Multifamily Development Opportunity Near
716 Sonia Drive, Norman, OK 73072
For Sale
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1.25-acre tract rezoned for student housing development.
Property SizeContact for details
Lot Size1.25 Acres
Days on Market271
Property Features for 716 Sonia Drive
General Information
Standard status
Lot size
Property subtype
Listing Agency:
ROI Real Estate LLC
Listed By:
Isaac Christian
Source:
Crexi
Added: Feb 13
Changed: Nov 4
Last Checked: Nov 8 at 7:26AM
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 ROI Real Estate LLC
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Investment Insights
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This 1.25-acre tract presents a development opportunity for multifamily real estate near the University of Oklahoma campus. The property has been rezoned to RM-6, Medium-Density Apartment District, which allows for student housing developments. The site is in shovel-ready condition following the demolition of three single-family houses that previously occupied the land. The location is near other housing options, including the VUE and Avalon communities. The property is located diagonally across from the OU Rugby Field, with the university’s indoor arena situated behind the field, making it one of the closest development sites to the campus. A Campus Area Rapid Transit Stop (CART) is within a five-minute walk, providing access to school facilities. As of Q1 2025, monthly student rents were reportedly $241 higher on average compared to multifamily rents in the area, with rents typically increasing closer to campus.
Key Highlights
- 1.25‑acre tract rezoned to RM‑6, allowing for medium‑density apartment development suitable for student housing.
- Shovel‑ready condition after demolition of previous structures.
- Located on the edge of the University of Oklahoma campus, one of the closest development sites to the campus.
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Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
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Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 1.25-acre tract rezoned for student housing development.
Where is this residential land & home lot located?
The property is located at 716 Sonia Drive Norman, OK.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 1.25‑acre tract rezoned to RM‑6, allowing for medium‑density apartment development suitable for student housing.; Shovel‑ready condition after demolition of previous structures.; Located on the edge of the University of Oklahoma campus, one of the closest development sites to the campus.
