06 pm

    Property Features for 8202 120th Avenue NE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RES
    Standard status
    Active
    APN
    R0076661
    Lot size
    5.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    26-10-1W 5+AC TRACT 2 PRT N/2 OF SEC BEG S667.34 NE/C NE/4 S333.67 W660 N333.67 E660 POB
    Tax Annual Amount
    107

    We can help!

    Listing Contact
    Jimmy Pena

    Listing agent Jimmy Pena License #203635

    Listing office REAL Broker LLC 100 NE 5th Street, OFC 01, Broken Arrow, OK

    Listing date Apr 3, 2026

    MLS# 2611835 Listing URL

    Copyright © 2026 MLS Technology, 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

    • Strategic 5‑acre land hold in a rapidly developing infrastructure corridor.
    • Located directly in the path of the planned ACCESS Oklahoma South Extension Turnpike project.
    • Preliminary design maps (January 2026) show a significant interchange planned near the intersection.
    • Prime target for future commercial or retail use.
    • Partially cleared and ready for new development.
    • Offers ample space (217,800 square feet) for institutional investors.

    Overview

    This 5-acre vacant lot presents a rare opportunity for a strategic land hold within a rapidly developing infrastructure corridor. Located near the southwest corner of 120th Ave NE and Stella Road in Norman, the property is positioned directly in the path of the planned ACCESS Oklahoma South Extension Turnpike project. Preliminary design maps from January 2026 indicate a significant interchange planned near this intersection, potentially making this site a prime target for future commercial or retail use. The land, which totals 217,800 square feet, is partially cleared of previous structures and is ready for a new development vision. This offers ample space for institutional investors seeking to capitalize on long-term transit growth. Buyers should review the latest turnpike alignment maps to understand the high visibility and access potential of this site. The property is zoned RES and is sold as vacant land in its current condition.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Spa & Massage Center Hair Salon Nail Salon Department Store Grocery & Convenience Store Bakery Barber Shop Pet Store & Service Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.266114
    Latitude
    35.317335

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    FAQs

    What type of property is this?
    Commercial land - 5 acre vacant lot near planned ACCESS Oklahoma Turnpike.
    Where is this commercial land located?
    The property is located at 8202 120th Avenue NE Norman, OK.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: Strategic 5‑acre land hold in a rapidly developing infrastructure corridor.; Located directly in the path of the planned ACCESS Oklahoma South Extension Turnpike project.; Preliminary design maps (January 2026) show a significant interchange planned near the intersection.
    (918) 850-2929
    We can help!
    Listing Contact
    Jimmy Pena
    Real Estate License ID: 203635
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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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    8202 120th Avenue NE, Norman, OK 73026
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