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    Property profile & analytics

    2420 Springer Dr Norman, OK 73069

    • Office buildings
    • 17,406 SF
    • 0.98 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0284688
    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

    • Elisens Merrie PHD / Physician / Medical Clinic
    • INSURICA Direct / Insurance Agency
    • University American Travel / Travel Agency / Tour Operator
    • Baby Faces / Clothing Store
    • Utec Inc / Professional Services

    Property Details for 2420 Springer Dr

    Year built
    1982
    Construction
    WOOD FRAME
    Lot size
    0.98 lot acres
    Property size
    17,406 SF
    Zone code
    C2
    Property type
    Office buildings
    APN
    NC29ENGSQ 1 23001
    APU
    NC29ENGSQ123001

    Description

    This Class B office building at 2420 Springer Drive in Norman, Oklahoma, offers 17,369 square feet of leasable space. The property, situated on a 0.98-acre lot in Cleveland County, features multiple suites with a minimum divisible space of 2,551 square feet and a maximum contiguous space of 6,016 square feet. Currently, 8,567 square feet is available for lease. The building boasts a prime location at the northeast corner of Interstate 35 and Lindsey Street, providing exceptional access to the interstate and throughout the city. The property is well-suited for a variety of businesses, offering flexible floor plans and many remodeled spaces to accommodate diverse company needs. The building's address is 2420 Springer Drive, Norman, OK 73069. This is a multi-tenant building with a total of two suites. The property type is office, with subtypes including executive office, professional, traditional, and commercial.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,625,000
      6.5%
      $2,425,000
      7%
      $2,250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,776,000
      Market price range: $1.99M - $3.62M
      AI Estimate
      $1,824,000
      Market price range: $957k - $2.61M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,790,000
      Current use
      RETAIL STORES
      $3,660,000
      Change: +31% Conversion: Moderate
      MEDICAL BUILDING
      $3,440,000
      Change: +23% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,995,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,865,000
      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
    -97.4784
    Latitude
    35.2048
    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
    $27,623
    $65,596
    $164,447
    $230,043
    -
    $642,405
    $1,610,468
    $2,252,873

    Comparable in this City

    • Value Estimation by Request
      0.63 Acres

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    • Value Estimation by Request
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      1021 24th NW Ave

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      1021 24th NW Ave, Norman, OK 73069-6365
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      517 Highland Pkwy

      OFFICE BUILDING • 2,039 SF
      517 Highland Pkwy, Norman, OK 73069-7645
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      988 SF

      1015 24th NW Ave

      OFFICE BUILDING • 988 SF
      1015 24th NW Ave, Norman, OK 73069-6365
      View Details
    • Value Estimation
      $635,000
      4,441 SF

      2201 Tecumseh Dr

      OFFICE BUILDING • 4,441 SF
      2201 Tecumseh Dr, Norman, OK 73069-1002
      View Details
    • Value Estimation by Request
      840 SF

      2401 Tee Cir

      OFFICE BUILDING • 840 SF
      2401 Tee Cir, Norman, OK 73069-6207
      View Details

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      Planned office development with brick construction and quick I-35 access.
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      High-yield, multi-tenant office building in Norman, OK.
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    • New
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      Norman Flex Space For Sale

      7,400 SF flex space near I-35 in Norman, OK.
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      7,478 SF

      Norman Commercial Property For Sale

      Commercial property in central Norman with redevelopment opportunity.
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    Similar Nearby for Lease

    • Contact for pricing

      Remodeled Office Building For Rent

      Remodeled office building near I-35, Robinson Ave, and 24th.
      912 26Th Ave NW, Norman, OK 73069
      View Details
    • $19 SF/Yr
      1,387 SF

      Norman Office Building For Lease

      Office building in Norman, OK with flexible floor plans.
      2420 Springer Dr, Norman, OK 73069
      View Details
    • Contact for pricing

      Vacant Office Building For Lease

      Flexible office space in a well-located Norman office park.
      1018 24Th Ave NW, Norman, OK 73069
      View Details
    • Contact for pricing
      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
    • Contact for pricing

      Medical Office Space Available

      Former dental office space for lease with street view.
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      View Details
    • Contact for pricing

      Executive Office Space on Campus

      Executive office space with access to conference room and common areas.
      763 Asp Ave, Norman, OK 73069
      View Details
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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
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