Two-Suite Office
For Sale
$1,150,000
901 Wall Street, Norman, OK 73069
Commercial Sale, Norman, OK
Property Size5,031 SF
Lot Size0.39 Acres
Price / SF$228.58
Days on Market222
Property Features for 901 Wall Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Directions
From 24th Ave SW, turn left onto Tee Dr, after 350 ft, turn left onto Wall St. The property is the first building on the east side of the street.
Standard status
Active
APN
901NONEWall90973069
Size
5,031 SF
Lot size
0.39 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Listing Agency:
828 Real Estate LLC
(405) 701-8881
Listed By:
Chrystal Raprich
(405) 590-5863
Added: Feb 16
Changed: Aug 20
Last Checked: Sep 26 at 5:06AM
MLS# 1214683
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.
Investment Insights
Based on property information with market context.
This 5,031-square-foot office property contains two suites within a building constructed in 2004. Suite 901 is occupied under a lease that includes annual rent escalations through April 2029. Suite 909 is vacant and configured for immediate occupancy, supporting either an owner-user arrangement or a second tenancy. The property has a functional office layout, on-site parking, and public water and sewer service.
Located at 901 Wall Street in Norman, Oklahoma, the property sits in an established business area off 24th Ave SW. Major roadways, retail, and services are nearby, providing convenient access for clients and staff. The 0.39-acre site is zoned Commercial.
Located at 901 Wall Street in Norman, Oklahoma, the property sits in an established business area off 24th Ave SW. Major roadways, retail, and services are nearby, providing convenient access for clients and staff. The 0.39-acre site is zoned Commercial.
Key Highlights
- Two office suites totaling 5,031 square feet
- Suite 901 is leased with annual rent escalations through April 2029
- Suite 909 is vacant and ready for immediate occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,668
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$853,360
$853.4K
Cap Rate 7%
$609,543
$609.5K
Cap Rate 9%
$474,089
$474.1K
Market Conditions
NOI Build-Up for 5,031 SF
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.
Gross rent
$76.7K $15.24/SF
− Vacancy
−$19.8K −$3.93/SF
EGI
$56.9K $11.31/SF
− OpEx
−$14.2K −$2.83/SF
NOI
$42.7K $8.48/SF
Area
Norman, OK
Vacancy
25.80%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$853,360
Cap Rate 7%
$609,543
Cap Rate 9%
$474,089
Alternative Uses
Best Use
Office B
$609.5K
$533.4K – $711.1K
NOI $42,668 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$869.4K
$760.7K – $1.01M
NOI $60,855 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 73069, OK
26,464
Population
12,719
Households
2.1
Avg Household Size
32
Median Age
45%
College-Educated
93%
High-School Grad
15.7 sq mi
ZIP Area
1,686
Density / Sq Mi
$55,699
Median Household Income
$34,151
Median Earnings
$1,031
Median Rent
$212,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - One suite is leased through April 2029, while the second is vacant for immediate occupancy.
Where is this office units located?
The property is located at 901 Wall Street Norman, OK.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two office suites totaling 5,031 square feet; Suite 901 is leased with annual rent escalations through April 2029; Suite 909 is vacant and ready for immediate occupancy
