Norman OK Retail Investment
For Sale
$2,800,000
831 Sonoma Park Dr, Norman, OK 73071
23,800 SF retail building in Norman, Oklahoma for sale.
Property Size23,800 SF
Price / SF$117.65
Days on Market339
Property Features for 831 Sonoma Park Dr
General Information
Standard status
Active
Size
23,800 SF
Property subtype
Retail
Building Details
Building Size
23,800 SF
Year Built
2018
Listing Agency:
(405) 830-8505
Listed By:
Ev Ernst
(405) 830-8505
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 21
Last Checked: Aug 28 at 9:06AM
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 Ev Ernst
Investment Insights
Based on property information with market context.
Located in Norman, Oklahoma, this 23,800 SF free-standing building presents an investment opportunity. Constructed in 2018, the property offers a modern, purpose-built space suited for retail businesses. The location provides high visibility and accessibility. The surrounding area is near the University of Oklahoma, offering foot traffic and a diverse customer base. Nearby attractions include the Firehouse Art Center, Main Street shopping district, and the Norman Arts District.
Key Highlights
- High‑visibility location in Norman, Oklahoma, near the University of Oklahoma, ensuring a steady stream of foot traffic.
- Modern, purpose‑built 23,800 SF free‑standing building constructed in 2018, offering contemporary design.
- Ample space for customized retail layouts, providing flexibility.
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
$237,405
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
8.48%
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%
$4,748,100
$4.7M
Cap Rate 7%
$3,391,500
$3.4M
Cap Rate 9%
$2,637,833
$2.6M
Market Conditions
NOI Build-Up for 23,800 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
$357.0K $15.00/SF
− Vacancy
−$17.9K −$0.75/SF
EGI
$339.2K $14.25/SF
− OpEx
−$101.7K −$4.27/SF
NOI
$237.4K $9.98/SF
Area
Norman, OK
Vacancy
5.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,748,100
Cap Rate 7%
$3,391,500
Cap Rate 9%
$2,637,833
Alternative Uses
Best Use
Retail
$3.39M
$2.97M – $3.96M
NOI $237,405 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.11M
$3.60M – $4.80M
NOI $287,885 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
157k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 51%
Shops & Services 34%
Dining 13%
Beauty & Spa 2%
Walmart
Superstores
79,867 visits/mo
0.2 miles
7-Eleven
Shops & Services
25,160 visits/mo
0.3 miles
Murphy USA
Shops & Services
19,955 visits/mo
0.2 miles
Taco Bell
Dining
11,478 visits/mo
0.2 miles
IHOP
Dining
8,884 visits/mo
0.1 miles
Demographics for 73071, OK
43,379
Population
19,192
Households
2.3
Avg Household Size
31
Median Age
42%
College-Educated
94%
High-School Grad
23.3 sq mi
ZIP Area
1,862
Density / Sq Mi
$59,258
Median Household Income
$32,830
Median Earnings
$1,059
Median Rent
$206,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - 23,800 SF retail building in Norman, Oklahoma for sale.
Where is this retail property located?
The property is located at 831 Sonoma Park Dr Norman, OK.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: High‑visibility location in Norman, Oklahoma, near the University of Oklahoma, ensuring a steady stream of foot traffic.; Modern, purpose‑built 23,800 SF free‑standing building constructed in 2018, offering contemporary design.; Ample space for customized retail layouts, providing flexibility.
