Two-Unit Flex
New
For Sale
$459,000
220 N Crawford Ave, Norman, OK 73069
Independent customer-facing spaces pair finished front rooms with separate work areas and overhead doors.
Property Size2,925 SF
Price / SF$156.92
Days on Market2
Property Features for 220 N Crawford Ave
General Information
Standard status
Active
Size
2,925 SF
Site & Location
Corner Location
Yes
Road Access
Yes
Additional Details
Drive-In Doors
2
Building Details
Year Built
2002
Buildings
1
Construction
steel frame
Tenancy
Multi
Listing Agency:
Copper Creek Real Estate
Listed By:
Rosa Spotts · License #150673
(405) 808-4913
Source:
Sarahflemingestates
Added: Sep 24
Last Checked: Sep 24 at 2:02PM
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 Copper Creek Real Estate
Investment Insights
Based on property information with market context.
Built in 2002, this 2,925-square-foot steel flex building contains two independent spaces with no interior connection. Each has a separate street entrance, a finished carpeted showroom or office with natural light, a work area, an overhead drive-in door, and an ADA-accessible restroom. Concrete floors and high ceilings serve both sides. One work area is an open shop with steel trusses, a workbench, adjustable shelving, a storage cabinet, a stainless utility sink, and an enclosed room. The other has an open warehouse layout with a wood-framed mezzanine, full staircase, and covered area below.
The property occupies a corner site with frontage on two streets at 220 N Crawford Ave in Norman. Downtown Norman’s restaurants, shops, breweries, and arts and entertainment district are within walking distance; the University of Oklahoma is minutes away. The two spaces also have separate utilities.
The property occupies a corner site with frontage on two streets at 220 N Crawford Ave in Norman. Downtown Norman’s restaurants, shops, breweries, and arts and entertainment district are within walking distance; the University of Oklahoma is minutes away. The two spaces also have separate utilities.
Key Highlights
- 2,925‑square‑foot steel building constructed in 2002
- Two independent spaces, each with a street entrance and separate utilities
- Each unit includes a finished showroom or office, drive‑in overhead door, and ADA‑accessible restroom
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
$29,177
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
6.36%
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%
$583,540
$583.5K
Cap Rate 7%
$416,814
$416.8K
Cap Rate 9%
$324,189
$324.2K
Market Conditions
NOI Build-Up for 2,925 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
$43.9K $15.00/SF
− Vacancy
−$2.2K −$0.75/SF
EGI
$41.7K $14.25/SF
− OpEx
−$12.5K −$4.27/SF
NOI
$29.2K $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%
$583,540
Cap Rate 7%
$416,814
Cap Rate 9%
$324,189
Alternative Uses
Best Use
Retail
$416.8K
$364.7K – $486.3K
NOI $29,177 @ 7.0% cap · market cap 6.36%
Second Best
Warehouse
$300.5K
$262.9K – $350.6K
NOI $21,034 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$505.4K
$442.3K – $589.7K
NOI $35,381 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Drive-in doors
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,161
Businesses Nearby
Balanced
Demand for This Use
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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Step Brothers — 423 S Webster Ave, Norman, OK 73069
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- Prohibition Truck — 317 E Main St, Norman, OK 73069
Frequently Asked Questions
What type of property is this?
Flex space - Independent customer-facing spaces pair finished front rooms with separate work areas and overhead doors.
Where is this flex space located?
The property is located at 220 N Crawford Ave Norman, OK.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 2,925‑square‑foot steel building constructed in 2002; Two independent spaces, each with a street entrance and separate utilities; Each unit includes a finished showroom or office, drive‑in overhead door, and ADA‑accessible restroom
