Two-Story Mixed-Use
For Sale
$899,000
218 E Main Street, Norman, OK 73069
Commercial Sale, Norman, OK
Property Size5,904 SF
Price / SF$152.27
Days on Market385
Property Features for 218 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Directions
On Main street, between Porter Avenue and Jones Avenue.
Standard status
Active
APN
218EMain73069
Size
5,904 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Amenities
separate entrance
flexible open layout
Building Details
Year built
1930
Floors in Building
2
Building materials
Brick & Frame
Listing Agency:
Senemar & Associates
(405) 724-7003
Listed By:
Mitra Senemar · License #143837
(405) 834-2158
Added: Aug 25, 2025
Changed: Aug 21
Last Checked: Sep 13 at 3:06AM
MLS# 1184833
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story mixed-use property at 218 E Main Street includes approximately 3,500 SF of street-level retail space and approximately 1,500 SF of upstairs office space with a separate entrance. The layout is described as flexible and open, supporting commercial uses including retail, gallery, office, or studio space. The building was constructed in 1930 with brick-and-frame materials and includes central air, electric cooling, natural-gas heating, public water, and public sewer.
The property is situated in downtown Norman’s Arts District, near the Amtrak station and within walking distance of art galleries, music venues, restaurants, and downtown events. Commercial zoning supports its mixed retail and office configuration.
The property is situated in downtown Norman’s Arts District, near the Amtrak station and within walking distance of art galleries, music venues, restaurants, and downtown events. Commercial zoning supports its mixed retail and office configuration.
Key Highlights
- Approximately 3,500 SF of street‑level retail space
- Approximately 1,500 SF of upstairs office space with separate entrance
- Two‑story brick‑and‑frame building constructed in 1930
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
$58,892
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
6.55%
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%
$1,177,840
$1.2M
Cap Rate 7%
$841,314
$841.3K
Cap Rate 9%
$654,356
$654.4K
Market Conditions
NOI Build-Up for 5,904 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
$88.6K $15.00/SF
− Vacancy
−$4.4K −$0.75/SF
EGI
$84.1K $14.25/SF
− OpEx
−$25.2K −$4.27/SF
NOI
$58.9K $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%
$1,177,840
Cap Rate 7%
$841,314
Cap Rate 9%
$654,356
Alternative Uses
Best Use
Retail
$841.3K
$736.2K – $981.5K
NOI $58,892 @ 7.0% cap · market cap 6.55%
Second Best
Mixed Use
$740.1K
$647.6K – $863.5K
NOI $51,808 @ 7.0% cap · market cap 5.76%
Theoretical Best
Specialty Retail
$1.02M
$892.7K – $1.19M
NOI $71,415 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,011
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick-and-frame building combines street-level retail with a separately accessed upstairs office area.
Where is this mixed-use property located?
The property is located at 218 E Main Street Norman, OK.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approximately 3,500 SF of street‑level retail space; Approximately 1,500 SF of upstairs office space with separate entrance; Two‑story brick‑and‑frame building constructed in 1930
