Office Units with Reception
114 Thompson Dr, Norman, OK 73069
For Sale
Contact for pricing
Office layout includes multiple private rooms, a reception area, and parking on both sides of the property.
Property Size1,800 SF
Price / SF$1.08
Days on Market56
Property Features for 114 Thompson Dr
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
Rieger Realty LLC
Listed By:
Dana Rieger · License OK #149317
(405) 226-8080
Source:
Sarahflemingestates
Added: Sep 20
Changed: Oct 25
Last Checked: Oct 7 at 4:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rieger Realty LLC
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Investment Insights
Based on property information with market context.
This 1,800 SQFT office property, built in 1965, offers five existing offices with room to configure as many as seven. A front reception room supports an organized arrival area, while vinyl wood flooring runs throughout the space. The property also includes a large rear door for moving items in and out.
Located at 114 Thompson Dr in Norman, the office is near Main Street and can be seen from that roadway. Parking is available at both the front and rear of the property, providing convenient access for occupants and visitors.
Located at 114 Thompson Dr in Norman, the office is near Main Street and can be seen from that roadway. Parking is available at both the front and rear of the property, providing convenient access for occupants and visitors.
Key Highlights
- 1,800 SQFT office property built in 1965
- Five existing offices with capacity for up to seven
- Front reception room and vinyl wood flooring throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,266
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,320
$305.3K
Cap Rate 7%
$218,086
$218.1K
Cap Rate 9%
$169,622
$169.6K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$27.4K $15.24/SF
− Vacancy
−$7.1K −$3.93/SF
EGI
$20.4K $11.31/SF
− OpEx
−$5.1K −$2.83/SF
NOI
$15.3K $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 Rate 5%
$305,320
Cap Rate 7%
$218,086
Cap Rate 9%
$169,622
Alternative Uses
Best Use
Office B
$218.1K
$190.8K – $254.4K
NOI $15,266 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$311.0K
$272.2K – $362.9K
NOI $21,773 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
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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
$212,400
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Norman, OK
Properties on Market for Office Units in Norman
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Office layout includes multiple private rooms, a reception area, and parking on both sides of the property.
Where is this office unit located?
The property is located at 114 Thompson Dr Norman, OK.
What are key features of this property?
This property features: 1,800 SQFT office property built in 1965; Five existing offices with capacity for up to seven; Front reception room and vinyl wood flooring throughout
