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    1020 24th Avenue NW Norman, OK 73069

    Sponsored
    Source: https://www.naisullivangroup.com
    For Sale
    $2,450,000

    High-yield, multi-tenant office building in Norman, OK.

    Property size:
    11,765 SF

    Property Features for 1020 24th Avenue NW

    General Information

    Property type
    Other office properties
    Square Feet
    11,765 SF
    Price / Square Foot
    $208
    Total Parking Spaces
    40
    Elevators
    N/A
    Net Rentable
    11,765 SF
    Lot Size
    37,026 SF
    Occupancy
    100%
    Net Operating Income
    $188,098

    Building Details

    Year Built/Renovated
    2000/2018
    Buildings
    1
    Stories
    1

    Overview

    Norman Office Building Investment Opportunity

    This 11,765 square foot office building is situated on 0.85 acres of land in Norman, Oklahoma. Constructed in 2000 and renovated in 2018, the property is currently 100% occupied. The building features a tenant mix that includes a VA Clinic and a dental office. The property is zoned C-1 and provides parking at a ratio of 3.4 spaces per 1,000 square feet. The net operating income (NOI) is $188,098, which translates to a 7.68% cap rate. Projections indicate a significant increase in NOI to $224,143.13 and a 9.15% cap rate by October 2025, driven by a planned 15% rent increase.

    We can help!

    Listing Contact
    Cade Flesner

    Learn more

    Property Insight Report

    HighLights

    • Prime Norman, OK location, 11,765 sq ft office building on 0.85 acres.
    • 100% occupied with strong NOI of $188,098 and projected growth.
    • Built in 2000, renovated in 2018, ample parking (3.4/1000 SF).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Geoff Potts, D.D.S. Dental Office Norman VA Clinic Medical Clinic Dr. Tom Ewing Physician Oklahoma Orthopedic Institute Medical Clinic Kuzmic Amber Employment Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    State
    Oklahoma
    Longitude
    -97.48139
    Latitude
    35.231189

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    FAQs

    What type of property is this?
    Office property - High-yield, multi-tenant office building in Norman, OK.
    Where is this office property located?
    The property is located at 1020 24th Avenue NW Norman, OK.
    What is the asking price?
    The asking price for this property is $2,450,000.
    What are key features of this property?
    This property features: Prime Norman, OK location, 11,765 sq ft office building on 0.85 acres.; 100% occupied with strong NOI of $188,098 and projected growth.; Built in 2000, renovated in 2018, ample parking (3.4/1000 SF).
    (760) 889-2305
    Request Owner's contact information
    1020 24th Avenue NW Norman, OK 73069
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    Norman, OK 73069
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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
    1020 24th Avenue NW Norman, OK 73069
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    We can help!
    Listing Contact
    Cade Flesner
    (760) 889-2305
    Learn more
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