Building Details

Year built 2002

Building materials Steel Siding

Listing Agency: Copper Creek Real Estate b***@ccrebrokers.com Show Phone

Listed By: Rosa Spotts · License #150673 Show Phone

Added: Sep 16 Changed: Sep 22 Last Checked: Sep 22 at 6:06PM

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MLS# 1249602

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.

Located at 220 N Crawford Avenue in Norman, this 2,925-square-foot steel flex building contains two independent spaces without an interior connection. Each side has a private street entrance, finished carpeted showroom or office area, work space, overhead drive-in door, and ADA-accessible restroom. The property was built in 2002 on a 0.14-acre corner site with dual street frontage.

One unit includes an open clear-span shop with steel trusses, workbench, adjustable shelving, storage cabinet, stainless utility sink, and an enclosed office or storage room. The other provides a tall open warehouse with a custom wood-framed mezzanine, full staircase, usable loft area, and covered space below. Concrete floors, high ceilings, natural light, separate utilities, electric heating, and electric cooling support a range of flex-space configurations. The property is near downtown Norman and minutes from the University of Oklahoma.

Key Highlights

• 2,925‑square‑foot steel flex building with two independent spaces
• 0.14‑acre corner site at 220 N Crawford Avenue in Norman
• Each side has a private street entrance, overhead drive‑in 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 (±1% cap)

NOI $29,177 @ 7.0% cap · market cap 6.36%

Second Best

Warehouse

$300.5K

$262.9K – $350.6K (±1% cap)

NOI $21,034 @ 7.0% cap · market cap 4.58%

Theoretical Best

Specialty Retail

$505.4K

$442.3K – $589.7K (±1% cap)

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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Current Use

J&M Properties Company ... Property Management Company

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store Locksmith Home Appliance Store Veterinary Clinic Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Yes

Paved road access

Yes

Utilities to site

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

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Steel flex property with separate customer-facing entrances, work areas, overhead doors, and ADA-accessible restrooms.

Where is this flex space located?

The property is located at 220 N Crawford Avenue 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 flex building with two independent spaces; 0.14‑acre corner site at 220 N Crawford Avenue in Norman; Each side has a private street entrance, overhead drive‑in door, and ADA‑accessible restroom