Warehouse with Dock
For Sale
Contact for pricing
2451 VAN BUREN ST, Norman, OK 73072
Warehouse with dock and drive-in loading, office support areas, and fire suppression improvements.
Property Size24,219 SF
Price / SF$145
Days on Market18
Property Features for 2451 VAN BUREN ST
General Information
Standard status
Active
Size
24,219 SF
Class
B
Property subtype
Industrial
Zoning
C-2
Lease Type
NNN
Warehouse & Industrial
Clear Height
21 ft
Warehouse Space
24,219 SF
Dock-High Doors
3
Drive-In Doors
1
Sprinkler System
Yes
Amenities
breakrooms
restrooms
Building Details
Year Built
1989
Year Renovated
2015
Buildings
1
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Johnson Commercial Group
(903) 583-8538
Listed By:
Chris Johnson · License #OK 200452
Source:
Crexi
Added: Aug 6
Changed: Aug 13
Last Checked: Aug 22 at 2:32PM
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 Johnson Commercial Group
Investment Insights
Based on property information with market context.
The 24,219-square-foot warehouse was built in 1989 and provides a practical industrial layout with 21-foot clear height. Loading is configured with three dock-high doors measuring 8' x 10', each equipped with dock plates, along with a drive-in ramp and 14' x 14' overhead door. Interior improvements include LED lighting, a unit heater, an HVAC-served office area, breakrooms, restrooms, and a fire suppression system.
Located at 2451 Van Buren St in Norman, the property is zoned C-2. Its combination of warehouse space, multiple loading points, and supporting office and employee areas accommodates distribution, storage, manufacturing, and service operations as identified for the property.
Located at 2451 Van Buren St in Norman, the property is zoned C-2. Its combination of warehouse space, multiple loading points, and supporting office and employee areas accommodates distribution, storage, manufacturing, and service operations as identified for the property.
Key Highlights
- 24,219 SF warehouse facility built in 1989
- 21' clear height supports warehouse operations
- Three 8' x 10' dock‑high doors with dock plates
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
$174,159
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
4.96%
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%
$3,483,180
$3.5M
Cap Rate 7%
$2,487,986
$2.5M
Cap Rate 9%
$1,935,100
$1.9M
Market Conditions
NOI Build-Up for 24,219 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
$218.0K $9.00/SF
− Vacancy
−$13.1K −$0.54/SF
EGI
$204.9K $8.46/SF
− OpEx
−$30.7K −$1.27/SF
NOI
$174.2K $7.19/SF
Area
Norman, OK
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$3,483,180
Cap Rate 7%
$2,487,986
Cap Rate 9%
$1,935,100
Alternative Uses
Best Use
Warehouse
$2.49M
$2.18M – $2.90M
NOI $174,159 @ 7.0% cap · market cap 4.96%
Second Best
Industrial
$2.05M
$1.79M – $2.39M
NOI $143,425 @ 7.0% cap · market cap 4.08%
Theoretical Best
Specialty Retail
$4.19M
$3.66M – $4.88M
NOI $292,953 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
3
Dock-high doors
1
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Morningstar Storage — 1606 24th Ave SW, Norman, OK 73072
- A2 Global Shipping — 1606 24th Ave SW a2, Norman, OK 73072
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse with dock and drive-in loading, office support areas, and fire suppression improvements.
Where is this warehouse located?
The property is located at 2451 VAN BUREN ST Norman, OK.
What is the asking price?
The asking price for this property is $3,511,755.
What are key features of this property?
This property features: 24,219 SF warehouse facility built in 1989; 21' clear height supports warehouse operations; Three 8' x 10' dock‑high doors with dock plates
