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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2222 Westpark Dr Norman, OK 73069-4006

    • Office buildings
    • 1,716 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US69-0427827
    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

    • Alexandria Newton Representing American National / Insurance Broker
    • Harrington Dean / Insurance Agency

    Property Details for 2222 Westpark Dr

    Year built
    1982
    Construction
    WOOD FRAME
    Lot size
    0.13 lot acres
    Property size
    1,716 SF
    Property type
    Office buildings
    APN
    NC29WEROP 1 10002
    APU
    NC29WEROP110002

    Description

    This exceptional two-unit office building, located at 2222 Westpark Drive Unit A & B in Norman, Oklahoma, presents a unique investment opportunity. Boasting a total of 3,432 square feet situated on a 0.13-acre lot, this property offers significant potential for both owners and tenants. The building has undergone substantial improvements in recent years, enhancing its value and appeal. A brand-new roof was installed in 2023, ensuring long-term protection. The exterior received a complete siding upgrade in 2021, contributing to the property's modern aesthetic. Furthermore, Unit B benefits from a newly installed HVAC system in 2022, guaranteeing efficient climate control. Ten dedicated parking spaces are available for the convenience of occupants and visitors. The strategic location in central Norman provides unparalleled access to I-35, facilitating seamless commutes and convenient access to the city's amenities. This property is ideally suited for a variety of uses, including leasing one unit while occupying the other, or leasing both units for a steady income stream. The asking price for this well-maintained and updated office building is $600,000. This presents a compelling opportunity to acquire a valuable asset in a thriving Norman location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $260,000
      6.5%
      $240,000
      7%
      $220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $268,000
      Market price range: $196k - $356k
      AI Estimate
      $176,000
      Market price range: $94.4k - $257k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $275,000
      Current use
      RETAIL STORES
      $360,000
      Change: +31% Conversion: Moderate
      MEDICAL BUILDING
      $340,000
      Change: +23% Conversion: Easy
      COMMERCIAL (GENERAL)
      $295,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $280,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4752
    Latitude
    35.2091
    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
    $2,667
    $3,942
    $18,270
    $22,212
    -
    $46,240
    $214,253
    $260,493

    Comparable in this City

    • Value Estimation
      $295,000
      0.34 Acres

      2401 Palmer Cir

      OFFICE BUILDING • 0.34 Acres
      2401 Palmer Cir, Norman, OK 73069-6301
      View Details
    • Value Estimation
      $400,000
      10,272 SF

      3400 Deskin Dr

      OFFICE BUILDING • 10,272 SF
      3400 Deskin Dr, Norman, OK 73069-8295
      View Details
    • Value Estimation
      $310,000
      6,250 SF

      1014 24th Ave Nw Ste, Unit 100

      OFFICE BUILDING • 6,250 SF
      1014 24th Ave Nw Ste, Norman, OK 73069-6558
      View Details
    • Value Estimation by Request
      20,270 SF

      1333 Main St

      OFFICE BUILDING • 20,270 SF
      1333 Main St, Norman, OK 73069-6864
      View Details
    • Value Estimation by Request
      2,051 SF

      111 Peters Ave

      OFFICE BUILDING • 2,051 SF
      111 Peters Ave, Norman, OK 73069-7234
      View Details
    • Value Estimation by Request
      14,328 SF

      809 Wall St

      OFFICE BUILDING • 14,328 SF
      809 Wall St, Norman, OK 73069-6303
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Norman Office Building Investment Opportunity

      High-yield, multi-tenant office building in Norman, OK.
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    • $1,200,000
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      Prime Norman Commercial Property

      Redevelopment Opportunity: 7,478 SF, Multi-Tenant
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      Norman Warehouse with Office Space

      7,400 SF warehouse with office near I-35.
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    Similar Nearby for Lease

    • $19 SF/Yr
      6,016 SF

      Norman Office Building For Lease

      Office building in Norman, OK with flexible floor plans.
      2420 Springer Dr, Norman, OK 73069
      View Details
    • $16 SF/Yr
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      Prime Retail & Office Opportunity

      Downtown Cleveland Retail/Office Space
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      View Details
    • $21 SF/Yr
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      Norman Executive Office Space

      2,400 SF Office, Prime Location
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      View Details
    • $15 SF/Yr
      1,200 SF

      Renovated Office Space Available

      Office space with high visibility and renovated exterior for rent.
      110 Thompson Dr, Norman, OK 73069
      View Details
    • $18 SF/Yr
      5,474 SF

      Campus Corner Executive Suites

      Norman, OK Office Space Available
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      View Details
    • $12 SF/Yr
      6,372 SF

      West Oaks Office Park: Prime Location

      Modern office suites, I-35 access.
      2215 Lindsey St, Norman, OK 73069
      View Details
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    2222 Westpark Dr
    Norman, OK 73069-4006
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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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