Open-Plan Retail
116-480 24th Ave Nw, Norman, OK 73069
For Sale
Contact for pricing
A separate restroom and utility room support retail, office, or service operations.
Property Size980 SF
Price / SF$1.88
Days on Market208
Property Features for 116-480 24th Ave Nw
General Information
Standard status
Size
Listing Agency:
Brick and Beam Realty
(405) 439-9206
Listed By:
Chris Johnson · License OK #200452
(405) 435-3572
Source:
Exprealty
Added: Apr 17
Changed: Nov 7
Last Checked: Nov 8 at 6:46AM
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 Brick and Beam Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Suite 116 at Madison Square in Norman offers 980 square feet arranged around an open main area. The space includes one restroom and a dedicated utility and clean-out room. Its configuration can accommodate retail, office, or service use.
Key Highlights
- 980 SF suite in Madison Square, Norman
- Open main area
- One restroom and a dedicated utility/clean‑out room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,776
Suggested Prices Based on Cap Rates
Cap Rate 5%
$195,520
$195.5K
Cap Rate 7%
$139,657
$139.7K
Cap Rate 9%
$108,622
$108.6K
Market Conditions
NOI Build-Up for 980 SF
Gross rent
$14.7K $15.00/SF
− Vacancy
−$735 −$0.75/SF
EGI
$14.0K $14.25/SF
− OpEx
−$4.2K −$4.27/SF
NOI
$9.8K $9.98/SF
Area
Norman, OK
Vacancy
5.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$195,520
Cap Rate 7%
$139,657
Cap Rate 9%
$108,622
Alternative Uses
Best Use
Retail
$139.7K
$122.2K – $162.9K
NOI $9,776 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$169.3K
$148.2K – $197.6K
NOI $11,854 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
479k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Superstores 31%
Shops & Services 21%
Electronics 6%
Walmart
Superstores
130,692 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
54,032 visits/mo
0.2 miles
Chick-fil-A
Dining
51,245 visits/mo
0.1 miles
Best Buy
Electronics
28,212 visits/mo
0.5 miles
Whataburger
Dining
26,731 visits/mo
0.1 miles
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
Market
Properties on Market for Retail space in Norman
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - A separate restroom and utility room support retail, office, or service operations.
Where is this retail space located?
The property is located at 116-480 24th Ave Nw Norman, OK.
What are key features of this property?
This property features: 980 SF suite in Madison Square, Norman; Open main area; One restroom and a dedicated utility/clean‑out room
