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

    2803 24th NW Ave Norman, OK 73069-6717

    • Assisted living facilities
    • 7.92 lot acres
    OFF-MARKET
    Last Sale
    Mar 10, 2020
    $2,918,000
    Value Estimations
    $2,940,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0456513
    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

    • Sooner Station Senior Living / Nursing Home / Retirement Community

    Property Details for 2803 24th NW Ave

    Lot size
    7.92 lot acres
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    NC29UNP16 1 1001
    APU
    NC29UNP1611001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,710,000
      ML approach
      $2,980,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4806
    Latitude
    35.2537
    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
    $450,513
    $349,820
    $3,401,955
    $3,751,775
    -
    $2,915,174
    $28,349,620
    $31,264,794

    Comparable in this City

    • Value Estimation
      $1,090,000
      25,760 SF

      600 24th SW Ave

      HOMES (RETIRED, NURSING) • 25,760 SF
      600 24th SW Ave, Norman, OK 73069-3913
      View Details
    • Value Estimation
      $1,300,000
      35,127 SF

      1210 Robinson St

      HOMES (RETIRED, NURSING) • 35,127 SF
      1210 Robinson St, Norman, OK 73069-7401
      View Details
    • Value Estimation
      $1,230,000
      101,806 SF

      1111 24th NW Ave

      HOMES (RETIRED, NURSING) • 101,806 SF
      1111 24th NW Ave, Norman, OK 73069
      View Details
    • Value Estimation by Request
      11,800 SF

      301 Dl St

      HOMES (RETIRED, NURSING) • 11,800 SF
      301 Dl St, Norman, OK 73069-8737
      View Details
    • Value Estimation
      $570,000
      4,396 SF

      816 24th SW Ave

      MEDICAL BUILDING • 4,396 SF
      816 24th SW Ave, Norman, OK 73069-3930
      View Details
    • Value Estimation
      $1,320,000
      10,730 SF

      2214 Boyd St

      MEDICAL BUILDING • 10,730 SF
      2214 Boyd St, Norman, OK 73069-4836
      View Details

    Similar Nearby for Sale

    • $3,500,000
      10,350 SF

      Norman Industrial Property

      10,500 SF Warehouse, 23 Acres
      3000 12th Ave NW, Norman, OK 73069
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    • $1,348,618

      Norman Land Parcel For Sale

      7.74 acres of land with highway access in Norman.
      24Th Ave SE, Norman, OK 73069
      View Details
    • Contact for pricing
      7,200 SF

      Fully Leased Retail Center

      7,200 SF retail center in high-traffic area near OU.
      1808 W Lindsey St, Norman, OK 73069
      View Details
    • $519,500
      6,000 SF

      Downtown Norman Retail Opportunity

      Retail property in Downtown Norman with parking and new roof.
      311-315 W Gray St, Norman, OK 73069
      View Details
    • $520,800
      4,960 SF

      Norman Office Warehouse - Prime Location

      4,960 SF Office/Warehouse, $520,800
      3530 Macdonnell Dr, Norman, OK 73069
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    • $1,390,000
      1,170 SF

      Norman Duplex Near Stadium

      Two-bedroom duplex near stadium with potential for renovation or rebuild.
      204 206, Norman, OK 73069
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      6,900 SF

      Franklin Business Park Office Suites

      Modern Norman office suites, $700/month.
      2776 Washington Dr, Norman, OK 73069
      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
    • $12 SF/Yr
      521 SF

      Office Space Near I-35

      Office space for lease near I-35 and OU campus.
      2233 W Lindsey St, Norman, OK 73069
      View Details
    • Contact for pricing
      3,370 SF

      Renovated Office Space Available Soon

      Two-story office building with recent renovations, available in September.
      901 Wall 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
    • Contact for pricing
      3,300 SF

      Downtown Norman Retail/Office Space

      Class A retail or office suites in downtown Norman.
      121 S Santa Fe Ave, Norman, OK 73069
      View Details
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    2803 24th NW Ave
    Norman, OK 73069-6717
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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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