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    Property profile & analytics

    1024 N Flood Ave Norman, OK 73072

    • Strip malls
    • 31,088 SF
    • 1.68 lot acres
    For Lease
    View listing
    $8 SF/Yr
    Value Estimations
    $650,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0713894
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Simple Elegance Salon / Beauty Salon

    Property Details for 1024 N Flood Ave

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.68 lot acres
    Property size
    31,088 SF
    Zone code
    C2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    NC29WODW1 8 001
    APU
    NC29WODW18001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $640,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $799,000
      Market price range: $799k - $1.23M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4537
    Latitude
    35.2281
    CBSA code
    36420
    CBSA name
    OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,847
    $30,867
    $67,798
    $98,665
    -
    $257,228
    $564,984
    $822,212

    Comparable in this City

    • Value Estimation
      $355,000
      8,680 SF

      1004 24th NW Ave

      SHOPPING CENTER, STRIP CENTER • 8,680 SF
      1004 24th NW Ave, Norman, OK 73069-6345
      View Details
    • Value Estimation
      $355,000
      10,500 SF

      108 24th SW Ave

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      108 24th SW Ave, Norman, OK 73069-5102
      View Details
    • Value Estimation
      $370,000
      16,444 SF

      500 Main St

      SHOPPING CENTER, STRIP CENTER • 16,444 SF
      500 Main St, Norman, OK 73069-7087
      View Details
    • Value Estimation
      $280,000
      3.25 Acres

      1351 24th NW Ave

      SHOPPING CENTER, STRIP CENTER • 3.25 Acres
      1351 24th NW Ave, Norman, OK 73069-6495
      View Details
    • Value Estimation
      $4,200,000
      1.67 Acres

      2073 24th NW Ave

      SHOPPING CENTER, STRIP CENTER • 1.67 Acres
      2073 24th NW Ave, Norman, OK 73069-6719
      View Details
    • Value Estimation
      $3,815,000
      12,816 SF

      2400 Tecumseh Rd

      SHOPPING CENTER, STRIP CENTER • 12,816 SF
      2400 Tecumseh Rd, Norman, OK 73069
      View Details

    Similar Nearby for Sale

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      7,200 SF

      Fully Leased Retail Center

      7,200 SF retail center in high-traffic area near OU.
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      Value-Add Retail Opportunity

      Retail property with significant value-add potential in Norman, Oklahoma.
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      Downtown Norman Retail Opportunity

      Retail property in Downtown Norman with parking and new roof.
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    • $899,000
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      Norman Retail/Office Building For Sale

      Two-story commercial building in Norman's vibrant Arts District.
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    • $4,950,000
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      Large Retail Building For Sale

      Spacious 47,236 SF retail building with ample parking.
      2505 W Main St, Norman, OK 73069
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    • $250,000
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      Remodeled Commercial Building For Sale

      Versatile, remodeled commercial building suitable for retail, restaurant, or office.
      527 E Main St, Norman, OK 73069
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    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Retail Space in High-Traffic Center

      Retail space in a top-ranked shopping center with high visibility.
      1800 24Th Ave NW, Norman, OK 73069
      View Details
    • Contact for pricing
      37,624 SF

      Norman Retail Space: 37,624 SF

      High-traffic Norman retail space available. Prime location, ample parking.
      2207-2255 W. Main Street, Norman, OK 73069
      View Details
    • Contact for pricing
      217,262 SF

      University Town Center Retail Space

      Prime Norman, OK retail space near OU.
      0 24Th Ave, Norman, OK 73069
      View Details
    • $35 SF/Yr
      2,041 SF

      Retail Space in Kohl's Anchored Center

      Retail space with excellent visibility and easy access.
      2308 24Th Ave NW, Norman, OK 73069
      View Details
    • $16 SF/Yr
      1,000 SF

      Retail Space in High-Traffic Center

      Retail space available in Norman's highest-traffic shopping center.
      2203 W Main St, Norman, OK 73069
      View Details
    • $25 SF/Yr
      2,800 SF

      Prime Norman Retail Space

      Downtown Norman retail, fully renovated.
      325-327 White St, Norman, OK 73069
      View Details
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    1024 N Flood Ave
    Norman, OK 73072
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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
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