RV Park on 10
For Sale
$199,000
9321 Norfolk Road, Cushing, OK 74023
RV park with expansion potential on over 10 acres.
Property Size1,127 SF
Lot Size10.00 Acres
Price / SF$176.57
Days on Market1310
Property Features for 9321 Norfolk Road
General Information
Standard status
Active
Size
1,127 SF
Lot size
10.00 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$645
Amenities
3
Building Details
Year Built
1930
Listing Agency:
Horner Mcclure & Associates
(405) 408-4329
Listed By:
Jake Mcclure · License #177330
(405) 535-6518
Source:
Xome
Added: Jan 10, 2023
Changed: Aug 12
Last Checked: Aug 12 at 3:29AM
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 Horner Mcclure & Associates
Investment Insights
Based on property information with market context.
Norfolk RV Park, situated on just over 10 acres of land near the river outside of Cushing, presents an opportunity for investors or entrepreneurs looking to enter the RV park business. The property includes 10 established RV pads and offers room for expansion, allowing for the development of additional amenities or increased capacity. A 1930s home is included at no additional value, with the option to repurpose or clear it for further development. The park's location near a natural water source and serene rural surroundings positions it to attract travelers seeking a peaceful and scenic place to stay. This is a turnkey opportunity with the potential to generate income. The property size is 1127 square feet.
Key Highlights
- Turnkey RV park with 10 established RV pads, ready to generate income.
- Over 10 acres of land with ample room for expansion and development.
- Located near a river in a serene, rural setting, attracting travelers seeking peaceful stays.
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
$8,037
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
4.04%
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%
$160,740
$160.7K
Cap Rate 7%
$114,814
$114.8K
Cap Rate 9%
$89,300
$89.3K
Market Conditions
NOI Build-Up for 1,127 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
$16.4K $14.52/SF
− Vacancy
−$1.8K −$1.55/SF
EGI
$14.6K $12.97/SF
− OpEx
−$6.6K −$5.83/SF
NOI
$8.0K $7.13/SF
Area
Payne County, OK
Vacancy
10.70%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$160,740
Cap Rate 7%
$114,814
Cap Rate 9%
$89,300
Alternative Uses
Best Use
Apartment 5plus
$114.8K
$100.5K – $134.0K
NOI $8,037 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$277.1K
$242.5K – $323.3K
NOI $19,400 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 74023, OK
12,117
Population
5,474
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
88%
High-School Grad
173.1 sq mi
ZIP Area
70
Density / Sq Mi
$48,859
Median Household Income
$34,202
Median Earnings
$759
Median Rent
$134,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - RV park with expansion potential on over 10 acres.
Where is this mobile home & rv park located?
The property is located at 9321 Norfolk Road Cushing, OK.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Turnkey RV park with **10 established RV pads, ready to generate income.**; Over 10 acres of land with ample room for expansion and development.; Located near a river in a serene, rural setting, attracting travelers seeking peaceful stays.
