Two-Building Office
For Sale
$5,250,000
3500 Robinson Street, Norman, OK 73072
Corner commercial campus combining office suites with first-floor retail space and flexible contiguous configurations.
Property Size38,033 SF
Price / SF$138.04
Days on Market1867
Property Features for 3500 Robinson Street
General Information
Standard status
Active
Size
38,033 SF
Property subtype
Office
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$1,804
Amenities
3
Building Details
Year Built
1984
Buildings
2
Listing Agency:
(405) 669-6710
Listed By:
Richard Jennings Real Estate
(405) 669-6710
Source:
Xome
Added: Jul 22, 2021
Changed: Aug 31
Last Checked: Aug 31 at 12:59PM
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 Norman commercial property comprises two office buildings with a combined 38,033 square feet. The corner building includes first-floor retail space, while office configurations range from approximately 1,350 square feet to 9,000 square feet of contiguous space. The improvements date to 1984 and support a mix of office and retail occupancy.
The buildings occupy the southeast corner of West Robinson Street and 36th Avenue NW in the Brookhaven area. Armstrong Bank occupies space in the corner building and has expressed interest in leasing back its premises for an agreed period at market terms. Additional office and retail space is available for lease, providing flexibility for users requiring smaller suites or larger contiguous areas.
The buildings occupy the southeast corner of West Robinson Street and 36th Avenue NW in the Brookhaven area. Armstrong Bank occupies space in the corner building and has expressed interest in leasing back its premises for an agreed period at market terms. Additional office and retail space is available for lease, providing flexibility for users requiring smaller suites or larger contiguous areas.
Key Highlights
- Two office buildings totaling 38,033 square feet
- Office suites range from approximately 1,350 SF to 9,000 SF of contiguous space
- First‑floor retail space in the corner 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
$379,379
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
7.23%
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%
$7,587,580
$7.6M
Cap Rate 7%
$5,419,700
$5.4M
Cap Rate 9%
$4,215,322
$4.2M
Market Conditions
NOI Build-Up for 38,033 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
$570.5K $15.00/SF
− Vacancy
−$28.5K −$0.75/SF
EGI
$542.0K $14.25/SF
− OpEx
−$162.6K −$4.27/SF
NOI
$379.4K $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%
$7,587,580
Cap Rate 7%
$5,419,700
Cap Rate 9%
$4,215,322
Alternative Uses
Best Use
Retail
$5.42M
$4.74M – $6.32M
NOI $379,379 @ 7.0% cap · market cap 7.23%
Second Best
Office B
$4.61M
$4.03M – $5.38M
NOI $322,560 @ 7.0% cap · market cap 6.14%
Theoretical Best
Specialty Retail
$6.57M
$5.75M – $7.67M
NOI $460,047 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Corner commercial campus combining office suites with first-floor retail space and flexible contiguous configurations.
Where is this office building located?
The property is located at 3500 Robinson Street Norman, OK.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Two office buildings totaling 38,033 square feet; Office suites range from approximately 1,350 SF to 9,000 SF of contiguous space; First‑floor retail space in the corner building
