Medical Office
For Sale
Contact for pricing
708 24th Ave NW, Norman, OK 73069
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 Market555
Property Features for 708 24th Ave NW
General Information
Standard status
Active
Size
22,139 SF
Property subtype
OFFICE
Occupancy
50%
Building Details
Stories
2
Listing Agency:
Fulton Worster Group
(405) 701-0200
Listed By:
Bradley Worster
(405) 206-8911
Source:
Moodyscre
Added: Apr 21, 2025
Changed: Oct 25
Last Checked: Oct 26 at 7:16PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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
Estimated NOI and Cap Rate
NOI / Yr
$230,130
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,602,600
$4.6M
Cap Rate 7%
$3,287,571
$3.3M
Cap Rate 9%
$2,557,000
$2.6M
Market Conditions
NOI Build-Up for 22,139 SF
Gross rent
$422.4K $19.08/SF
− Vacancy
−$38.9K −$1.76/SF
EGI
$383.6K $17.32/SF
− OpEx
−$153.4K −$6.93/SF
NOI
$230.1K $10.39/SF
Area
Norman, OK
Vacancy
9.20%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,602,600
Cap Rate 7%
$3,287,571
Cap Rate 9%
$2,557,000
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 authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,347
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 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
