Norman OK Retail Investment
831 Sonoma Park Dr Norman, Norman, OK 73071
23,800 SF retail building in Norman, Oklahoma for sale.
Type:Retail
Property size:
23,800 SFPrice / SF:
$117/SF- Added:
- Sep 25, 2025
- Days on Market:
- 248
- Last Refresh:
- May 8 at 10:55 pm
Property Features for 831 Sonoma Park Dr Norman
General Information
- Standard status
- Active
- Size
- 23,800 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2018
Listing agent Ev Ernst (405) 830-8505
Listing office (405) 830-8505
Listing date Sep 25, 2025
Source Tcnworldwide
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
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.
- Strategic location in a thriving area with nearby attractions like the Firehouse Art Center and the Norman Arts District.
- Strong foundation for establishing a prominent retail presence in a dynamic and growing market.
- Prime investment opportunity suited for retail businesses.
Overview
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.
Local Financial Insights For Retail
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 | $357.0k | $15.00 |
| − Vacancy | −$17.9k | −$0.75 |
| EGI | $339.2k | $14.25 |
| − OpEx | −$101.7k | −$4.27 |
| NOI | $237.4k | $9.98 |
23,800 SF · lease $15.00/SF/yr · vacancy 5.00% · expense 30.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
American Freight - Furniture, ...
Furniture & Home Goods
Location Insight
- Map
- Local Demand
- City
- Norman
- County
- Cleveland
- State
- Oklahoma
- Longitude
- -97.422
- Latitude
- 35.2282
Nearby Similar for Sale
FAQs
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 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.
