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

    406 Main St Norman, OK 73071-5821

    • Retail space
    • 1,475 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Dec 06, 2021
    $220,000
    Value Estimations
    $210,000
    Show details
    Cap Rate Potential
    7.3%
    Retail space
    Location Intelligence
    Property ID
    US69-0581550
    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

    • R.K. Black, Inc. / Photocopiers Supplier / Printing Equipment And Supplies
    • Crimson Vintage / Vintage Clothing Store

    Property Details for 406 Main St

    Year built
    1944
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.08 lot acres
    Property size
    1,475 SF
    Property type
    Retail space
    APN
    NC29AAAOT 32 3001
    APU
    NC29AAAOT323001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $200,000
      ML approach
      $230,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $245,000
      6.5%
      $225,000
      7%
      $210,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $295,000
      Current use
      MEDICAL BUILDING
      $290,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $250,000
      Change: -14% Conversion: Easy
      COMMERCIAL (GENERAL)
      $245,000
      Change: -16% Conversion: Easy
      AUTO REPAIR, GARAGE
      $245,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4387
    Latitude
    35.2225
    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
    $3,085
    $6,300
    $19,393
    $25,693
    -
    $52,500
    $161,614
    $214,114

    Comparable in this City

    • Value Estimation
      $360,000
      9,965 SF

      623 Porter Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,965 SF
      623 Porter Ave, Norman, OK 73071-6072
      View Details
    • Value Estimation
      $260,000
      1,250 SF

      1200 12th NE Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,250 SF
      1200 12th NE Ave, Norman, OK 73071
      View Details
    • Value Estimation
      $260,000
      1,250 SF

      1200 12th NE Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,250 SF
      1200 12th NE Ave, Norman, OK 73071
      View Details
    • Value Estimation
      $225,000
      1,240 SF

      1300 12th SE Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,240 SF
      1300 12th SE Ave, Norman, OK 73071-1941
      View Details
    • Value Estimation
      $260,000
      1,280 SF

      1400 12th SE Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,280 SF
      1400 12th SE Ave, Norman, OK 73071-2566
      View Details
    • Value Estimation
      $365,000
      9,779 SF

      621 12th NE Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,779 SF
      621 12th NE Ave, Norman, OK 73071-5303
      View Details

    Similar Nearby for Sale

    • $2,800,000
      23,800 SF

      Norman OK Retail Investment Opportunity

      23,800 SF free-standing retail building in Norman, Oklahoma.
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    • $4,500,000
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      Leased Office and Retail Property

      Fully leased office building and retail strip center for sale.
      334 12Th Ave Southeast, Norman, OK 73071
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    • Contact for pricing
      2.00 Acres

      Norman Commercial Land Investment Opportunity

      Prime Norman location, high traffic, multiple zoning options.
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      View Details
    • New
      $600,000
      4,918 SF

      Four-Unit Multifamily Investment Opportunity

      Well-maintained duplexes near OU, ideal for investors or rental income.
      603 Welston Cir, Norman, OK 73071
      View Details
    • New
      $600,000
      4,918 SF

      Norman OK Ranch Duplexes

      Well-maintained duplexes near OU, restaurants, and shopping.
      602 Welston Cir, Norman, OK 73071
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    • $289,500
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      Prime Norman Office Building

      1,150 sq ft Office, Leased to Jan 2026
      527 Main St, Norman, OK 73071
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      7,982 SF

      Norman Executive Office Suites

      Prime Norman location, flexible suites available
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    • $13 SF/Yr
      3,750 SF

      Retail Space Near University

      Retail space for lease near the University of Oklahoma.
      1241 Alameda St, Norman, OK 73071
      View Details
    • $12 SF/Yr
      11,978 SF

      Norman Retail Space For Rent

      Retail space available in Norman's strong retail corridor.
      149 SE 12Th Ave, Norman, OK 73071
      View Details
    • $17 SF/Yr
      7,638 SF

      Retail Space in Walmart Shadow

      Retail space available in a Walmart shadow center.
      851-867 12Th Ave NE, Norman, OK 73071
      View Details
    • Contact for pricing
      6,802 SF

      Retail Space in Walmart Shadow

      Retail space available in a Walmart shadow center.
      621 12Th Ave NE, Norman, OK 73071
      View Details
    • Contact for pricing
      1,517 SF

      Retail Space in Norman, OK

      Neighborhood center with excellent co-tenancy and foot traffic.
      1100-1130 Alameda St, Norman, OK 73071
      View Details
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    406 Main St
    Norman, OK 73071-5821
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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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