Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    831 Sonoma Park Dr Norman, OK 73071

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,800,000

    23,800 SF retail building in Norman, Oklahoma for sale.

    Building Details

    Year built
    2018

    We can help!

    Listing Contact
    Aaron Diehl
    Aaron Diehl
    Source: Tcnworldwide

    Listing Agent: Aaron Diehl

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Norman OK Retail Investment Opportunity

    Located in Norman, Oklahoma, this 23,800 SF free-standing building presents an investment opportunity. Constructed in 2018, the property offers a modern, purpose-built space suited for retail businesses. The location provides high visibility and accessibility. The surrounding area is near the University of Oklahoma, offering foot traffic and a diverse customer base. Nearby attractions include the Firehouse Art Center, Main Street shopping district, and the Norman Arts District.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    American Freight - Furniture, ... Furniture & Home Goods

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4220282
    Latitude
    35.2282439

    Nearby Similar for Sale

    • $899,000
      5,904 SF

      Norman Retail/Office Building For Sale

      Two-story commercial building in Norman's vibrant Arts District.
      218 E Main St, Norman, OK 73069
      View Details
    • New
      $739,000
      7,400 SF

      Norman Flex Space with Warehouse

      Flex space with office and warehouse near I-35 and airport.
      1831 Industrial Blvd, Norman, OK 73069
      View Details
    • $1,250,000
      5,031 SF

      Norman Office Building with Income

      Two-suite commercial office building with income and occupancy potential.
      901 Wall St, Norman, OK 73069
      View Details
    • $599,000
      1,596 SF

      Norman, OK Retail Opportunity

      High-traffic corner lot in Norman, Oklahoma, zoned C-1.
      1200 W Main St, Norman, OK 73069
      View Details
    • $600,000
      2,000 SF

      Fly-In Hangar Home Near Lake

      Private 5-acre hangar home with direct runway access near Lake
      9105 Charmee Sandee Ln, Norman, OK 73026
      View Details
    • New
      $575,000
      Pending

      Four-Unit Multifamily Property in Norman

      Well-maintained duplexes near OU, restaurants, and shopping.
      603 Welston Cir, Norman, OK 73071
      View Details
    • New
      $575,000
      4,918 SF

      Well-Maintained Four-Unit Multifamily Property

      Four units near OU, ideal for investors or owner-occupants.
      602 Welston Cir, Norman, OK 73071
      View Details
    • New
      $265,000
      Pending

      Norman Duplex with Recent Updates

      One-story duplex with recent roof and water heater replacements.
      4209 Willowisp Dr, Norman, OK 73072
      View Details
    • New
      $1,190,000
      1,170 SF

      Norman Duplex Near Stadium

      Two-bedroom duplex near stadium with Airbnb approval and rezoning potential.
      204 206, Norman, OK 73069
      View Details
    • $2,350,000
      5,301 SF

      Norman Farmhouse on 28 Acres

      Incredible farmhouse with outdoor living and pecan grove.
      6720 W Tecumseh Rd, Norman, OK 73072
      View Details
    • $519,500
      6,000 SF

      Downtown Norman Retail Opportunity

      Retail property in Downtown Norman with parking and new roof.
      311-315 W Gray St, Norman, OK 73069
      View Details
    • $537,500
      2,906 SF

      West Norman Office For Sale

      Centrally located office space in West Norman available for purchase.
      444 24Th Ave SW, Norman, OK 73069
      View Details

    FAQs

    What type of property is this?
    Retail property - 23,800 SF retail building in Norman, Oklahoma for sale.
    Where is this retail property located?
    The property is located at 831 Sonoma Park Dr Norman, OK.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: - High-visibility location in Norman, Oklahoma, near the University of Oklahoma, ensuring a steady stream of foot traffic.; - Modern, purpose-built 23,800 SF free-standing building constructed in 2018, offering contemporary design.; - Ample space for customized retail layouts, providing flexibility.
    (405) 651-3308
    Request Owner's contact information
    831 Sonoma Park Dr Norman, OK 73071
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    831 Sonoma Park Dr
    Norman, OK 73071
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    831 Sonoma Park Dr Norman, OK 73071
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Aaron Diehl
    Aaron Diehl
    (405) 651-3308 (405) 843-7474 (405) 239-1255
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!