Medical Office
For Sale
Contact for pricing
708 24th Ave NW, Norman, OK 73069
Two-story medical office building with largely open first-floor space and built-out second-floor suites.
Property Size22,139 SF
Price / SF$146.64
Days on Market508
Property Features for 708 24th Ave NW
General Information
Standard status
Active
Size
22,139 SF
Property subtype
OFFICE
Occupancy
50%
Building Details
Stories
2
Listing Agency:
Fulton Worster Group
(405) 701-0200
Listed By:
Bradley Worster
(405) 206-8911
Source:
Moodyscre
Added: Apr 21, 2025
Changed: Aug 14
Last Checked: Sep 10 at 6:12AM
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 Fulton Worster Group
Investment Insights
Based on property information with market context.
This two-story medical office building is currently half occupied by Norman Regional Hospital. The upstairs is expected to be vacated in the coming months, and the Physical Therapy space on the first floor could be leased back for a short period of time or vacated at closing.
The building can be easily divided into four suites. The first floor areas are largely open, while the second floor spaces are built out as medical office.
For buyers seeking flexibility, the layout supports multiple suite configurations using the existing floor-level organization.
The building can be easily divided into four suites. The first floor areas are largely open, while the second floor spaces are built out as medical office.
For buyers seeking flexibility, the layout supports multiple suite configurations using the existing floor-level organization.
Key Highlights
- Two‑story medical office building with largely open first‑floor space and built‑out second‑floor suites
- Currently half occupied by Norman Regional Hospital
- Upstairs is expected to be vacated in the coming months
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
$230,130
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
7.09%
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%
$4,602,600
$4.6M
Cap Rate 7%
$3,287,571
$3.3M
Cap Rate 9%
$2,557,000
$2.6M
Market Conditions
NOI Build-Up for 22,139 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
$422.4K $19.08/SF
− Vacancy
−$38.9K −$1.76/SF
EGI
$383.6K $17.32/SF
− OpEx
−$153.4K −$6.93/SF
NOI
$230.1K $10.39/SF
Area
Norman, OK
Vacancy
9.20%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
40.00%
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%
$4,602,600
Cap Rate 7%
$3,287,571
Cap Rate 9%
$2,557,000
Alternative Uses
Best Use
Healthcare Medical
$3.29M
$2.88M – $3.84M
NOI $230,130 @ 7.0% cap · market cap 7.09%
Second Best
Office B
$2.68M
$2.35M – $3.13M
NOI $187,762 @ 7.0% cap · market cap 5.78%
Theoretical Best
Specialty Retail
$3.83M
$3.35M – $4.46M
NOI $267,793 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office building with largely open first-floor space and built-out second-floor suites.
Where is this medical office space located?
The property is located at 708 24th Ave NW Norman, OK.
What is the asking price?
The asking price for this property is $3,246,500.
What are key features of this property?
This property features: Two‑story medical office building with largely open first‑floor space and built‑out second‑floor suites; Currently half occupied by Norman Regional Hospital; Upstairs is expected to be vacated in the coming months
