New Roof Office
For Sale
Contact for pricing
226 W Gray St, Norman, OK 73069
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 Market508
Property Features for 226 W Gray St
General Information
Standard status
Active
Size
18,916 SF
Property subtype
OFFICE
Site & Location
Neighborhood
Andrews Park
Amenities
Street Signage Available
Building Details
Year Renovated
2022
Listing Agency:
Fleske Commercial Group
(405) 701-3505
Listed By:
Kendra Streeter · License ##182589
(405) 590-7202
Source:
Moodyscre
Added: Jun 9, 2025
Changed: Oct 25
Last Checked: Oct 28 at 10:17AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$160,428
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,208,560
$3.2M
Cap Rate 7%
$2,291,829
$2.3M
Cap Rate 9%
$1,782,533
$1.8M
Market Conditions
NOI Build-Up for 18,916 SF
Gross rent
$288.3K $15.24/SF
− Vacancy
−$74.4K −$3.93/SF
EGI
$213.9K $11.31/SF
− OpEx
−$53.5K −$2.83/SF
NOI
$160.4K $8.48/SF
Area
Norman, OK
Vacancy
25.80%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,208,560
Cap Rate 7%
$2,291,829
Cap Rate 9%
$1,782,533
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,078
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
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
