Office-Warehouse Flex
For Sale
$620,000
1831 Industrial Boulevard, Norman, OK 73069
Warehouse space is paired with an office suite and I-1 light industrial zoning.
Property Size7,400 SF
Lot Size0.41 Acres
Price / SF$83.78
Days on Market138
Property Features for 1831 Industrial Boulevard
General Information
Standard status
Active
Size
7,400 SF
Lot size
0.41 Acres
Property subtype
Commercial
Zoning
Industrial
Warehouse & Industrial
Warehouse Space
6,000 SF
Office Build-Out
1,400 SF
Additional Details
Highway Access
Yes
Property Use
Warehouse
Building Details
Building Size
7,400 SF
Year Built
1973
Stories
1
Listing Agency:
Chinowth & Cohen
(405) 330-0031
Listed By:
Deanna Cardenas
(405) 209-5335
Source:
Eastwoodrealtygroup
Added: Jun 9
Changed: Oct 23
Last Checked: Oct 23 at 4:47PM
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 Chinowth & Cohen
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Investment Insights
Based on property information with market context.
This flex property combines approximately 1,400 square feet of air-conditioned office space with approximately 6,000 square feet of warehouse area. The office layout includes a reception area, six private offices, two bathrooms and a conference room. Warehouse access is provided by a 14 ft overhead door. A TPO roof was installed in Spring 2022, and the building dates to 1973.
The property occupies 0.41 acres near N. Flood Avenue in Norman, with access to I-35 and Max Westheimer Airport. Its I-1 zoning is designated for light industrial use.
The property occupies 0.41 acres near N. Flood Avenue in Norman, with access to I-35 and Max Westheimer Airport. Its I-1 zoning is designated for light industrial use.
Key Highlights
- Approximately 6,000 square feet of warehouse space and 1,400 square feet of office space
- Office layout includes reception, 6 private offices, 2 bathrooms and a conference room
- Warehouse has a 14 ft overhead door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,213
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,064,260
$1.1M
Cap Rate 7%
$760,186
$760.2K
Cap Rate 9%
$591,256
$591.3K
Market Conditions
NOI Build-Up for 7,400 SF
Gross rent
$66.6K $9.00/SF
− Vacancy
−$4.0K −$0.54/SF
EGI
$62.6K $8.46/SF
− OpEx
−$9.4K −$1.27/SF
NOI
$53.2K $7.19/SF
Area
Norman, OK
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,064,260
Cap Rate 7%
$760,186
Cap Rate 9%
$591,256
Alternative Uses
Best Use
Warehouse
$760.2K
$665.2K – $886.9K
NOI $53,213 @ 7.0% cap · market cap 8.58%
Second Best
Flex RnD
$690.2K
$603.9K – $805.2K
NOI $48,312 @ 7.0% cap · market cap 7.79%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,510 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Under-served
Demand for This Use
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - Warehouse space is paired with an office suite and I-1 light industrial zoning.
Where is this flex space located?
The property is located at 1831 Industrial Boulevard Norman, OK.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Approximately 6,000 square feet of warehouse space and 1,400 square feet of office space; Office layout includes reception, 6 private offices, 2 bathrooms and a conference room; Warehouse has a 14 ft overhead door
