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

    320 Main St Norman, OK 73069

    • Retail space
    • 1,062 SF
    • 0.06 lot acres
    For Sale
    View listing
    $900
    Last Sale
    Mar 06, 2024
    $152,000
    Value Estimations
    Cap Rate Potential
    7%
    Retail space
    Location Intelligence
    Property ID
    US69-0300190
    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

    • Main Street Tattoos / Tattoo Shop

    Property Details for 320 Main St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    1,062 SF
    Zone code
    R2
    Property type
    Retail space
    APN
    NC29AAAOT 23 10A001
    APU
    NC29AAAOT2310A001

    Description

    This exceptional Norman, OK office property, located at 320 W Main Street, offers three distinct office suites, each encompassing 4,320 square feet on a 0.12-acre lot. Each suite boasts a welcoming reception area, two private offices, and a modern, recently updated bathroom. Recent renovations include new lighting fixtures, completely remodeled bathrooms, and fresh ceiling tiles throughout, ensuring a professional and comfortable work environment. The suites are ideally situated in the heart of Norman, providing excellent visibility and accessibility. Each suite features prominent street signage facing Main Street, enhancing brand recognition and attracting clients. The property is available for lease at a modified gross rate of $900 per suite. This attractive lease structure includes utilities, except for electricity, which is the responsibility of the tenant. This is a fantastic opportunity for businesses seeking a move-in ready, high-quality office space in a vibrant and convenient location. The property's central Norman location offers easy access to local amenities, transportation routes, and a thriving business community. The modern updates and individual suite layouts provide flexibility and privacy for various business needs. Don't miss this chance to secure your ideal workspace in this desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $150,000
      ML approach
      $150,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $175,000
      6.5%
      $165,000
      7%
      $150,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $138,000
      Market price range: $49.4k - $138k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $225,000
      Current use
      MEDICAL BUILDING
      $210,000
      Change: -6% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $185,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4396
    Latitude
    35.2222
    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
    $2,118
    $5,880
    $11,760
    $17,640
    -
    $49,000
    $98,000
    $147,000

    Comparable in this City

    • Value Estimation by Request
      19,200 SF

      230 And 106

      Individual retail properties • 19,200 SF
      230 And 106, Norman, OK 73069
      View Details
    • Value Estimation
      $320,000
      1.10 Acres

      1441 24th NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 1.10 Acres
      1441 24th NW Ave, Norman, OK 73069-6386
      View Details
    • Value Estimation
      $275,000
      1,051 SF

      319 White St

      RETAIL STORES (PERSONAL SERVICES) • 1,051 SF
      319 White St, Norman, OK 73069-5721
      View Details
    • Value Estimation
      $275,000
      1,170 SF

      760 Asp Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,170 SF
      760 Asp Ave, Norman, OK 73069-4902
      View Details
    • Value Estimation
      $785,000
      20,830 SF

      319 Boyd St

      RETAIL STORES (PERSONAL SERVICES) • 20,830 SF
      319 Boyd St, Norman, OK 73069-4825
      View Details
    • Value Estimation
      $190,000
      1,050 SF

      582 Buchanan Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,050 SF
      582 Buchanan Ave, Norman, OK 73069-5710
      View Details

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    Similar Nearby for Lease

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      Retail space in a top-ranked shopping center with high visibility.
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      Retail space with drive-thru access in high-traffic Norman location.
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    • $18 SF/Yr
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      Campus Corner Retail Space

      Norman, OK: Prime Retail Opportunity
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      View Details
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    320 Main St
    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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