Three-Unit Retail
For Sale
Contact for pricing
926-932 N Flood Ave, Norman, OK 73069
Three-unit retail building with an enclosed rear patio, additional parking, and cross-fenced undeveloped land.
Property Size7,478 SF
Price / SF$160.47
Days on Market1345
Property Features for 926-932 N Flood Ave
General Information
Standard status
Active
Size
7,478 SF
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
enclosed patio
additional parking
Building Details
Tenancy
Multi
Listing Agency:
Equity Commercial Realty Advisors - OKC
(405) 364-5300
Listed By:
Gayla Artman
(405) 826-7975
Source:
Moodyscre
Added: Jan 10, 2023
Changed: Sep 10
Last Checked: Sep 15 at 11:13AM
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 Equity Commercial Realty Advisors - OKC
Investment Insights
Based on property information with market context.
This is a three-unit retail building offered for sale or lease. Unit 926 is currently occupied, and the other available spaces were most recently used as a retail store, with layouts that would also work well as office space. The property includes an enclosed patio in the rear, along with additional parking, and a portion of undeveloped land in the rear that is cross-fenced.
The building is located in central Norman along Flood Street, a main thoroughfare. It is positioned just blocks from city offices with convenient access to downtown Norman and I-35.
The site combines multiple enclosed units with rear outdoor amenities and separate fenced space, creating flexibility for tenant use and future development within the same property footprint.
The building is located in central Norman along Flood Street, a main thoroughfare. It is positioned just blocks from city offices with convenient access to downtown Norman and I-35.
The site combines multiple enclosed units with rear outdoor amenities and separate fenced space, creating flexibility for tenant use and future development within the same property footprint.
Key Highlights
- Three‑unit retail building for sale or lease
- Unit 926 is currently occupied; available spaces previously used as a retail store and can serve as office space
- Enclosed rear patio plus additional parking
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
$74,593
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
6.22%
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%
$1,491,860
$1.5M
Cap Rate 7%
$1,065,614
$1.1M
Cap Rate 9%
$828,811
$828.8K
Market Conditions
NOI Build-Up for 7,478 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
$112.2K $15.00/SF
− Vacancy
−$5.6K −$0.75/SF
EGI
$106.6K $14.25/SF
− OpEx
−$32.0K −$4.27/SF
NOI
$74.6K $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%
$1,491,860
Cap Rate 7%
$1,065,614
Cap Rate 9%
$828,811
Alternative Uses
Best Use
Retail
$1.07M
$932.4K – $1.24M
NOI $74,593 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,454 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
22,481 visits/mo
0.4 miles
Dollar General
Shops & Services
8,071 visits/mo
0.3 miles
Gerber Collision & Glass
Shops & Services
630 visits/mo
0.2 miles
AAMCO Transmissions
Shops & Services
186 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Three-unit retail building with an enclosed rear patio, additional parking, and cross-fenced undeveloped land.
Where is this retail space located?
The property is located at 926-932 N Flood Ave Norman, OK.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit retail building for sale or lease; Unit 926 is currently occupied; available spaces previously used as a retail store and can serve as office space; Enclosed rear patio plus additional parking
