Corner Auto Shop
For Sale
$475,000
1200 W Main St, Norman, OK 73069
C-1-zoned auto shop at a signalized commercial intersection with an existing month-to-month lease.
Property Size1,596 SF
Price / SF$297.62
Days on Market37
Property Features for 1200 W Main St
General Information
Standard status
Active
Size
1,596 SF
Zoning
C-1
Site & Location
Traffic Count
35,203 vehicles/day
Road Access
Yes
Building Details
Year Built
1952
Listing Agency:
Rieger Realty LLC
(405) 310-2796
Listed By:
Dana M Rieger · License #149317
Source:
Theokclife
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 30 at 6:49PM
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
Investment Insights
Based on property information with market context.
This 1,596-square-foot auto shop was built in 1952 and is currently leased on a month-to-month basis. The property is zoned C-1 and is being conveyed subject to a cell tower easement that will remain separate from property ownership.
Located at 1200 W Main St in Norman, Oklahoma, the property occupies the corner of W Main and Berry. The intersection records approximately 35,203 vehicles per day, providing a prominent commercial setting for the existing automotive use.
Located at 1200 W Main St in Norman, Oklahoma, the property occupies the corner of W Main and Berry. The intersection records approximately 35,203 vehicles per day, providing a prominent commercial setting for the existing automotive use.
Key Highlights
- 1,596‑square‑foot auto shop built in 1952
- C‑1 zoning supports the property’s current commercial classification
- Corner location at W Main and Berry in Norman, OK
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,920
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,400
$318.4K
Cap Rate 7%
$227,429
$227.4K
Cap Rate 9%
$176,889
$176.9K
Market Conditions
NOI Build-Up for 1,596 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.9K $15.00/SF
− Vacancy
−$1.2K −$0.75/SF
EGI
$22.7K $14.25/SF
− OpEx
−$6.8K −$4.27/SF
NOI
$15.9K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,400
Cap Rate 7%
$227,429
Cap Rate 9%
$176,889
Alternative Uses
Best Use
Retail
$227.4K
$199.0K – $265.3K
NOI $15,920 @ 7.0% cap · market cap 3.35%
Second Best
Industrial
$135.0K
$118.2K – $157.5K
NOI $9,452 @ 7.0% cap · market cap 1.99%
Theoretical Best
Specialty Retail
$275.8K
$241.3K – $321.8K
NOI $19,305 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35,203 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
105k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 23%
Groceries 21%
Home Improvements & Furnishings 2%
Sprouts Farmers Market
Groceries
22,531 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
21,138 visits/mo
0.1 miles
Taco Casa
Dining
15,953 visits/mo
0.2 miles
Casey's
Shops & Services
12,627 visits/mo
0.2 miles
Starbucks
Dining
11,747 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
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Niehoff Auto Repair — 1234 Windsor Way, Norman, OK 73069
- Valvoline Instant Oil Change — 2000 W Main St, Norman, OK 73069
- Connection Hail and Dent — 1832 W Main St Suite 108, Norman, OK 73069
- Wise Guys — 1200 W Main St, Norman, OK 73069
- Firestone Complete Auto Care — 566 W Main St, Norman, OK 73069
Frequently Asked Questions
What type of property is this?
Auto shop - C-1-zoned auto shop at a signalized commercial intersection with an existing month-to-month lease.
Where is this auto shop located?
The property is located at 1200 W Main St Norman, OK.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,596‑square‑foot auto shop built in 1952; C‑1 zoning supports the property’s current commercial classification; Corner location at W Main and Berry in Norman, OK
