Flex Space with Fenced
For Sale
Contact for pricing
Pending
2805 Broce Dr, Norman, OK 73072
Light industrial property combining warehouse functionality with remodeled office improvements and secured outdoor storage.
Property Size14,848 SF
Lot Size0.72 Acres
Days on Market194
Property Features for 2805 Broce Dr
General Information
Standard status
Pending
Size
14,848 SF
Total Parking Spaces
23
Lot size
0.72 Acres
Property subtype
Industrial
Zoning
I-1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
3
Building Details
Year Built
1982
Year Renovated
2023
Buildings
1
Stories
1
Building Size
14,848 SF
Listing Agency:
Johnson Commercial Group
(903) 583-8538
Listed By:
Chris Johnson · License #OK 200452
Source:
Crexi
Added: Feb 18
Changed: Aug 30
Last Checked: Jul 18 at 12:27AM
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.
Located at 2805 Broce Drive in Norman, Oklahoma, this 14,848-square-foot flex space occupies 0.72 acres and carries I-1 (Light Industrial) zoning. The 1982 building includes a warehouse area with 16-foot clear height, three drive-in doors, 23 surface parking spaces, and a fenced, gated yard.
The office component was remodeled in 2023 and provides a reception area, two conference rooms, 16 private offices, a workstation/bullpen area, a server room, and seven restrooms. Convenient access to I-35 supports industrial, service, distribution, owner-user, and investment applications. The property is available for sale and can also be leased.
The office component was remodeled in 2023 and provides a reception area, two conference rooms, 16 private offices, a workstation/bullpen area, a server room, and seven restrooms. Convenient access to I-35 supports industrial, service, distribution, owner-user, and investment applications. The property is available for sale and can also be leased.
Key Highlights
- 14,848 SF light industrial building on 0.72 acres
- I‑1 (Light Industrial) zoning
- 16' clear height with three drive‑in doors
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
$125,927
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
8.48%
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%
$2,518,540
$2.5M
Cap Rate 7%
$1,798,957
$1.8M
Cap Rate 9%
$1,399,189
$1.4M
Market Conditions
NOI Build-Up for 14,848 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
$226.3K $15.24/SF
− Vacancy
−$58.4K −$3.93/SF
EGI
$167.9K $11.31/SF
− OpEx
−$42.0K −$2.83/SF
NOI
$125.9K $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 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%
$2,518,540
Cap Rate 7%
$1,798,957
Cap Rate 9%
$1,399,189
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.10M
NOI $125,927 @ 7.0% cap · market cap 8.48%
Second Best
Warehouse
$1.53M
$1.33M – $1.78M
NOI $106,772 @ 7.0% cap · market cap 7.19%
Theoretical Best
Specialty Retail
$2.57M
$2.25M – $2.99M
NOI $179,601 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
3
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Under-served
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial property combining warehouse functionality with remodeled office improvements and secured outdoor storage.
Where is this flex space located?
The property is located at 2805 Broce Dr Norman, OK.
What is the asking price?
The asking price for this property is $1,484,800.
What are key features of this property?
This property features: 14,848 SF light industrial building on 0.72 acres; I‑1 (Light Industrial) zoning; 16' clear height with three drive‑in doors
