Fully Occupied Strip
For Sale
$2,700,000
203 Hal Muldrow Dr, Norman, OK 73069
Established retail center with month-to-month tenancy and access near I-35 ramps.
Property Size19,455 SF
Days on Market194
Property Features for 203 Hal Muldrow Dr
General Information
Standard status
Active
Size
19,455 SF
Property subtype
Strip Center
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
little deferred maintenance
Site & Location
Traffic Count
26,000 vehicles/day
Highway Access
Yes
Building Details
Building Size
19,455 SF
Year Built
1974
Tenancy
Multi
Listing Agency:
Fleske Commercial Group
(405) 249-7407
Listed By:
Ryan Gilliland · License ##185009
(405) 249-7407
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 1:31PM
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 Fleske Commercial Group
Investment Insights
Based on property information with market context.
This retail strip center was built in 1974 and has remained under the same family’s ownership since 1987. The property is fully occupied, with all leases structured on a month-to-month basis. The improvements are described as well maintained, with little deferred maintenance noted.
The center is positioned immediately east of 24th Ave SW near W Main St in Norman. I-35 on/off ramps are within 1/4 mile, and W Main St carries more than 26,000 vehicles per day. Existing tenancy includes several long-standing local businesses. The current lease structure and below-market rent levels support a documented repositioning strategy, with a 9%+ cap rate projected from conservative rent estimates.
The center is positioned immediately east of 24th Ave SW near W Main St in Norman. I-35 on/off ramps are within 1/4 mile, and W Main St carries more than 26,000 vehicles per day. Existing tenancy includes several long-standing local businesses. The current lease structure and below-market rent levels support a documented repositioning strategy, with a 9%+ cap rate projected from conservative rent estimates.
Key Highlights
- Fully occupied retail strip center built in 1974
- All leases are month‑to‑month
- Same family ownership since 1987
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
$194,064
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
7.19%
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%
$3,881,280
$3.9M
Cap Rate 7%
$2,772,343
$2.8M
Cap Rate 9%
$2,156,267
$2.2M
Market Conditions
NOI Build-Up for 19,455 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
$291.8K $15.00/SF
− Vacancy
−$14.6K −$0.75/SF
EGI
$277.2K $14.25/SF
− OpEx
−$83.2K −$4.27/SF
NOI
$194.1K $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%
$3,881,280
Cap Rate 7%
$2,772,343
Cap Rate 9%
$2,156,267
Alternative Uses
Best Use
Retail
$2.77M
$2.43M – $3.23M
NOI $194,064 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.36M
$2.94M – $3.92M
NOI $235,328 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
315k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 31%
Groceries 7%
Superstores 5%
Hobby Lobby
Shops & Services
54,032 visits/mo
0.3 miles
Chick-fil-A
Dining
51,245 visits/mo
0.3 miles
Whataburger
Dining
26,731 visits/mo
0.2 miles
Big Lots
Superstores
17,226 visits/mo
0.2 miles
Norman #1
Shops & Services
17,191 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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Established retail center with month-to-month tenancy and access near I-35 ramps.
Where is this strip mall located?
The property is located at 203 Hal Muldrow Dr Norman, OK.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Fully occupied retail strip center built in 1974; All leases are month‑to‑month; Same family ownership since 1987
