Two-Suite Office
For Sale
$1,150,000
901 Wall Street, Norman, OK 73069
SINGLE_FAMILY - Norman, OK
Property Size5,031 SF
Lot Size0.39 Acres
Price / SF$228.58
Days on Market176
Property Features for 901 Wall Street
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial
Directions
From 24th Ave SW, turn left onto Tee Dr, after 350 ft, turn left onto Wall St. The property is the first building on the east side of the street.
Standard status
Active
APN
901NONEWall90973069
Size
5,031 SF
Lot size
0.39 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Listing Agency:
828 Real Estate LLC
(405) 701-8881
Listed By:
Chrystal Raprich
(405) 590-5863
Added: Feb 16
Changed: Aug 3
Last Checked: Aug 11 at 6:06PM
MLS# 1214683
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-located two-suite commercial office building with a functional layout and convenient on-site parking. Office suite 901 is currently occupied with a lease in place, including annual rent escalations through April 2029. Office suite 909 is vacant and ready for immediate occupancy, supporting either an owner-user move-in or additional tenant leasing.
Built in 2004, the property sits on a 0.39-acre lot and has public water and public sewer services. Located in an established Norman business area off 24th Ave SW, it offers accessibility for both clients and staff, with close proximity to major roadways as well as nearby retail and services.
This configuration can be appealing to buyers looking for partial occupancy income from suite 901 while retaining the flexibility to occupy or lease suite 909.
Built in 2004, the property sits on a 0.39-acre lot and has public water and public sewer services. Located in an established Norman business area off 24th Ave SW, it offers accessibility for both clients and staff, with close proximity to major roadways as well as nearby retail and services.
This configuration can be appealing to buyers looking for partial occupancy income from suite 901 while retaining the flexibility to occupy or lease suite 909.
Key Highlights
- Two‑suite office building with suite 901 leased and suite 909 vacant
- Lease with annual escalations through April 2029 for suite 901
- 0.39‑acre lot with convenient on‑site parking
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
$42,668
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
3.71%
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%
$853,360
$853.4K
Cap Rate 7%
$609,543
$609.5K
Cap Rate 9%
$474,089
$474.1K
Market Conditions
NOI Build-Up for 5,031 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
$76.7K $15.24/SF
− Vacancy
−$19.8K −$3.93/SF
EGI
$56.9K $11.31/SF
− OpEx
−$14.2K −$2.83/SF
NOI
$42.7K $8.48/SF
Area
Norman, OK
Vacancy
25.80%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
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%
$853,360
Cap Rate 7%
$609,543
Cap Rate 9%
$474,089
Alternative Uses
Best Use
Office B
$609.5K
$533.4K – $711.1K
NOI $42,668 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$869.4K
$760.7K – $1.01M
NOI $60,855 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,142
Businesses Nearby
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-suite office building on 0.39 acres with public water and public sewer and one suite currently leased through April 2029.
Where is this office units located?
The property is located at 901 Wall Street Norman, OK.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑suite office building with suite 901 leased and suite 909 vacant; Lease with annual escalations through April 2029 for suite 901; 0.39‑acre lot with convenient on‑site parking
