Corner Storefront
For Sale
$500,000
231 E Gray Street, Norman, OK 73069
Corner positioning provides frontage along a reconstructed downtown corridor with updated sidewalks, lighting, drainage, and street parking.
Property Size2,616 SF
Days on Market26
Property Features for 231 E Gray Street
General Information
Standard status
Active
Size
2,616 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$3,726
Building Details
Building Size
2,616 SF
Year Built
1960
Stories
1
Listing Agency:
Heather & Company Realty Group
(405) 210-6436
Listed By:
Morgan Duke
(405) 210-6436
Source:
Jarmanrealtyok
Added: Jul 31
Changed: Aug 18
Last Checked: Aug 24 at 1:48PM
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 Heather & Company Realty Group
Investment Insights
Based on property information with market context.
Located at 231 E Gray Street, this storefront property occupies a corner position in Downtown Norman. The building was constructed in 1960 and offers frontage at a prominent intersection within an active urban commercial area.
Gray Street has undergone a full reconstruction that added new sidewalks, updated lighting, improved drainage, and reconfigured street parking. The property is also situated minutes from Campus Corner, the University of Oklahoma, and a growing collection of local businesses, placing it within an established downtown commercial setting.
Gray Street has undergone a full reconstruction that added new sidewalks, updated lighting, improved drainage, and reconfigured street parking. The property is also situated minutes from Campus Corner, the University of Oklahoma, and a growing collection of local businesses, placing it within an established downtown commercial setting.
Key Highlights
- Corner storefront location at 231 E Gray Street in Downtown Norman
- Building constructed in 1960
- Gray Street reconstruction includes new sidewalks and updated lighting
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
$26,095
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
5.22%
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%
$521,900
$521.9K
Cap Rate 7%
$372,786
$372.8K
Cap Rate 9%
$289,944
$289.9K
Market Conditions
NOI Build-Up for 2,616 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
$39.2K $15.00/SF
− Vacancy
−$2.0K −$0.75/SF
EGI
$37.3K $14.25/SF
− OpEx
−$11.2K −$4.27/SF
NOI
$26.1K $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%
$521,900
Cap Rate 7%
$372,786
Cap Rate 9%
$289,944
Alternative Uses
Best Use
Retail
$372.8K
$326.2K – $434.9K
NOI $26,095 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$452.0K
$395.5K – $527.4K
NOI $31,643 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,011
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Apparel 26%
Shops & Services 9%
SONIC Drive In
Dining
11,070 visits/mo
0.4 miles
Vans
Apparel
4,937 visits/mo
0.2 miles
Arvest Bank
Shops & Services
1,782 visits/mo
0.1 miles
Sam's Southern Eatery
Dining
1,410 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Corner positioning provides frontage along a reconstructed downtown corridor with updated sidewalks, lighting, drainage, and street parking.
Where is this storefront property located?
The property is located at 231 E Gray Street Norman, OK.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Corner storefront location at 231 E Gray Street in Downtown Norman; Building constructed in 1960; Gray Street reconstruction includes new sidewalks and updated lighting
