Renovated Flex
For Sale
$995,000
2845 Broce Dr, Norman, OK 73072
Two buildings combine office areas, warehouse components, and multiple suites for occupancy or lease-up.
Property Size10,250 SF
Price / SF$97.07
Days on Market40
Property Features for 2845 Broce Dr
General Information
Standard status
Active
Size
10,250 SF
Additional Details
Office Units
4
Building Details
Year Built
1982
Buildings
2
Listing Agency:
Brick and Beam Realty
(903) 583-8538
Listed By:
Chris Johnson · License #200452
Source:
Sarahflemingestates
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 12:44PM
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 Brick and Beam Realty
Investment Insights
Based on property information with market context.
Renovated flex space at 2845 Broce Drive includes two buildings with a combined 10,250 SF. The property was built in 1982 and incorporates private offices, restrooms, kitchen areas, open common space, and warehouse components across its layout.
Unit A contains 2,600 SF and is currently leased. The remaining configuration includes Suite B with 3,650 SF, Suite C with 2,200 SF, and Suite D with 1,800 SF, providing a mix of occupied and available space within the property. The office and warehouse elements create a practical setting for businesses requiring both administrative areas and functional storage or work areas.
Unit A contains 2,600 SF and is currently leased. The remaining configuration includes Suite B with 3,650 SF, Suite C with 2,200 SF, and Suite D with 1,800 SF, providing a mix of occupied and available space within the property. The office and warehouse elements create a practical setting for businesses requiring both administrative areas and functional storage or work areas.
Key Highlights
- Two buildings totaling 10,250 SF
- Renovated office and warehouse configuration
- Unit A includes 2,600 SF and is currently leased
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
$86,931
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
8.74%
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%
$1,738,620
$1.7M
Cap Rate 7%
$1,241,871
$1.2M
Cap Rate 9%
$965,900
$965.9K
Market Conditions
NOI Build-Up for 10,250 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
$156.2K $15.24/SF
− Vacancy
−$40.3K −$3.93/SF
EGI
$115.9K $11.31/SF
− OpEx
−$29.0K −$2.83/SF
NOI
$86.9K $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%
$1,738,620
Cap Rate 7%
$1,241,871
Cap Rate 9%
$965,900
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $86,931 @ 7.0% cap · market cap 8.74%
Second Best
Warehouse
$1.05M
$921.4K – $1.23M
NOI $73,708 @ 7.0% cap · market cap 7.41%
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $123,984 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
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 - Two buildings combine office areas, warehouse components, and multiple suites for occupancy or lease-up.
Where is this flex space located?
The property is located at 2845 Broce Dr Norman, OK.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two buildings totaling 10,250 SF; Renovated office and warehouse configuration; Unit A includes 2,600 SF and is currently leased
