Two-Story Multi-Tenant Office
For Sale
Contact for pricing
707 24th Ave SW, Norman, OK 73069
Suite 202 offers shell space with an available build-to-suit floorplan option in a maintained multi-tenant office building.
Property Size13,636 SF
Price / SF$95.34
Days on Market125
Property Features for 707 24th Ave SW
General Information
Standard status
Active
Size
13,636 SF
Class
B
Total Parking Spaces
71
Property subtype
Office
Zoning
C-2
Occupancy
86%
Lease Type
Gross
Additional Details
Sprinkler System
Yes
Amenities
enclosed staircases
public restrooms
elevator
vaulted ceiling
exposed standing seam metal roof
double entry doors
glass front
monitored security system
inground sprinkler system
well landscaped
outdoor lighting
Building Details
Year Built
1981
Year Renovated
1993
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Equity Commercial Realty Advisors, LLC
Listed By:
Gayla Artman · License #OK 079819
(405) 826-7975
Source:
Crexi
Added: May 5
Changed: Aug 31
Last Checked: Sep 1 at 6:25PM
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.
Suite 202 is available for lease or sale as shell space with 1,575 square feet, and floorplans are available for a build-to-suit layout. The property is a well maintained, two-story, multi-tenant office building featuring common enclosed staircases, two public restrooms, and an elevator. The building has a secured entry foyer with a vaulted ceiling, exposed standing seam metal roof, double entry doors, and glass frontage. The elevator and staircase are located off the foyer, and the building is supported by a monitored security system and an inground sprinkler system.
The building is positioned at the corner of Westpark and 24th Avenue SW, just south of W. Main Street. On-site parking includes 71 striped spaces, including two handicap spaces. The property also features landscaping with outdoor lighting.
The suite configuration supports tenant customization through the available build-to-suit floorplans, while maintaining shared building amenities such as restrooms, elevator service, and common enclosed stair access.
The building is positioned at the corner of Westpark and 24th Avenue SW, just south of W. Main Street. On-site parking includes 71 striped spaces, including two handicap spaces. The property also features landscaping with outdoor lighting.
The suite configuration supports tenant customization through the available build-to-suit floorplans, while maintaining shared building amenities such as restrooms, elevator service, and common enclosed stair access.
Key Highlights
- Suite 202 available for lease with 1,575 SF of shell space with a build‑to‑suit floorplan option
- Two‑story, multi‑tenant office building with a mix of dental and general office tenants
- Common area features enclosed staircases, two public restrooms, and an elevator
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
$115,648
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
8.90%
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%
$2,312,960
$2.3M
Cap Rate 7%
$1,652,114
$1.7M
Cap Rate 9%
$1,284,978
$1.3M
Market Conditions
NOI Build-Up for 13,636 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
$207.8K $15.24/SF
− Vacancy
−$53.6K −$3.93/SF
EGI
$154.2K $11.31/SF
− OpEx
−$38.5K −$2.83/SF
NOI
$115.6K $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 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%
$2,312,960
Cap Rate 7%
$1,652,114
Cap Rate 9%
$1,284,978
Alternative Uses
Best Use
Healthcare Medical
$2.02M
$1.77M – $2.36M
NOI $141,743 @ 7.0% cap · market cap 10.90%
Second Best
Office B
$1.65M
$1.45M – $1.93M
NOI $115,648 @ 7.0% cap · market cap 8.90%
Theoretical Best
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $164,941 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
909
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Suite 202 offers shell space with an available build-to-suit floorplan option in a maintained multi-tenant office building.
Where is this office units located?
The property is located at 707 24th Ave SW Norman, OK.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Suite 202 available for lease with 1,575 SF of shell space with a build‑to‑suit floorplan option; Two‑story, multi‑tenant office building with a mix of dental and general office tenants; Common area features enclosed staircases, two public restrooms, and an elevator
