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    Norman Triplex Investment Opportunity Title is generated by Realmo AI

    414 Ferrill Street #416, Norman, OK 73071

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    Claim this Listing
    For Sale
    $365,000

    Income-generating triplex in Norman, near OU, ideal for investors.

    Type:Multi Family
    Property size:
    1,824 SF
    Lot size:
    6,098.00 Acres
    Price / SF:
    $200/SF
    Added:
    Apr 28, 2025
    Days on Market:
    398
    Last Refresh:
    May 28 at 10:06 pm

    Property Features for 414 Ferrill Street #416

    General Information

    Standard status
    Active
    Size
    1,824 SF
    Lot size
    6,098.00 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Runming Lin

    Listing agent Runming Lin License #206416

    Listing office Black Label Realty

    Listing date Apr 28, 2025

    Source Exitrealty

    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 Black Label Realty

    HighLights

    • Triplex: Three income‑generating units under one roof.
    • Strong Rental Potential: Can lease for up to $2,600 monthly.
    • Prime Location: In Norman, OK, only three minutes drive from OU.
    • Ideal for Investors or Owner‑Occupants: Opportunity to build wealth through rental income or house hacking.
    • Spacious: 1,824 sqft with a large 6,098 sqft lot.
    • 5 Beds / 3 Baths: Suitable for multiple tenants or a large family.

    Overview

    Located in Norman, OK, the property at 414 Ferrill St, #416, is a triplex offering an investment opportunity. This multi-family home contains three income-generating units. The property features 1,824 square feet of living space and sits on a 6,098 square foot lot. The triplex contains a total of 5 beds and 3 baths. The property is located close to shopping, dining, and major highways and is a short three-minute drive from the University of Oklahoma. The triplex is suitable for investors or owner-occupants seeking cash flow. The three units have the potential to generate up to $2,600 monthly, making it suitable for investors or first-time buyers looking to offset their mortgage.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4357004
    Latitude
    35.2141692

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    FAQs

    What type of property is this?
    Triplex - Income-generating triplex in Norman, near OU, ideal for investors.
    Where is this triplex located?
    The property is located at 414 Ferrill Street #416 Norman, OK.
    What is the asking price?
    The asking price for this property is $365,000.
    What are key features of this property?
    This property features: Triplex: Three income‑generating units under one roof.; Strong Rental Potential: Can lease for up to $2,600 monthly.; Prime Location: In Norman, OK, only three minutes drive from OU.
    (405) 569-0372
    We can help!
    Listing Contact
    Runming Lin
    Real Estate License ID: 206416
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    414 Ferrill Street #416, Norman, OK 73071
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