Built-Out Medical Office
For Sale
Contact for pricing
480 NW 24th Avenue 118-120, Norman, OK 73069
Ready-to-occupy professional suite with treatment rooms, private offices, restrooms, and a breakroom.
Property Size1,563 SF
Price / SF$1.88
Days on Market72
Property Features for 480 NW 24th Avenue 118-120
General Information
Standard status
Active
Size
1,563 SF
Building Details
Year Built
2010
Listing Agency:
Brick and Beam Realty
Listed By:
Chris Johnson · License #200452
(903) 583-8538
Source:
Theokclife
Added: Aug 6
Changed: Sep 23
Last Checked: Oct 7 at 3:21PM
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
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Investment Insights
Based on property information with market context.
Suites 118–120 at Madison Square provide 1,563 SF of fully built-out medical office space. The interior includes a reception area, seven treatment rooms or offices, two restrooms, and a breakroom, with a configuration suited to medical, wellness, or general office operations. The space was formerly used as a med spa and includes a 50-gallon hot water tank and washer/dryer hookups.
The property is located at 480 NW 24th Avenue in Norman, within a high-traffic center in NW Norman. Its existing improvements and service-oriented layout provide a functional setting for a professional occupant seeking an established office configuration.
The property is located at 480 NW 24th Avenue in Norman, within a high-traffic center in NW Norman. Its existing improvements and service-oriented layout provide a functional setting for a professional occupant seeking an established office configuration.
Key Highlights
- 1,563 SF of fully built‑out medical office space
- Seven treatment rooms or offices, plus reception area
- Two restrooms and a dedicated breakroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,256
Suggested Prices Based on Cap Rates
Cap Rate 5%
$265,120
$265.1K
Cap Rate 7%
$189,371
$189.4K
Cap Rate 9%
$147,289
$147.3K
Market Conditions
NOI Build-Up for 1,563 SF
Gross rent
$23.8K $15.24/SF
− Vacancy
−$6.1K −$3.93/SF
EGI
$17.7K $11.31/SF
− OpEx
−$4.4K −$2.83/SF
NOI
$13.3K $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 Rate 5%
$265,120
Cap Rate 7%
$189,371
Cap Rate 9%
$147,289
Alternative Uses
Best Use
Healthcare Medical
$232.1K
$203.1K – $270.8K
NOI $16,247 @ 7.0% cap · market cap 554.32%
Second Best
Office B
$189.4K
$165.7K – $220.9K
NOI $13,256 @ 7.0% cap · market cap 452.27%
Theoretical Best
Specialty Retail
$270.1K
$236.3K – $315.1K
NOI $18,906 @ 7.0% cap · market cap 645.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73069, OK
26,464
Population
12,719
Households
2.1
Avg Household Size
32
Median Age
45%
College-Educated
93%
High-School Grad
15.7 sq mi
ZIP Area
1,686
Density / Sq Mi
$55,699
Median Household Income
$34,151
Median Earnings
$1,031
Median Rent
$212,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Dr. David Biles — 111 N Mercedes Dr, Norman, OK 73069
- Central Oklahoma Veterinary Emrgncy — 111 N Mercedes Dr, Norman, OK 73069
- Rebecca Poillion, DVM — 400 24th Ave NW, Norman, OK 73069
- Laura Blazek, DVM — 400 24th Ave NW, Norman, OK 73069
- Rose Rock Veterinary Hospital & Pet Resort — 400 24th Ave NW, Norman, OK 73069
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ready-to-occupy professional suite with treatment rooms, private offices, restrooms, and a breakroom.
Where is this medical office space located?
The property is located at 480 NW 24th Avenue 118-120 Norman, OK.
What are key features of this property?
This property features: 1,563 SF of fully built‑out medical office space; Seven treatment rooms or offices, plus reception area; Two restrooms and a dedicated breakroom
