Norman Retail Strip Mall
For Sale
$1,982,576
851 12th Avenue NE, Norman, OK 73071
Retail strip mall available for purchase in Norman, Oklahoma.
Property Size9,316 SF
Days on Market88
Property Features for 851 12th Avenue NE
General Information
Standard status
Active
Size
9,316 SF
Property subtype
Retail - Strip Center
Building Details
Building Size
9,316 SF
Listing Agency:
NAI Red
(405) 840-0600
Listed By:
David Hartnack · License #152924
Source:
Commercialcafe
Added: May 14
Changed: Aug 8
Last Checked: Jul 16 at 3:10AM
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 NAI Red
Investment Insights
Based on property information with market context.
A retail strip mall located in Norman, Oklahoma is available for purchase. The property is located at 851 12th Avenue NE, Norman, OK 73071.
Key Highlights
- Retail strip mall available for purchase.
- Located in Norman, Oklahoma.
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
$92,927
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
4.69%
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%
$1,858,540
$1.9M
Cap Rate 7%
$1,327,529
$1.3M
Cap Rate 9%
$1,032,522
$1.0M
Market Conditions
NOI Build-Up for 9,316 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
$139.7K $15.00/SF
− Vacancy
−$7.0K −$0.75/SF
EGI
$132.8K $14.25/SF
− OpEx
−$39.8K −$4.27/SF
NOI
$92.9K $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%
$1,858,540
Cap Rate 7%
$1,327,529
Cap Rate 9%
$1,032,522
Alternative Uses
Best Use
Retail
$1.33M
$1.16M – $1.55M
NOI $92,927 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,686 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
492
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
SecurCare Self Storage
Shops & Services
492 visits/mo
0.5 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?
Strip mall - Retail strip mall available for purchase in Norman, Oklahoma.
Where is this strip mall located?
The property is located at 851 12th Avenue NE Norman, OK.
What is the asking price?
The asking price for this property is $1,982,576.
What are key features of this property?
This property features: Retail strip mall available for purchase.; Located in Norman, Oklahoma.
