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    561 Merchant Dr Norman, OK 73069-6575

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    561 Merchant Dr Norman, OK 73069-6575

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    • Medical Office Space
    • 4,665 SF
    • 0.75 lot acres
    Off-Market
    Property ID
    US69-1660391
    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.
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dental Design Studio of Norman / Dental Office
    • Dr. Susan E. Whiteneck, DDS / Dental Office
    • Jennifer M. Jenkins, DDS / Dental Office
    • Sara K. Spurlock, DDS / Dental Office

    Property Details for 561 Merchant Dr

    Year built
    2016
    Lot size
    0.75 lot acres
    Property size
    4,665 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    NC29R2006 2 6B001
    APU
    NC29R200626B001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $810,000
      6.5%
      $745,000
      7%
      $695,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $681,000
      Market price range: $252k - $682k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $920,000
      Current use
      RETAIL STORES
      $980,000
      Change: +6% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $805,000
      Change: -13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $770,000
      Change: -17% Conversion: Difficult
      OFFICE BUILDING
      $745,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4792
    Latitude
    35.225
    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
    $20,094
    $44,155
    $123,182
    $167,337
    -
    $490,050
    $1,367,114
    $1,857,164

    Comparable in this City

    • Value Estimation
      $2,800,000
      18,768 SF

      700 24th NW Ave

      MEDICAL BUILDING • 18,768 SF
      700 24th NW Ave, Norman, OK 73069-6232
      View Details
    • Value Estimation
      $885,000
      6,894 SF

      440 Merchant Dr

      MEDICAL BUILDING • 6,894 SF
      440 Merchant Dr, Norman, OK 73069-6470
      View Details
    • Value Estimation by Request
      0.63 Acres

      4015 Flood Ave

      MEDICAL BUILDING • 0.63 Acres
      4015 Flood Ave, Norman, OK 73069-8354
      View Details
    • Value Estimation
      $865,000
      9,279 SF

      400 24th NW Ave

      MEDICAL BUILDING • 9,279 SF
      400 24th NW Ave, Norman, OK 73069-6308
      View Details
    • Value Estimation by Request
      3,785 SF

      817 24th NW Ave

      MEDICAL BUILDING • 3,785 SF
      817 24th NW Ave, Norman, OK 73069-6313
      View Details
    • Value Estimation by Request
      2,664 SF

      824 24th NW Ave

      MEDICAL BUILDING • 2,664 SF
      824 24th NW Ave, Norman, OK 73069-6312
      View Details

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      Adaptable office building with space for multiple business types.
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      Norman Office Space For Rent

      Office space available near historic downtown Norman, Oklahoma.
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    Similar Nearby for Lease

    • 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
    • $24 SF/Yr
      5,297 SF

      Medical Office Space Available

      High-visibility medical office space with connectivity in Norman, Oklahoma.
      3501 24Th Ave Northwest, Norman, OK 73069
      View Details
    • Contact for pricing

      Remodeled Office Building For Lease

      Single-story office building with modern facade and flexible spaces.
      110-120 Thompson Dr, Norman, OK 73069
      View Details
    • Contact for pricing
      2,181 SF

      Norman Medical Office Suites

      Four medical suites available for rent in Norman, Oklahoma.
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      View Details
    • Contact for pricing

      Remodeled Office Building For Rent

      Remodeled office building near I-35, Robinson Ave, and 24th.
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      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
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    561 Merchant Dr
    Norman, OK 73069-6575
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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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