New Roof Office
226 W Gray St Norman, OK 73069
For Sale
Contact for pricing
Office building with offices of varying sizes and street signage, located near Historic Downtown Norman across from City Hall.
Property Size18,916 SF
Price / SF$95.26
Days on Market417
Property Features for 226 W Gray St
General Information
Standard status
Active
Size
18,916 SF
Property subtype
OFFICE
Listing Agency:
Fleske Commercial Group
(405) 590-7202
Listed By:
Kendra Streeter · License ##182589
(405) 590-7202
Source:
Moodyscre
Added: Jun 9, 2025
Changed: Jul 29
Last Checked: Jul 29 at 8:08PM
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 office building offers offices of varying sizes within a single property, supported by street signage and central, easy access. The building includes a new roof installed in 2022.
The property is located close to Historic Downtown Norman and sits across from City Hall, positioning it for convenient access and visible street frontage. With office suites in multiple sizes, the layout can support a range of office use needs.
At approximately 18,916 square feet, the building provides a substantial footprint for an owner-occupant or tenant seeking flexible office configurations and a centrally located Norman address near key municipal activity.
The property is located close to Historic Downtown Norman and sits across from City Hall, positioning it for convenient access and visible street frontage. With office suites in multiple sizes, the layout can support a range of office use needs.
At approximately 18,916 square feet, the building provides a substantial footprint for an owner-occupant or tenant seeking flexible office configurations and a centrally located Norman address near key municipal activity.
Key Highlights
- New roof installed in 2022
- 18,916 SF office building
- Across from City Hall
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $288.3k | $15.24 |
| − Vacancy | −$74.4k | −$3.93 |
| EGI | $213.9k | $11.31 |
| − OpEx | −$53.5k | −$2.83 |
| NOI | $160.4k | $8.48 |
18,916 SF · lease $15.24/SF/yr · vacancy 25.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.29M
$2.01M – $2.67M
NOI $160,428 @ 7.0% cap · market cap 8.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.27M
$2.86M – $3.81M
NOI $228,808 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Office building with offices of varying sizes and street signage, located near Historic Downtown Norman across from City Hall.
Where is this office building located?
The property is located at 226 W Gray St Norman, OK.
What is the asking price?
The asking price for this property is $1,801,915.
What are key features of this property?
This property features: New roof installed in 2022; 18,916 SF office building; Across from City Hall
