Medical Office
708 24th Ave NW Norman, OK 73069
For Sale
Contact for pricing
Two-story medical office building with largely open first-floor space and built-out second-floor suites.
Property Size22,139 SF
Price / SF$146.64
Days on Market462
Property Features for 708 24th Ave NW
General Information
- Standard status
- Active
- Size
- 22,139 SF
- Property subtype
- OFFICE
Listing Agency:
Fulton Worster Group
(405) 206-8911
Listed By:
Bradley Worster
(405) 206-8911
Source:
Moodyscre
Added: Apr 21, 2025
Changed: Jul 25
Last Checked: Jul 26 at 11:21AM
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 Fulton Worster Group
Investment Insights
Based on property information with market context.
This two-story medical office building is currently half occupied by Norman Regional Hospital. The upstairs is expected to be vacated in the coming months, and the Physical Therapy space on the first floor could be leased back for a short period of time or vacated at closing.
The building can be easily divided into four suites. The first floor areas are largely open, while the second floor spaces are built out as medical office.
For buyers seeking flexibility, the layout supports multiple suite configurations using the existing floor-level organization.
The building can be easily divided into four suites. The first floor areas are largely open, while the second floor spaces are built out as medical office.
For buyers seeking flexibility, the layout supports multiple suite configurations using the existing floor-level organization.
Key Highlights
- Two‑story medical office building with largely open first‑floor space and built‑out second‑floor suites
- Currently half occupied by Norman Regional Hospital
- Upstairs is expected to be vacated in the coming months
Financial Insights For Healthcare Medical
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 | $422.4k | $19.08 |
| − Vacancy | −$38.9k | −$1.76 |
| EGI | $383.6k | $17.32 |
| − OpEx | −$153.4k | −$6.93 |
| NOI | $230.1k | $10.39 |
22,139 SF · lease $19.08/SF/yr · vacancy 9.20% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.29M
$2.88M – $3.84M
NOI $230,130 @ 7.0% cap · market cap 7.09%
Second Best
Office B
$2.68M
$2.35M – $3.13M
NOI $187,762 @ 7.0% cap · market cap 5.78%
Theoretical Best
Specialty Retail
$3.83M
$3.35M – $4.46M
NOI $267,793 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Valir Physical Therapy ...
Medical Clinic
Bryan Waldenville | Meraki ...
Real Estate Agency
Valir Physical Therapy
Medical Clinic
Tribute Memorial Care
Social Service Agency
Zan Waldenville | Meraki ...
Real Estate Agency
Similar Off Market Nearby
- Rebecca Poillion, DVM — 400 24th Ave NW, Norman, OK 73069
- Dr. David Biles — 111 N Mercedes Dr, Norman, OK 73069
- Laura Blazek, DVM — 400 24th Ave NW, Norman, OK 73069
- Central Oklahoma Veterinary Emrgncy — 111 N Mercedes Dr, Norman, OK 73069
- Rose Rock Veterinary Hospital & Pet Resort — 400 24th Ave NW, Norman, OK 73069
FAQs
What type of property is this?
Medical Office Space - Two-story medical office building with largely open first-floor space and built-out second-floor suites.
Where is this medical office space located?
The property is located at 708 24th Ave NW Norman, OK.
What is the asking price?
The asking price for this property is $3,246,500.
What are key features of this property?
This property features: Two‑story medical office building with largely open first‑floor space and built‑out second‑floor suites; Currently half occupied by Norman Regional Hospital; Upstairs is expected to be vacated in the coming months
