La Quinta Inn &
For Sale
$7,300,000
930 Ed Noble Dr, Norman, OK 73072
117-room hotel near the University of Oklahoma.
Property Size105,612 SF
Days on Market183
Property Features for 930 Ed Noble Dr
General Information
Standard status
Active
Size
105,612 SF
Property subtype
Hotel
Net Operating Income
$678,642
Building Details
Building Size
105,612 SF
Year Built
1997
Year Renovated
2023
Listing Agency:
Tabani Realty
Listed By:
Salman (Sam) Tabani · License #TX #0546558
(214) 226-7500
Source:
Tabanirealty
Added: Mar 5
Changed: Aug 31
Last Checked: Sep 4 at 5:01AM
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 Tabani Realty
Investment Insights
Based on property information with market context.
The La Quinta Inn & Suites by Wyndham in Norman, OK, presents an opportunity for buyers and investors. This property features 117 rooms and is located minutes from the University of Oklahoma, benefiting from its proximity to students, faculty, and visitors. The hotel includes 80 rooms, modern amenities, and a welcoming atmosphere. The location is just off I-35 and offers an easy drive to Oklahoma City. Nearby attractions include the River Wind Casino, Gaylord Family Oklahoma Memorial Stadium, Sam Noble Oklahoma Museum of Natural History, The Links Golf & Athletic Club, Westwood Golf Course, Chesapeake Energy Arena, 16th Street Plaza District, Myriad Botanical Gardens, Lake Hefner, and OKC Will Rogers International Airport. It is also near Lake Thunderbird State Park, Norman Regional Hospital, Sooner Fashion Mall, local boutiques, and Norman’s local parks and recreational areas. Norman Regional Airport is approximately 10 miles away.
Key Highlights
- Prime location minutes from the University of Oklahoma, attracting a consistent stream of visitors.
- 117 rooms, presenting a substantial hospitality asset.
- Convenient access to I‑35 and a short drive to Oklahoma City.
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
$511,690
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
7.01%
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%
$10,233,800
$10.2M
Cap Rate 7%
$7,309,857
$7.3M
Cap Rate 9%
$5,685,444
$5.7M
Market Conditions
NOI Build-Up for 105,612 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
$1.27M $12.00/SF
− Vacancy
−$190.1K −$1.80/SF
EGI
$1.08M $10.20/SF
− OpEx
−$565.6K −$5.35/SF
NOI
$511.7K $4.85/SF
Area
Norman, OK
Vacancy
15.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
52.50%
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%
$10,233,800
Cap Rate 7%
$7,309,857
Cap Rate 9%
$5,685,444
Alternative Uses
Best Use
Hotel Hospitality
$7.31M
$6.40M – $8.53M
NOI $511,690 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.25M
$15.97M – $21.29M
NOI $1,277,483 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - 117-room hotel near the University of Oklahoma.
Where is this hotel located?
The property is located at 930 Ed Noble Dr Norman, OK.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: Prime location minutes from the University of Oklahoma, attracting a consistent stream of visitors.; 117 rooms, presenting a substantial hospitality asset.; Convenient access to I‑35 and a short drive to Oklahoma City.
