Renovated Two-Story Office
For Sale
$950,000
2412 Palmer Circle, Norman, OK 73069
Recently renovated two-story office building with conference and training areas, multiple restrooms, and washer/dryer connections.
Property Size6,001 SF
Price / SF$158.31
Days on Market470
Property Features for 2412 Palmer Circle
General Information
Standard status
Active
Size
6,001 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$8,925
Amenities
3
Building Details
Year Built
1996
Stories
2
Listing Agency:
(405) 669-6710
Listed By:
Richard Jennings Real Estate
(405) 669-6710
Source:
Xome
Added: May 11, 2025
Changed: Aug 22
Last Checked: Aug 22 at 4:10AM
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 Richard Jennings Real Estate
Investment Insights
Based on property information with market context.
This recently renovated two-story office building is offered for sale or lease and is described as being in excellent, move-in condition. The space includes office areas across both floors, along with conference rooms and training areas. Additional improvements include break room areas, multiple bathrooms, and washer/dryer connection service.
The property is located in a cul-de-sac setting next to the Westwood Golf, Tennis and Swim park.
The configuration supports a functional office layout with dedicated meeting and training spaces, along with shared break and restroom facilities.
The property is located in a cul-de-sac setting next to the Westwood Golf, Tennis and Swim park.
The configuration supports a functional office layout with dedicated meeting and training spaces, along with shared break and restroom facilities.
Key Highlights
- Recently renovated two‑story office building built in 1996
- Includes office space plus conference rooms and training areas
- Multiple bathrooms throughout the building
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
$50,895
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
5.36%
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%
$1,017,900
$1.0M
Cap Rate 7%
$727,071
$727.1K
Cap Rate 9%
$565,500
$565.5K
Market Conditions
NOI Build-Up for 6,001 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
$91.5K $15.24/SF
− Vacancy
−$23.6K −$3.93/SF
EGI
$67.9K $11.31/SF
− OpEx
−$17.0K −$2.83/SF
NOI
$50.9K $8.48/SF
Area
Norman, OK
Vacancy
25.80%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
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%
$1,017,900
Cap Rate 7%
$727,071
Cap Rate 9%
$565,500
Alternative Uses
Best Use
Office B
$727.1K
$636.2K – $848.3K
NOI $50,895 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$907.4K – $1.21M
NOI $72,588 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,142
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Recently renovated two-story office building with conference and training areas, multiple restrooms, and washer/dryer connections.
Where is this office building located?
The property is located at 2412 Palmer Circle Norman, OK.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Recently renovated two‑story office building built in 1996; Includes office space plus conference rooms and training areas; Multiple bathrooms throughout the building
