Remodeled Two-Story Office
425 W Gray St Norman, OK 73069
425 W Gray St, Norman, OK, 73069
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For Sale
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Fully remodeled two-story office building with ADA restrooms, multiple offices, and an adjacent parking lot with 20+ spaces.
Property Size4,800 SF
Price / SF$250
Days on Market98
Property Features for 425 W Gray St
General Information
- Standard status
- Active
- Size
- 4,800 SF
- Property subtype
- Office
Building Details
- Year Built
- 1976
Listing agency
Equity Commercial Realty Advisors, LLC
(405) 826-7975
Listed by
Gayla Artman · License #OK 079819
Source
Crexi
Added: Apr 17 Updated: Jul 22 at 9:39PM Checked: Jul 22 at 9:39PM
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 Equity Commercial Realty Advisors, LLC
Investment Insights
Based on property information with market context.
This fully remodeled (2025) two-story commercial office building offers a versatile, light-filled layout designed for professional use. The first floor includes a reception area, a large conference room, two ADA-compliant restrooms, a kitchen, a file room, and an open work area for collaboration. Additional support spaces include a utility room and a janitorial closet. The second floor features four private offices, a conference room, two ADA-compliant restrooms, a kitchen, and a dedicated mechanical room.
The property is positioned just west of Downtown Norman at 425 W Gray St. An adjacent parking lot to the west provides 20+ parking spaces for both properties, supporting employee and client parking.
Overall, the building is configured with multiple conference and work areas across both levels, along with ADA-compliant restroom facilities on each floor and dedicated utility and mechanical space.
The property is positioned just west of Downtown Norman at 425 W Gray St. An adjacent parking lot to the west provides 20+ parking spaces for both properties, supporting employee and client parking.
Overall, the building is configured with multiple conference and work areas across both levels, along with ADA-compliant restroom facilities on each floor and dedicated utility and mechanical space.
Key Highlights
- Fully remodeled two‑story commercial office building (2025) built in 1976
- Adjacent parking lot to the west with 20+ parking spaces for employees and clients
- First floor includes reception, large conference room, open work area, kitchen, file room, utility room, and janitorial closet
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.2k | $15.24 |
| − Vacancy | −$18.9k | −$3.93 |
| EGI | $54.3k | $11.31 |
| − OpEx | −$13.6k | −$2.83 |
| NOI | $40.7k | $8.48 |
4,800 SF · lease $15.24/SF/yr · vacancy 25.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$581.6K
$508.9K – $678.5K
NOI $40,709 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$829.4K
$725.8K – $967.7K
NOI $58,061 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Prime Architects
Architect
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Fully remodeled two-story office building with ADA restrooms, multiple offices, and an adjacent parking lot with 20+ spaces.
Where is this office building located?
The property is located at 425 W Gray St Norman, OK.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully remodeled two‑story commercial office building (2025) built in 1976; Adjacent parking lot to the west with 20+ parking spaces for employees and clients; First floor includes reception, large conference room, open work area, kitchen, file room, utility room, and janitorial closet
