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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

    Description

    Added:
    Mar 30, 2025
    Days on Market:
    282
    This exceptional investment opportunity presents a 11,765 square foot office building situated on 0.85 acres of land in Norman, Oklahoma, at 1020 24th Avenue NW, zip code 73069. Currently 100% occupied, the property boasts a strong net operating income (NOI) of $188,098, translating to a 7.68% cap rate. The building, constructed in 2000 and renovated in 2018, features a desirable tenant mix including a VA Clinic and a dental office. The property is zoned C-1 and offers ample parking with a ratio of 3.4 spaces per 1,000 square feet. 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. This well-maintained building presents a compelling investment opportunity with strong potential for future growth and return. The asking price is $2,450,000.

    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

    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).
    Location Intelligence

    Current Use by Public Records

    Geoff Potts, D.D.S. Dentist Norman VA Clinic Medical Clinic Dr. Tom Ewing Orthopedic Surgeon Oklahoma Orthopedic Institute Medical Clinic Kuzmic Amber Nursing Agency

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    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
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    Realmo Value Estimation

    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.

    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.

    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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