Corner Auto Shop
For Sale
$475,000
1200 W Main Street, Norman, OK 73069
C-1-zoned property with an existing month-to-month lease and prominent corner placement.
Property Size1,596 SF
Days on Market1305
Property Features for 1200 W Main Street
General Information
Standard status
Active
Size
1,596 SF
Property subtype
Commercial
Zoning
Commercial
Site & Location
Traffic Count
35,203 vehicles/day
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,603
Building Details
Building Size
1,596 SF
Year Built
1952
Stories
1
Listing Agency:
Rieger Realty LLC
(405) 310-2796
Listed By:
Dana M Rieger · License #149317
(405) 310-2796
Source:
Capitalrealestateok
Added: Jan 16, 2023
Changed: Aug 13
Last Checked: Aug 13 at 2:24AM
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 auto shop property at 1200 W Main Street was built in 1952 and is positioned at the intersection of W Main Street and Berry in Norman. The site is zoned C-1 and currently operates under a month-to-month lease. Daily traffic at the corner is reported at approximately 35,203 vehicles. The sale is subject to a cell tower easement that will remain separate from the property ownership.
Key Highlights
- Corner position at W Main Street and Berry in Norman, OK
- Approximately 35,203 vehicles reported daily at the intersection
- C‑1 zoning
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
859
Businesses Nearby
284k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 34%
Groceries 8%
Superstores 6%
Hobby Lobby
Shops & Services
54,032 visits/mo
0.4 miles
Chick-fil-A
Dining
51,245 visits/mo
0.4 miles
Whataburger
Dining
26,731 visits/mo
0.4 miles
Big Lots
Superstores
17,226 visits/mo
0.3 miles
Norman #1
Shops & Services
17,191 visits/mo
0.3 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
- Firestone Complete Auto Care — 566 W Main St, Norman, OK 73069
- Valvoline Instant Oil Change — 2000 W Main St, Norman, OK 73069
- Wise Guys — 1200 W Main St, Norman, OK 73069
- Connection Hail and Dent — 1832 W Main St Suite 108, Norman, OK 73069
- Niehoff Auto Repair — 1234 Windsor Way, Norman, OK 73069
Frequently Asked Questions
What type of property is this?
Auto shop - C-1-zoned property with an existing month-to-month lease and prominent corner placement.
Where is this auto shop located?
The property is located at 1200 W Main Street 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: Corner position at W Main Street and Berry in Norman, OK; Approximately 35,203 vehicles reported daily at the intersection; C‑1 zoning
