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    The Largest CRE Database in the US with Over 1 Million Listings

    932 Flood Ave Norman, OK 73069

    Sponsored
    For Lease
    $16 SF/Yr ($9,970 /Mo)

    Prime Retail/Office Space Available

    Lot size:
    7,478 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    426
    This exceptional Oklahoma City property offers 7,478 square feet of versatile space, ideal for retail or office use. Currently, 5,210 square feet are available for lease or sale, divisible into units ranging from 1,219 to 3,991 contiguous square feet. The building, situated on a 0.28-acre lot in Cleveland County, features a single story with multiple units. Unit 930 boasts 2,772 square feet, including front and back entrances, two restrooms, a breakroom, and nine potential office spaces (currently open). Unit 932 comprises 1,219 square feet, offering a front entrance, back patio access, one restroom, and one private office with open space. An enclosed rear patio provides additional outdoor space, and ample parking is available. The property also includes undeveloped, cross-fenced land at the rear, presenting potential for future expansion or development. The building's previous use as a retail store makes it adaptable to a variety of businesses. This is a unique opportunity to acquire a well-located property with significant potential in a thriving Oklahoma City submarket.

    Property Features for 932 Flood Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,478 SF
    Total Rate
    9970.67

    Building Details

    Stories
    1

    Spaces For Lease

    at 932 Flood Ave, Norman, OK 73069 Contact us
    Unit Space 930

    $16 /Mo

    Size
    3,991 SF
    Contact us
    Unit Space 932

    $16 /Mo

    Size
    1,219 SF
    Contact us

    We can help!

    Listing Contact
    Gayla Artman
    Gayla Artman

    Learn more

    Property Insight Report

    HighLights

    • 7,478 SF retail/office building in Oklahoma City, OK.
    • Multiple tenancies available, totaling 5,210 SF of vacant space.
    • Units range from 1,219 SF to 3,991 SF contiguous.
    • Located in Cleveland County.
    • Features include a rear enclosed patio and additional parking.
    • Unit 930 offers 2,772 SF with two restrooms, a breakroom, and nine potential offices.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kari A. Scott, LPC Counselor Brown Christopher Counselor Sassy Sister’s Gourmet ... Specialty Food Shop Jeremy Elledge Counselor CM Bling (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4527824
    Latitude
    35.2267685

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Retail/Office Space Available
    Where is this office property / space located?
    The property is located at 932 Flood Ave Norman, OK.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: 7,478 SF retail/office building in Oklahoma City, OK.; Multiple tenancies available, totaling 5,210 SF of vacant space.; Units range from 1,219 SF to 3,991 SF contiguous.
    (405) 826-7975
    Request Owner's contact information
    932 Flood Ave Norman, OK 73069
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    Norman, OK 73069
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    932 Flood Ave Norman, OK 73069
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    We can help!
    Listing Contact
    Gayla Artman
    Gayla Artman
    Real Estate License ID: 079819
    (405) 826-7975
    Learn more
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