Office Unit with Flexible
For Sale
Contact for pricing
480 NW 24th Avenue 232-246, Norman, OK 73069
Configured with multiple work areas, private offices, restrooms, and a kitchen/breakroom.
Property Size6,904 SF
Price / SF$1.63
Days on Market96
Property Features for 480 NW 24th Avenue 232-246
General Information
Standard status
Active
Size
6,904 SF
Building Details
Year Built
2010
Listing Agency:
Brick and Beam Realty
Listed By:
Chris Johnson · License #200452
(903) 583-8538
Source:
Sarahflemingestates
Added: Jul 13
Changed: Oct 6
Last Checked: Oct 7 at 1:14PM
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.
Suite 232–246 at Madison Square provides 6,904 SF of office space within a 2010-built property. The interior includes a reception lobby, four large work areas, two private offices, five restrooms, a kitchen/breakroom, and two storage closets. The arrangement offers a combination of shared workspace, private rooms, support areas, and room for customization.
The suite is located in a high-traffic center in NW Norman at 480 NW 24th Avenue. Its existing office configuration provides a substantial base for an organization needing multiple work zones and on-site support amenities.
The suite is located in a high-traffic center in NW Norman at 480 NW 24th Avenue. Its existing office configuration provides a substantial base for an organization needing multiple work zones and on-site support amenities.
Key Highlights
- 6,904 SF office suite in Suite 232–246
- Four large work areas and two private offices
- Five restrooms, kitchen/breakroom, and two storage closets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,553
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,171,060
$1.2M
Cap Rate 7%
$836,471
$836.5K
Cap Rate 9%
$650,589
$650.6K
Market Conditions
NOI Build-Up for 6,904 SF
Gross rent
$105.2K $15.24/SF
− Vacancy
−$27.1K −$3.93/SF
EGI
$78.1K $11.31/SF
− OpEx
−$19.5K −$2.83/SF
NOI
$58.6K $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%
$1,171,060
Cap Rate 7%
$836,471
Cap Rate 9%
$650,589
Alternative Uses
Best Use
Office B
$836.5K
$731.9K – $975.9K
NOI $58,553 @ 7.0% cap · market cap 521.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,511 @ 7.0% cap · market cap 744.37%
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
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
Frequently Asked Questions
What type of property is this?
Office units - Configured with multiple work areas, private offices, restrooms, and a kitchen/breakroom.
Where is this office units located?
The property is located at 480 NW 24th Avenue 232-246 Norman, OK.
What are key features of this property?
This property features: 6,904 SF office suite in Suite 232–246; Four large work areas and two private offices; Five restrooms, kitchen/breakroom, and two storage closets
