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

    481 Merchant Dr Norman, OK 73069-6565

    • Office buildings
    • 6,820 SF
    • 0.45 lot acres
    OFF-MARKET
    Value Estimations
    $970,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-1703889
    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

    • Griffith Chiropractic and Sports Recovery / Alternative Medicine Practice
    • Dr. Kreg Griffith, D.C. / Alternative Medicine Practice
    • Motive Muscle and Joint Clinic / Alternative Medicine Practice
    • HealthSource Chiropractic of West Norman / Alternative Medicine Practice

    Property Details for 481 Merchant Dr

    Year built
    2016
    Lot size
    0.45 lot acres
    Property size
    6,820 SF
    Property type
    Office buildings
    APN
    NC29R2006 2 2A001
    APU
    NC29R200622A001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,030,000
      6.5%
      $950,000
      7%
      $880,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,181,000
      Market price range: $780k - $1.42M
      AI Estimate
      $776,000
      Market price range: $375k - $1.02M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,090,000
      Current use
      RETAIL STORES
      $1,435,000
      Change: +31% Conversion: Moderate
      MEDICAL BUILDING
      $1,350,000
      Change: +23% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,175,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,125,000
      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
    -97.4792
    Latitude
    35.2243
    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
    $11,752
    $20,979
    $76,890
    $97,869
    -
    $294,030
    $1,077,594
    $1,371,624

    Comparable in this City

    • Value Estimation by Request
      0.34 Acres

      2401 Palmer Cir

      OFFICE BUILDING • 0.34 Acres
      2401 Palmer Cir, Norman, OK 73069-6301
      View Details
    • Value Estimation
      $1,375,000
      10,272 SF

      3400 Deskin Dr

      OFFICE BUILDING • 10,272 SF
      3400 Deskin Dr, Norman, OK 73069-8295
      View Details
    • Value Estimation
      $845,000
      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
      $2,690,000
      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
      $1,900,000
      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
      11,711 SF

      Planned Office Development For Sale

      Planned office development with brick construction and quick I-35 access.
      1012 24Th Ave, Norman, OK 73069
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    • Contact for pricing
      1,848 SF

      Renovated Office Building in Norman

      Historic downtown Norman office building with modern renovations.
      303 S Peters Ave, Norman, OK 73069
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    • $1,250,000
      5,031 SF

      Norman Office Building with Income

      Two-suite commercial office building with income and occupancy potential.
      901 Wall St, Norman, OK 73069
      View Details
    • $2,450,000
      11,765 SF

      Norman Office Building Investment Opportunity

      High-yield, multi-tenant office building in Norman, OK.
      1020 24th Avenue NW, Norman, OK 73069
      View Details
    • New
      $710,000
      7,400 SF

      Norman Flex Space For Sale

      7,400 SF flex space near I-35 in Norman, OK.
      1831 Industrial Blvd, Norman, OK 73069
      View Details
    • Contact for pricing
      7,478 SF

      Norman Commercial Property For Sale

      Commercial property in central Norman with redevelopment opportunity.
      926 N Flood Ave, Norman, OK 73069
      View Details

    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

      Medical Office Space Available

      Former dental office space for lease with street view.
      808 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

      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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    481 Merchant Dr
    Norman, OK 73069-6565
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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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