Two-Suite Office
For Sale
$1,250,000
901 Wall Street Unit 909, Norman, OK 73069
Professional office property with one leased suite and additional space available for occupancy.
Property Size5,031 SF
Price / SF$248.46
Days on Market263
Property Features for 901 Wall Street Unit 909
General Information
Standard status
Active
Size
5,031 SF
Property subtype
Office
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$15,417
Amenities
3
Concrete Driveway.
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Listing Agency:
828 Real Estate LLC
(405) 590-5863
Listed By:
Chrystal Raprich
(405) 590-5863
Source:
Xome
Added: Dec 11, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:32PM
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 828 Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 2004, this 5,031-square-foot office building is configured as two suites. Suite 901 is leased with annual escalations continuing through April 2029, while Suite 909 is vacant and available for immediate occupancy. The layout supports professional office operations and offers flexibility for an owner-user or an additional occupant.
The property includes on-site parking and a concrete driveway for convenient arrival. Positioned in an established Norman business area off 24th Ave SW, it is near major roadways, retail, and services. The combination of existing tenancy and available suite space provides a practical setup for an office user or an investor seeking both current occupancy and additional leasing capacity.
The property includes on-site parking and a concrete driveway for convenient arrival. Positioned in an established Norman business area off 24th Ave SW, it is near major roadways, retail, and services. The combination of existing tenancy and available suite space provides a practical setup for an office user or an investor seeking both current occupancy and additional leasing capacity.
Key Highlights
- 5,031 SF office building configured as two suites
- Suite 901 leased with annual rent escalations through April 2029
- Suite 909 vacant and ready for immediate occupancy
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
3.41%
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 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$869.4K
$760.7K – $1.01M
NOI $60,855 @ 7.0% cap · market cap 4.87%
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 building - Professional office property with one leased suite and additional space available for occupancy.
Where is this office building located?
The property is located at 901 Wall Street Unit 909 Norman, OK.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,031 SF office building configured as two suites; Suite 901 leased with annual rent escalations through April 2029; Suite 909 vacant and ready for immediate occupancy
