Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,150,000
Retail space
121 Santa Fe Ave Norman, OK 73069-5636
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US69-0555801
Property summary
AI-generated overview
This exceptional 7,620 square foot Class A office building, located at 121 S Santa Fe Ave in Downtown Norman, Oklahoma, offers a variety of flexible workspace options. Completely renovated in 2023, the property boasts 6,020 square feet of vacant space, divisible into units ranging from 1,360 to 6,020 contiguous square feet. The building features 11-foot exposed industrial truss ceilings with closed-cell spray foam insulation, polished concrete floors, and an open plan layout, perfect for modern businesses. Units 113 and 115 each include a partial break room with a sink, dishwasher, and under-counter refrigerator. Units 117 and 119 can be easily combined into a single approximately 3,300 square foot unit, and all spaces can potentially be combined for a total of approximately 6,020 square feet. Each unit includes a private bathroom. All mechanical systems – HVAC, plumbing, and electrical – are brand new. Situated on 0.24 acres, the single-story building offers ample parking with 12+ spaces. The property is zoned CCFB 1617-35 (Norman - City Center Form-Based Code
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
7,985 SF
Lot
0.24 ac (10,454 SF)
Zoning code
R2
APN
NCT3AAAOT 67 14001
UPID
US69-0555801
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pioneer Library System - Library Lab: A Pop-Up Community Place Community Center
-
SFM Oil & Gas Co Ltd Gas Company
-
Sweetwater Exploration LLC Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.23M
Comparable Approach
Comparable
$884k
Blend (final)
Blend
$1.15M
Owner & transaction history
115 S Santa Fe Partners LLC · 3 yrs held
115 S Santa Fe Partners LLC
since 2022
3 recorded transactions
Zoning & alternative use
R2 · Norman, OK
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Norman submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Norman submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,330,000
6.5%
$1,225,000
7%
$1,140,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,680,000
Current use
MEDICAL BUILDING
$1,580,000
Change: -6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,375,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.15M
Range $1.04M – $1.27M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$144 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$10,231
Tax year 2023
Assessed value
$85,200
Assessed 2023
Previous assessed
$39,528
+115.5% YoY
Effective rate
12.01%
On assessed value
Assessed land
$25,200
Assessed improvement
$60,000
Land market value
$210,000
Improvement market value
$500,000
Total market value
$710,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
1
Bathrooms
3
Total area
7,985 SF
Lot
0.24 ac (10,454 SF)
Zoning code
R2
APN
NCT3AAAOT 67 14001
UPID
US69-0555801
Jurisdiction
CLEVELAND
Zoning & alternative use
R2 · Norman, OK
Zoning R2 · permitted uses
R2 · Norman, OK
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Norman. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
COMMERCIAL (GENERAL)
Est. value
$1.4M
RETAIL STORES Current
MEDICAL BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Bathrooms
3
Lot
0.24 ac
Current owner
From public records · entity-resolved
115 S Santa Fe Partners LLC
Entity
Mailing address
425 S LAHOMA AVE, NORMAN, OK 73069-5523
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 26, 2022
—
115 S Santa Fe Partners LLC
Tacal Properties LLC
Warranty Deed
$1,183,452 · Legacy Bank
Jan 1, 1999
—
Seth F Millington
Millington Rlty
Quit Claim Deed
related
—
—
—
Seth F Millington
—
Loan Modification
related
$300,000 · First Fidelity Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 121 Santa Fe Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
